Commences 2015 with Accelerated Drilling at Kempfield
Sydney, Jan 14, 2015 AEST (ABN Newswire) - Argent Minerals Limited (
ASX:ARD) (Argent, Argent Minerals or the Company) is pleased to announce that it has completed the first 130 metres of Hole #1 of the Kempfield deep diamond drilling program, following recommencement of drilling after the Christmas and New Year holiday break.
HIGHLIGHTS:
- First 130 metres completed for Hole #1
- Diamond employed in lieu of RC "pre-collar" at no additional cost to Argent
- Double shifts as of Tuesday 13 January 2015 targeting approximately 50 metres/day
- Intersection of the first potential zone of interest for Hole #1 anticipated next week
Argent Minerals Managing Director David Busch said, "Following the successful capital raising in December 2014, the Company has commenced 2015 with an accelerated drilling rate for Hole #1 of the Kempfield deep diamond drilling program.
"This is an exciting year for Argent Minerals as the Company drill tests the Western Prospective Area in which we have identified the potential for high grade zinc, lead, silver, gold, and potentially, copper - the same year in which Australia's Century Mine will cease annual production of approximately half a million tonnes of zinc concentrate, and as market analysts forecast zinc supply/demand deficits for 2016 onwards.
"We are pleased with the directional establishment of Hole #1 and have moved into high gear with two shifts per day for the remainder of the hole as of Tuesday 13 January 2015. We are targeting approximately 50 metres per business day for at least the early stages of this hole, which should allow intersection of the first zone of interest to commence next week.
"Once Hole #1 has transitioned through the Ordovician metasediment basement rock of the western basin margin, we could expect to intersect the first zone of interest of the Hill End Trough sequence around the half way mark of this 500 metre hole, comprising felsic volcanics and volcaniclastics in which Magnetometric Resistivity (MMR) anomaly #1 was detected.
"We are expecting Hole #1 to be completed during January, with assays to commence once mineralisation has been intersected".
About the drilling
Whilst a reverse circulation (RC) "precollar" hole had been planned for the initial 50 metres of Hole #1, a compressor failure required a decision on whether to wait for a repair or to proceed with diamond. The contractor agreed to drill with the diamond rig in lieu of RC in order to avoid delays, enabling drilling to start on time, and at no additional cost to Argent.
The first portion of Hole #1 was drilled at HQ size diamond in order to establish an accurate direction for the hole, and the remainder of the hole is being drilled at NQ size. Work has also commenced on the downhole MMR and EM survey design.
Argent Minerals will be releasing updates as Hole #1 progresses.
To view figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ARD-706346.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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