Proactiveinvestors United Kingdom Argonaut Resources NL https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Argonaut Resources NL RSS feed en Wed, 26 Jun 2019 21:42:10 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Argonaut Resources NL: Torrens access impediment removed by native title judgement ]]> https://www.proactiveinvestors.co.uk/companies/news/165286/argonaut-resources-nl-torrens-access-impediment-removed-by-native-title-judgement-70384.html Argonaut Resources NL (ASX:ARE) has outlined that applications for native title over Lake Torrens by three native title groups have been dismissed by the Federal Court of Australia.

Lindsay Owler, CEO for Argonaut, commented:

“Whilst Argonaut has for years sought a pathway through the legal quagmire at Lake Torrens, it has never advocated the denial of rights to parties with longheld connection to the area.

"The emotional investment by aboriginal witnesses is substantial and Argonaut empathises with those concerned.

“To say this judgement simplifies the native title situation is an understatement.”

The Torrens Joint Venture is between Argonaut Resources NL (30%) and Aeris Resources Ltd (ASX:AIS) which is exploring for iron oxide-copper-gold systems in the highly prospective Stuart Shelf region of South Australia.

The Torrens Project is located near the eastern margin of South Australia’s Gawler Craton (Stuart Shelf), within 50 kilometres of Oz Minerals’ (ASX:OZL) Carrapateena copper-gold deposit and 75 kilometres from BHP Billiton’s (ASX:BHP) Olympic Dam mine.


Highlights

- A claim by the group that has prevented access to the Torrens anomaly was refused.

- Applications for native title over Lake Torrens by two other groups were also dismissed.

- An application for authorisation to drill the Torrens anomaly will now be made in the absence of registered native title claims or granted native title rights.

- The Torrens anomaly is confirmed to be the geophysical response to a very large iron oxide copper-gold (IOCG) system in the area of the Olympic Dam and Carrapateena mineral deposits.


Torrens details

The Torrens anomaly is a coincident magnetic and gravity anomaly with a footprint larger than that of Olympic Dam.

The anomaly is located over the Torrens Hinge Zone, a continent-scale zone of crustal weakness that appears to have been a conduit for mineralising fluids from the Earth’s mantle.

Drilling of the Torrens anomaly by Western Mining Corporation in the late 1970s and by the Torrens Joint Venture in 2007 and 2008 confirmed the existence of a major iron oxide copper-gold mineralising system beneath several hundred metres of sedimentary cover.

More drilling is required to vector-in on the modelled copper-gold mineralisation.

In the event of a discovery, Torrens has the potential to host a world-class copper-gold deposit.


The way forward

The Torrens Joint Venture can now make an application for exploration approval in the absence of both registered native title claims and granted native title rights in the proposed exploration areas.

This change significantly simplifies the approval process, particularly in light of the Joint Venture’s previously approved environmental and operations proposals.

In addition, the Joint Venture must re-establish certain expired government approvals.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 11 Aug 2016 11:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/165286/argonaut-resources-nl-torrens-access-impediment-removed-by-native-title-judgement-70384.html
<![CDATA[News - Argonaut Resources NL in an ASX trading halt ]]> https://www.proactiveinvestors.co.uk/companies/news/165285/argonaut-resources-nl-in-an-asx-trading-halt-70325.html Argonaut Resources NL (ASX:ARE) has been granted a trading halt by the ASX, with its shares placed in pre-open.

Argonaut requested the halt pending a judgement of the Lake Torrens Overlap Proceeding concerning the three native title applications over Lake Torrens.

The halt will remain in place until the opening of trade on Thursday 11th August 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 09 Aug 2016 12:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/165285/argonaut-resources-nl-in-an-asx-trading-halt-70325.html
<![CDATA[News - Argonaut Resources NL finds lithium in first drill hole at Crescent Lake ]]> https://www.proactiveinvestors.co.uk/companies/news/148994/argonaut-resources-nl-finds-lithium-in-first-drill-hole-at-crescent-lake-70069.html Argonaut Resources NL (ASX:ARE) has received initial results from drilling at the Falcon Lake West lithium deposit, which is part of the Crescent Lake project in Ontario, Canada.

