Quarterly Activities and Cashflow Report
Sydney, Nov 3, 2014 AEST (ABN Newswire) - Argent Minerals Limited (
ASX:ARD) (Argent, Argent Minerals or the Company) has had another strong quarter of achievements, with the Company's portfolio significantly upgraded by the advances of its top two projects to 'company maker' potential - the Kempfield Polymetallic Project and the West Wyalong Project.
HIGHLIGHTS:
- Deep drilling program design completed for testing the Kempfield Western Prospective Area VMS feeder zone and lenses - targeting high grade zinc, lead, copper and gold
- $158,400 NSW Government funding awarded to support the drilling program - based on merit
- Significant advances in geophysics (MMR) for lead zinc detection
- Large copper porphyry copper gold target identified at West Wyalong Project - now 51% Argent
- $173,000 Research & Development Claim lodged
Kempfield Polymetallic Project advances to deep drilling program
Argent's 100%-owned flagship project, Kempfield, is now firmly positioned as a base and precious metals project with significant exploration upside potential identified immediately to the west of the existing JORC 2012 Mineral Resource (Western Prospective Area).
The identified exploration potential for this area features high grade zinc, lead, copper and gold associated with a high temperature VMS feeder zone. The discovery of sufficient additional high grade base and precious metal tonnage could provide the potential to propel Kempfield onto the Australian map as a much needed producer during a period of forecast zinc shortages.
On 29 October 2014 Argent announced details of a comprehensive deep drilling program designed to test the VMS feeder zone and lens targets in the Kempfield Western Prospective Area.
The quality of the targets and the drill program is reflected in the award of one of the five largest grants by the NSW Government under its 2014 Cooperative Drilling Program. During the quarter $158,400 of highly contested funding was awarded by the NSW Government for the Kempfield drilling program based on merit, which was assessed by an independent panel of expert geoscientists.
The targets have been developed through a combination of advanced exploration techniques, and drawing on a range of industry best-practice expertise including the Company's in-house expert Dr. Vladimir David who has a track record in VMS deposit discovery. During the quarter Argent developed a comprehensive model of interpreted mineralisation that has not been detected by traditional survey techniques. A systematic approach has been developed, based on a genesis model framework supported by geochemistry and an advanced geophysics program. The geophysics program combined the results of induced polarisation (IP) surveys and the magnetometric resistivity (MMR) surveys conducted during the quarter, to provide a new and innovative method for the detection of lead zinc mineralisation at Kempfield. This has provided the Company with fresh insight into the potential mineralisation lens structures, which are now ready for drill-testing.
To view the quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ARD-698074.pdf
About Argent Minerals Limited
Argent Minerals Limited (
ASX:ARD) is an Australian publicly listed company with a 100% interest in a silver/gold project at Kempfield NSW. Work is underway on the preparation of an EIS and a feasibility study for the first stage of the project which will involve heap leaching some 8.8 million tonnes of mainly oxide and transitional material to produce over 9.5 million ounces of silver and 15,000 ounces of gold over a 5 year mine life. Argent is also earning up to a 70% interest in two other NSW projects - gold at West Wyalong and base metals at Sunny Corner.
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