Argent Minerals Limited (ASX:ARD), (Argent, or the Company) is pleased to report a significant upward revision to the Kempfield Exploration Target estimate, which the Company believes opens up a new potential development scenario as a large scale zinc-silver-lead-gold project.
- Significant potential identified in addition to the 100 million ounce Ag Eq at 120 g/t Ag Eq / 520,000 tonnes Zn Eq at 2.0% Zn Eq Kempfield Mineral Resource contained metals estimate announced 30 May 2018.
- New development scenario potential: major zinc-silver-lead-gold project situated in large scale mining growth neighbourhood.
- Significant upward revision to the Kempfield Exploration Target estimate for additional potential mineralisation incorporates the April 2018 metallurgical breakthrough results and updated metals pricing:
o Additional 58 to 190 million ounces Ag Eq at 80 to 130 g/t Ag Eq contained silver equivalent - approximately double the previous, and significantly higher Ag Eq grade;
o Additional 300,000 to 1 million tonnes Zn Eq at 1.3 - 2.1% Zn Eq contained zinc equivalent - newly reported for the Kempfield project.
An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade, relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. The potential quantity and grade of the Exploration Target is conceptual in nature, there has been insufficient exploration to estimate an additional Mineral Resource and it is uncertain if further exploration will result in the estimation of an additional Mineral Resource.
A significant Kempfield Mineral Resource update was announced on 30 May 2018: 100 million contained silver equivalent (Ag Eq) ounces at 120 g/t Ag Eq / 520,000 tonnes contained zinc equivalent (Zn Eq) at 2.0% Zn Eq.
The Company has revised Exploration Target estimate for additional mineralisation potential to:
- 58 - 190 million ounces Ag Eq at 80 - 130 g/t Ag Eq contained silver equivalent; or
- 300,000 - 1 million tonnes Zn Eq at 1.3 - 2.1% Zn Eq contained zinc equivalent - new for the deposit.
The substantial Exploration Target revision is a direct result of the successful separation of the primary feed material into potentially marketable commercial grade zinc and lead concentrates, which also contain silver and gold.
The Exploration Target has been re-estimated to incorporate the impact of the metallurgical breakthroughs and updated market pricing on the basis of the new contained metals equivalence formula and primary material cut-off grade announced on 30 May 2018.
LARGE SCALE PROJECT POTENTIAL
New potential development scenario for Kempfield
The following map (see link below) illustrates the new potential development scale of the Kempfield project in the context of the immediate large scale mining growth neighbourhood and the underlying highly prospective geology that hosts some of the largest mining projects in Australia.
EXPLORATION AND RESOURCE INFILL DRILLING PROGRAMMES
Argent has recently completed a reassessment of the planned drilling programmes in view of the commercial impact of the recent metallurgical breakthroughs and current metals pricing.
The Company has revised the initial drill programme and is currently expediting Stage 1 from planning through to execution. In addition to hole design, the process has required field checking of hole collar positions and detailed environmental impact assessment, as well as the management of land access matters related to drilling planned outside Argent's freehold land.
The finalised regulatory document will be submitted shortly to the NSW Government Department of Planning and Environment for approval.
The drilling programme schedule has been revised as follows:
- Stage 1 - Mineralisation and genetic model verification - comprising approximately 4,100 metres of drilling, targeting completion before the end of CY 2018(see Note below).
- Stage 2 - Resource category drilling. Further resource infill drilling will be conducted to a level sufficient to estimate an additional mineral resource, if any, initially to Inferred category (contingent on satisfactory results from Stage 1). Stage 2 timing is envisaged to be completed during CY 2019(see Note below). Further infill drilling may be conducted by the Company in order to estimate Indicated and Measured categories ahead of potential Ore Reserve assessments, subject to the results of this stage, including a reassessment of the project economics.
Note: The indicated timings are subject to the completion of heritage surveys where applicable, the timely finalisation of land access matters, the completion of regulatory approvals and statutory notice periods, weather, as well as all and any other operational factors that could affect the ability of the Company to perform drilling.
Further details are provided in the following appendices of this announcement (see link below):
Appendix A - Mineral Resource and Exploration Target Estimates
Appendix B - Exploration Target Estimation Methodology
Appendix C - Kempfield Mineral Resource (including by category)
Appendix D - JORC 2012 Table 1.
To view figures and appendices, please visit:
David Busch Chief Executive Officer Argent Minerals Limited M: +61-415-613-800 E: email@example.com
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