Assays from the first batch of samples feature an intercept of 21.7 metres at 1.09% lithium from 48 metres including 7.9 metres at 1.31% lithium.

These initial laboratory results confirm the deposit’s lithium grades indicated by historical drill results.

Further results will be reported within two weeks.

Preparations are underway for follow-up exploration in the Crescent Lake area.


Background

Argonaut is focused on fast-tracking the development of its three lithium assets.

The company currently has rights to two Canadian projects – Crescent Lake and Greenbush Lake. It also owns 100% of the Lake Blanche lithium target in South Australia.


Crescent Lake

Crescent Lake is located 250 kilometres from Thunder Bay in Ontario, Canada.

Argonaut has completed a six-hole program of diamond core drilling at the Falcon Lake West deposit within the Crescent Lake project.

The program targeted two pegmatite units, one of which outcrops boldly with clear evidence of spodumene mineralisation.

The first hole has confirmed the presence of targeted spodumene bearing pegmatites which builds on historical drilling results of:

- 8.1 metres at 1.48% lithium from 2.7 metres (Falcon Lake);
- 10.5 metres at 1.15% lithium from 34.5 metres (Falcon Lake);
- 14 metres at 0.99% lithium from 69.3 metres (Falcon Lake);
- 7 metres at 1.07% lithium from 55.3 metres (Falcon Lake);
- 11 metres at 1.10% lithium from 39.4 metres (Falcon Lake); and
- 6.1 metres at 1.08% lithium from 12.4 metres (Zigzag).


Next steps

Argonaut engaged an international structural geology expert to consider the spodumene pegmatites at Crescent Lake.

The resultant report has outlined two zones that warrant detailed exploration for undiscovered pegmatites.

Argonaut is preparing to investigate these target zones with the aim of adding to the inventory of known lithium mineralisation at Crescent Lake.

Contingent drilling to define pegmatite thicknesses and grades is intended to follow this near-term program.


Analysis

Assays from the first hole confirm lithium mineralisation in thick spodumene-bearing pegmatites.

Argonaut is leveraged to ongoing lithium exploration success as it awaits further assays results from the remaining five holes, expected in two weeks.

Argonaut is continuing its successful transformation as a lithium explorer with three projects now able to produce lithium related news flow.

Argonaut shares are up 225% year to date trading at $0.013.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 27 Jul 2016 11:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/148994/argonaut-resources-nl-finds-lithium-in-first-drill-hole-at-crescent-lake-70069.html
<![CDATA[News - Argonaut Resources NL intersects thick spodumene pegmatites at Crescent Lake ]]> https://www.proactiveinvestors.co.uk/companies/news/148992/argonaut-resources-nl-intersects-thick-spodumene-pegmatites-at-crescent-lake-69731.html Argonaut Resources NL (ASX:ARE) has intersected two adjacent spodumene bearing pegmatites in its initial six hole drill program at the Crescent Lake project in Canada.

The two pegmatites had thicknesses of up to 24 metres and 11 metres as visually inspected in the drill core.

Samples from the drilling will now be submitted for analysis with results expected in three weeks.

These results build on historical drilling in the same area which intersected mineralisation including 8.1 metres at 1.48% lithium and 10.5 metres at 1.15% lithium.

Visual assessment of mineralisation and thickness provides encouragement for further exploration.


Background

Argonaut is focused on fast-tracking the development of its three lithium assets.

The company currently has rights to two Canadian projects – Crescent Lake and Greenbush Lake. It also owns 100% of the Lake Blanche lithium target in South Australia.


Crescent Lake drilling

Crescent Lake is located 250 kilometres from Thunder Bay in Ontario, Canada.

Argonaut has completed a six-hole program of diamond core drilling at the Falcon Lake West deposit within the Crescent Lake project.

The program targeted two pegmatite units, one of which outcrops boldly with clear evidence of spodumene mineralisation.

