(MENAFN - ABN Newswire) Sydney, Nov 2, 2017 AEST (ABN Newswire) - Argent Minerals Limited () (Argent, or the Company) is pleased to report the results of the Loch Lilly project maiden drilling programme.
- Both diamond holes intersected a series of porphyritic intrusives and alteration, with assays yielding positive copper-gold porphyry geochemical suite results, and Netley yielding elevated copper.
- $141,966 rebate received for 75% of the direct per-metre drilling costs from the NSW Government - as awarded to the Loch Lilly project following the merit-based assessment by an independent panel of experts.
- Argent to earn 51% interest immediately on satisfaction of its reporting obligations under the NSW Government Cooperative Drilling grant.
- Right to earn up to 90% interest in the 1,447 km2 Loch Lilly project, which hosts mineralisation potential analogous to the Mount Read Volcanics of Western Tasmania.
- Samples dispatched for petrographic study, whole-rock characterisation studies and pyrite laser-ablation studies.
About the Netley target and the design of hole ALN001
Netley is one of four target areas defined in the Loch Lilly - Kars Belt JV area by the collaborative effort between Anglo American Exploration (Australia) Pty Ltd (AngloAmerican) and Dr. Anthony Crawford during 2014/15 before AngloAmerican exited the project as part of a global restructuring initiative. Argent designed the diamond hole ALN001 designed to test the coincident geophysical anomalies illustrated in Figure 1 and 2 (see link below).
The Netley target was defined through 3D modelling performed by AngloAmerican on a dataset comprising a 400 station ground gravity survey, a magnetic survey, and historical drill core. Inversion modelling was conducted on available geophysical data to improve the resolution and depth expression of the magnetic response.
The modelling revealed near-coincident magnetic high and gravity low anomalies reminiscent of the scale and detail of the Northparkes mineralised finger porphyries rising from a basal monzodiorite pluton, and that historic drilling failed to intersect the magnetic source body.
At a 70deg dip toward the northwest (315deg azimuth), drillhole ALN001 was designed to intersect the discrete magnetic high feature illustrated in Figures 1a and 2a (see link below). This hole design also complements the test of the magnetics feature performed by drilling across the end of the gravity high ridge in the gravity low area (see Figure 2b in link below).
About the Netley hole ALN001 drilling results
Diamond hole ALN001 was drilled to 483.6 metres, intersecting a series of porphyritic intrusives (monzonites and diorites), strong propylitic to skarnoid alteration with lesser zones of potassic alteration (for further explanation refer to Figure 9 in Appendix 2-see link below), abundant pyrite and sparse, localised chalcopyrite (copper). More than 50% of the ALN001 drillcore was submitted for assay based on visual observations.
The diorite-gabbro dykes in the lower portion of the hole yielded assay ranges typically up to 0.01 g/t Au, 0.11% Cu, 92 ppm Zn, 136 ppm Pb, 174 ppm As, and 65 ppm Mo.
Of particular interest are the broad consistent low-level assays of the following interval:
- 73.3 m @ 0.03% Cu from 355.7 m
incl. 0.6 m @ 0.11% Cu from 393.8 m.
The target magnetic and gravity anomalies illustrated in Figures 1 and 2 (see link below) cannot be fully explained by the intersected geology and magnetic susceptibility readings observed in the drill hole.
The anomalous copper, together with elevated zinc to 282 ppm and molybdenum to 297 ppm could suggest that the hole intersected an outer halo of a mineralised porphyry copper system.
Further investigation is warranted in order to determine the source of the gravity and magnetic anomalies and the source of the increased base metal concentrations.
For further details refer to Appendix 2 (see link below).
About the Eaglehawk target and the hole ALE001 design
Figures 4a, b and c (see link below) illustrate the planned collar positioning and direction of drillhole ALE001 in relation to the three coincident geophysical anomalies identified within the same geographical area (the area is also indicated by the violet 'Target detail' rectangle at the Eaglehawk location in Figure 6-see link below).
At a dip of 70deg in the 290deg azimuth direction, diamond hole ALE001 was designed primarily to test the most compelling magnetic induced polarisation (MIP) chargeability high anomaly (see Figure 4a in link below) that is also coincident with both a magnetic high ridge (see Figure 4b in link below) and a residual gravity high (see Figure 4c in link below).
Hole ALE001 was designed to test the interpretation of the denser, more magnetic features of known basalt and andesite units and a possible interaction with a fertile porphyry intrusion that would be responsible for skarn mineralisation intersected by historical drillhole NBH004.
