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ARGENT MINERALS LIMITED

ASX: ARD

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Argent Minerals Limited is an Australian publicly listed company with a 70% interest in a pre-development silver/lead/zinc project at Kempfield which is now the subject of a definitive feasibility study to produce in excess of 20 million ounces of silver and over 100,000 tonnes of lead and zinc in concentrates. The project is located in New South Wales within the well mineralized Lachlan Fold Belt which hosts major mineral deposits including Cadia–Ridgeway, North Parkes and Cowal. Argent is also earning up to a 70% interest in two other NSW projects - gold at West Wyalong and base metals at Sunny Corner.

Kempfield Project

Kempfield is located approximately 29 kilometres south of the New South Wales town of Blayney, in the central-west of New South Wales. Argent has earned a 70% interest in Kempfield from Golden Cross Resources Limited by the expenditure of $2.745 million. Under the terms of the Joint Venture and Farm in Agreement, GCR may elect to either contribute its 30% share of future expenditures or dilute.

The resources, which contain over 31 million ounces of silver, 260,000 tonnes of lead and zinc, 65,000 ounces of gold and over 2million tonnes of barite, are hosted within a 4 km long silver rich barite horizon spread over six major zones.

Sunny Corner Project

The Sunny Corner Tenements cover an area of approximately 200.1 square kilometres around the village of Sunny Corner located about 6 kilometres north of the Great Western Highway , between Lithgow and Bathurst in New South Wales.

EL 5964 contains the historic Sunny Corner Mine, which was mined for silver in the years 1881 to 1893, as well as other prospects including the historic Nevada Mine which was mined for silver, lead and copper.

Argent announced on 12 August 2008 the following Inferred Resource at the Sunny Corner exploration licence, click here to view the ASX announcement "Initial Resource at Sunny Corner". 1.5 million tonnes @ 2.1% lead, 3.7% zinc, 0.4% copper, 0.3 g/t gold and 24 g/t silver containing:

• 32,200 tonnes of lead;
• 55,800 tonnes of zinc;
• 5,700 tonnes of copper;
• 12,640 ounces of gold; and
• 1.2 million ounces of silver.

The resource estimate has been estimated by Hellman and Schofield Pty Ltd (“H&S”) and reported using a cut-off grade of 2.5% combined base metals (CBM) using data derived from Golden Cross Operations Pty Ltd’s (GCO) 2004 drilling campaign and Argent’s three hole June 2007 drilling programme.

West Wyalong Project

The West Wyalong Tenements are located one kilometre to the east of the West Wyalong township and approximately 470 kilometres west of Sydney . EL 5915 contains part of the historic West Wyalong goldfield.

Holes APG1 and APG2 intersected diorite with chlorite alteration, epidote and up to 1% pyrite. No significant gold mineralisation was identified from analysis of the chips. Hole APG3 intersected chlorite schist with carbonate veining and minor quartz. Analyses of the chips generally returned low gold values except for the 2m interval between 106-108m, which returned a grade of 19.1 g/t. This is a significant result as gold mineralisation had not been reported from this area previously.

A wide paleochannel draining the West Wyalong gold field to the north was drilled with three aircore holes to assess the possibility of there being gold in any gravels or a significant accumulation of iron rich pisolites .The best gold grade encountered was 0.13g/t over 2m .The pisolites were contained within a two to five metres thick sequence.

Five shallow close spaced aircore holes were drilled at Mallee Vale to follow up previous drill hole AMV002 intersection of 6.1g/t Au over 4m. These holes were drilled at 10m centres surrounding the original intersection in order to determine the trend of the mineralisation. The results indicate that the extent of the mineralisation is very limited and no further work is planned for this prospect.

Two 152m angle holes were drilled approx 3kms from AGC001 to follow up an intersection of 2m @ 19.2g/t Au in a previous vertical hole (Hole AWPG003 ) at a depth of 106m. The holes failed to intersect any extensions of that mineralisation.

A relatively deep (196m) hole (AGC001) was drilled to test a large coincident 21 milligal gravity anomaly and 850 nanoteslas magnetic anomaly. The anomaly, which lies on the Gilmore suture, is very large; over 5 kms wide and contains several gold and copper soil anomalies as shown in the diagram below. The Gilmore Suture to the south contains several porphyry copper gold systems including Yiddah, Mandamah, Monza, Cullingerai, Estori, and The Dam and Marsden and Cowal to the north.

Hole AGC001was drilled to determine if there was any sign of increasing alteration with depth to indicate the presence of mineralising hydrothermal solutions which could form a porphyry copper-gold system.

The hole returned encouraging results including two strongly altered zones at 60m and 190m. The zone from 60 to 76 metres contained arsenopyrite and traces of chalcopyrite, galena and pyrite with 2m assaying 22.6g/t gold including 1m of 43.1g/t gold. The zone from 190 to 196(EOH) encountered strong alteration that could be related to hydothermal solutions.

This hole will be deepened in the near future to determine the extent and intensity of the alteration and to look for indications of porphyry style copper-gold mineralisation.

In addition, a further 600m of inclined percussion drilling was carried out to evaluate reef extensions at depth below abandoned workings at the Callback, Mallee Vale, Stanley Blow, Pine Ridge and Pine Hill mines and encouraging results were obtained from two holes. Mallee Vale hole AMV2 intersected four metres from a depth of 28m which returned a grade of 6.11g/t gold and Pine Ridge hole APR2 intersected two metres from a depth of 36m which returned a grade of 1.48 g/t gold.

Mine For

silver, lead, zinc, gold, copper

Location of operation(s)

New South Wales

Address

Level 1 115 Cambride Street
WEST LEEDERVILLE, WA, AUSTRALIA

Phone

618 9322 6600

Email

Website


Last Updated

26/04/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.