Drilling has confirmed the presence of the two targeted spodumene bearing pegmatites.

Lab analysis results expected in three weeks will determine the grade of lithium mineralisation intersected.


Analysis

Visual analysis of the drill core has confirmed that intense spodumene mineralisation has been intersected.

Argonaut is leveraged to lithium exploration success as it awaits assays results, expected in three weeks.

Argonaut is continuing its successful transformation as a lithium explorer with three projects now able to produce lithium related news flow.

Argonaut shares are up 275% year to date trading at $0.015.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 11 Jul 2016 13:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/148992/argonaut-resources-nl-intersects-thick-spodumene-pegmatites-at-crescent-lake-69731.html
<![CDATA[News - Argonaut Resources NL adds new claims to lithium project, Ontario ]]> https://www.proactiveinvestors.co.uk/companies/news/148990/argonaut-resources-nl-adds-new-claims-to-lithium-project-ontario--69116.html Argonaut Resources NL (ASX:ARE) has been granted a 100% interest in 22 mining claims in the Crescent Lake area as it ups the ante to its lithium ambitions in Ontario, Canada.

Of interest, the tenement package is east of Ardiden Ltd’s (ASX:ADV) Seymour Lake lithium project and contiguous with the Falcon Lake and Zigzag claims over which Argonaut holds an option to purchase.

On 11 March 2016, Argonaut announced the acquisition of lithium deposits known as Falcon Lake and Zigzag, collectively the Crescent Lake Lithium Project, located 250 kilometres north-northwest of Thunder Bay in Ontario.

The new claims cover an area of 54 square kilometres of the the under-explored area between clusters of known spodumene bearing pegmatites. The Falcon Lake Far West spodumene pegmatite occurrence is located within the new claims.

This takes to 80 square kilometres, Argonaut either holds or has an option to acquire of the highly prospective Crescent Lake / Seymour Lake pegmatite swarm.


Crescent Lake drilling

In May 2016, Argonaut geologists commenced exploration work at the Crescent Lake Project ahead of drilling approvals. On 6 June 2016,

these were granted and drill equipment is on the way to the Crescent Lake Lithium Project.

Diamond drilling will start in one week and will see an initial seven holes drilled.

First analytical results will be available about six weeks after the completion of each drill hole.


Analysis

Argonaut is on a fast track of developing lithium projects in Canada (rights to two) and a South Australian lithium exploration target.

However, there is more in store. A further acquisition is in the works which could be only a matter of weeks away.

With drilling at the flagship Crescent Lake project to commence in a week or so, Argonaut is leveraged to news flow. The soaring share price in 2016 is indicative of the intense interest in the progression of the lithium projects.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 08 Jun 2016 14:46:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/148990/argonaut-resources-nl-adds-new-claims-to-lithium-project-ontario--69116.html
<![CDATA[News - Argonaut Resources NL to commence drilling at Crescent Lake Lithium Project ]]> https://www.proactiveinvestors.co.uk/companies/news/148988/argonaut-resources-nl-to-commence-drilling-at-crescent-lake-lithium-project-69060.html Argonaut Resources NL (ASX:ARE) will commence diamond drilling within two weeks at its flagship Crescent Lake Lithium Project in Ontario, Canada.

The company has made a rapid transformation into the lithium sector, which has been heralded the best demand story among mined commodities.

The 500 metre drill program will focus on the Falcon Lake West prospect, which hosts spodumene bearing pegmatites and has recorded previous intercepts of 8.1 metres at 1.48% lithium.

Argonaut  expects to announce a further acquisition in the coming weeks.


Crescent Lake Lithium Project

Argonaut secured an exclusive option during March to acquire 100% of the Crescent Lake Lithium Project.

The area is highly prospective, with several internationally significant hard rock lithium deposits occurring in the region.

The project consists of two adjacent lithium deposits, Falcon Lake and Zigzag,  250 kilometres north northwest of Thunder Bay in Ontario.