About the Eaglehawk hole ALE001 results
Designed for 500 metres, diamond hole ALE001 was drilled to 550.5 metres. The hole intersected a series of porphyritic intrusives, ranging from quartz monzonite, granodiorite and diorite in the upper section of the drillcore, to quartz monzonite, diorite and syenite in the deeper section of the drillcore.
Each of the porphyritic intrusives exhibits weak domainal propylitic alteration, and the quartz diorite intrusive from 423.4 to 536.6 metres exhibits contact skarn alteration pervading up to 15 metres into the host turbidite units.
The monzonite-diorite intrusives yielded assay ranges typically up to 0.04 g/t Au, 195 ppm Cu, 158 ppm Zn, 10 ppm Pb, 6 ppm As, and 3 ppm Mo.
The granodiorite-syenite dykes typically yielded assay ranges up to 0.01 g/t Au, 24 ppm Cu, 92 ppm Zn, 15 ppm Pb, 0.4 ppm As, and 2 ppm Mo.
The skarn alteration in the contact zone between the diorite and siliciclastic turbidites yielded assay ranges up to 0.04 g/t Au, 341 ppm Cu, 84 ppm Zn, 11 ppm Pb, 8 ppm As and 2 ppm Mo.
Alteration in the area is generally weak and localised. The skarnoid alteration seen at the upper contact of a porphyritic diorite intrusive from 414.4 metres is strong in intensity and may be a localised feature to the intrusive.
Whilst the residual gravity high anomaly in the area may be explained by the concentration of volcanic intrusives, pyrite levels were insufficient to adequately explain the MIP chargeability anomaly, to generate the conductivity reading of the magnitude observed.
The drillcore petrophysical response was also insufficient to explain the magnetic high anomaly in the area.
Elevated zinc to 158 ppm could potentially indicate a distal position to mineralisation.
Given the elevated copper and gold in the context of the observed intrusives and alteration, further investigation is required to adequately test the MIP chargeability and magnetic high features.
For further details please refer to Appendix 2 (see link below).
75% CASH REBATE RECEIVED FOR THE DIRECT DRILLING COSTS
On 1 November 2017 the Company received bank advice that $141,966 has been transferred to Argent's account by the NSW Government Department of Environment and Planning.
The payment is settlement of the Company's claim for 75% of the direct per-metre drilling costs for the Loch Lilly project under the NSW Cooperative Drilling funding deed.
The Loch Lilly project drilling grant was awarded on the basis of merit in a highly competitive environment where applications were assessed by an independent expert panel for demonstrated prospectivity, sound financial planning and a proven technical base.
As a testament to the quality of Argent's asset portfolio and its financial management, each of Argent's top three projects at Kempfield, West Wyalong and Loch Lilly have been awarded NSW Government Cooperative Drilling grants on the same basis and process.
ARGENT 51% INTEREST IN 1,447 KM2 MOUNT READ VOLCANICS EQUIVALENT BELT
Under the Loch Lilly Joint Venture Agreement, Argent will have earned a 51% interest in the project on satisfaction of its reporting obligations under the NSW Cooperative Drilling funding deed.
At that point, which will be announced to the ASX, Argent will own a controlling interest in the 1,447 km2 tenement area of the Loch Lilly - Kars Belt for minimal initial outlay, and the continuing right to earn up to a 90% interest through further exploration.
The Loch Lilly - Kars Belt, located in western NSW approximately 80 kilometres south of Broken Hill, hosts a polymetallic volcanic-hosted massive sulphide VHMS, copper-gold porphyry and nickel sulphide mineralisation potential analogous to the Mount Read Volcanics of Western Tasmania.
Samples have been collected and dispatched for qualitative studies to be completed, for maximum extraction of information from the collected drillcore samples.
Petrographic samples were obtained for key lithologies and alteration types in order to quantify the various compositions present in drillcore.
Samples were collected and dispatched for complete characterisation assay and studies to be employed in ongoing pathfinder element suite work and compositional analysis for characterisation of the volcanic suites.
Pyrite Laser Ablation ICP-MS work has been initiated on selected Netley samples to identify the pyrite growth phases at Netley and the associated element suites associated with each phase of growth.
The combination of all of these studies will allow Argent to readily identify further potential for the Loch Lilly Project and guide the exploration strategy.
To view tables and figures, please visit:
About Argent Minerals Limited
() 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.