Historic highlights include: 8.1 metres at 1.48% lithium from 2.7 metres; 10.5 metres at 1.15% lithium from 34.5 metres; and 14 metres at 0.99% lithium from 69.3 metres.

Exploration permits have now been granted for a period of three years over Falcon Lake and Zigzag.

Argonaut geologists commenced non-mechanised exploration works in late May 2016 in preparation for a 500 metre diamond drilling program in June 2016.


Background

Argonaut is focused on fast-tracking the development of its lithium assets.

The company now has rights to two Canadian projects (Crescent Lake, Greenbush Lake) and one South Australian lithium exploration target (Lake Blanche).

The Greenbush Lake Lithium Pegmatite Project is located 150 kilometres west-northwest of the Crescent Lake Lithium Project.

The project features a large outcropping pegmatite with rock-chip samples of up to 2.46% lithium, and 15 metres at 1.25% lithium.

The known lithium pegmatite occurrence is 15 metres wide by 30 metres in an exposed strike length.


Analysis

Argonaut is continuing its successful transformation as a lithium explorer with three projects now able to produce lithium related news flow.

Argonaut shares are up 300% year to date trading at $0.016 with the company expecting to make another acquisition shortly.

Australian broker Macquarie recently forecast a compound annual growth rate of 9% to 2021 for the commodity on the back of strong growth in new energy vehicle batteries.

Furthermore, this week CRU referenced a lithium price curve that has turned almost vertical.

Argonaut recently raised circa $1.3 million at $0.012 in a heavily oversubscribed placement, and another $1.1 million in a non-renounceable rights issue.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 06 Jun 2016 12:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/148988/argonaut-resources-nl-to-commence-drilling-at-crescent-lake-lithium-project-69060.html
<![CDATA[News - Argonaut Resources NL adds to cash with placement of shortfall shares ]]> https://www.proactiveinvestors.co.uk/companies/news/148986/argonaut-resources-nl-adds-to-cash-with-placement-of-shortfall-shares-68307.html Argonaut Resources NL (ASX:ARE) has confirmed 21.7 million shares at $0.012 have been issued under the Shortfall Placement following the company's 1 for 6 non-renounceable rights issue.

In total between the placement and rights issue, the company raised circa $2.4 million.

Argonaut has recently added some strategic lithium interests to its portfolio, which now includes the rights to two Canadian projects and one South Australian lithium exploration target.

The flagship project is Crescent Lake in Ontario, Canada, where it is acquiring 100% and commencing field-based exploration.

Previous exploration at Crescent Lake delivered: 8.1 metres at 1.48% lithium; and 10.5 metres at 1.15% lithium.

A second acquisition in the country is the Greenbush Lake lithium pegmatite project.

Greenbush Lake has confirmed high grades from existing rock chip samples from outcropping pegmatites which include 2.46% lithium, 1.96% lithium and 15 metres at 1.25% lithium.



Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 27 Apr 2016 13:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/148986/argonaut-resources-nl-adds-to-cash-with-placement-of-shortfall-shares-68307.html
<![CDATA[News - Argonaut Resources NL's shares surge as Canadian lithium portfolio grows ]]> https://www.proactiveinvestors.co.uk/companies/news/148983/argonaut-resources-nls-shares-surge-as-canadian-lithium-portfolio-grows-68155.html Argonaut Resources NL's (ASX:ARE) share price has appreciated strongly recently, as the company continues to expand its portfolio into the lithium sector.

Just after the opening of trade, Argonaut is trading up 26% to $0.024 on very heavy volume after revealing a second Canadian lithium acquisition.

Argonaut is now more than a five-bagger over the past six weeks.


Greenbush Lake Lithium Pegmatite Project

Argonaut has now agreed to purchase the Greenbush Lake Lithium Pegmatite Project, which is located 150 kilometres west-northwest of the company's Crescent Lake Lithium Project.

The project features a large outcropping pegmatite with rock-chip samples of up to 2.46% lithium, and 15 metres at 1.25% lithium.

Argonaut said the geological setting makes the area highly prospective for the definition of further lithium-bearing pegmatites.

The known lithium pegmatite occurrence is 15 metres wide by 30 metres in an exposed strike length.

Argonaut added that the actual strike length of the known pegmatite has not yet been determined as the exposure continues under thin sedimentary cover to the north and under lake waters to the south.

The pegmatite has not been drilled, or explored by modern, systematic means.

This provides the potential to define: Strike extensions to the known mineralised pegmatite; Related stacked pegmatites; and Additional lithium bearing pegmatites.


Purchase agreement

Argonaut has agreed to purchase a 100% interest in three mineral claims from Canadian Orebodies Inc (COB) for CAD$100,000.

The claims will be subject to a 2% net smelter royalty payable to COB.

Payment by Argonaut and the transfer of claims to Argonaut’s Canadian registered subsidiary is subject to the claims being recorded by the Ministry of Northern Development and Mines which is expected to be completed before 30 June 2016.


Analysis

Argonaut is focused on fast-tracking development of its lithium assets, and now has rights to two Canadian projects and one South Australian lithium exploration target.

It is expected that Argonaut will reveal further acquisitions in the near-term.

Also coming up, the company will commence field-based exploration of its flagship Crescent Lake project in Ontario, Canada.

Argonaut recently raised circa $1.3 million at $0.012 in a heavily oversubscribed placement, and another $1.1 million in a non-renounceable rights issue.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 19 Apr 2016 09:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/148983/argonaut-resources-nls-shares-surge-as-canadian-lithium-portfolio-grows-68155.html
<![CDATA[News - Argonaut Resources Ltd's lithium transition drives capital raising interest ]]> https://www.proactiveinvestors.co.uk/companies/news/148981/argonaut-resources-ltds-lithium-transition-drives-capital-raising-interest-68132.html Argonaut Resources Ltd (ASX:ARE) has recently dialled into lithium opportunities in Canada, and the market has provided strong support for this strategic move.

Argonaut has raised circa $1.3 million at $0.012 in a heavily oversubscribed placement.

Following this, a rights issue offered 92 million shares, on a 1 for 6 basis.

Argonaut said that it received a strong response from its shareholders, in particular in relation to the applications for Additional New Shares, with the total applications received substantially exceeding the A$1.1 million that the company sought to raise.

With the offer being oversubscribed, the board scaled back the Additional New Share applications.

Taylor Collison is the underwriter of the rights issues, and will place the 21.7 million shortfall shares.


Crescent Lake Lithium Project

Argonaut has secured an exclusive option to acquire 100% of the Crescent Lake Lithium Project.

The area is highly prospective, with several internationally significant hard rock lithium deposits occurring in the region.

Historic highlights include: 8.1 metres at 1.48% LiO2 from 2.7 metres; 10.5 metres at 1.15% LiO2 from 34.5 metres; and 14 metres at 0.99% LiO2 from 69.3 metres

The project consists of two adjacent lithium deposits 250 kilometres NNW of Thunder Bay in Ontario.

Crescent Lake contains hard rock, ‘complex-type/spodumene sub-type’ pegmatite deposits.

 

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Mon, 18 Apr 2016 17:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/148981/argonaut-resources-ltds-lithium-transition-drives-capital-raising-interest-68132.html
<![CDATA[News - Argonaut Resources NL secures lithium targets in South Australia ]]> https://www.proactiveinvestors.co.uk/companies/news/148979/argonaut-resources-nl-secures-lithium-targets-in-south-australia-67856.html Argonaut Resources NL (ASX:ARE) has secured two exploration licences covering Lake Blanche, a salt lake with the potential to host lithium brines and potash in the north of South Australia.

The lake is prospective for lithium brines due to its distinctive geological and hydrological qualities.

The lake is also prospective for potash mineralisation.

The licences cover an area of 2,000 square kilometres and Lake Blanche itself has a surface area of 1,700 square kilometres.

The size of the lake suggests it could represent an internationally important lithium source in the event economic concentrations of lithium are found in its brines.


Argonaut developing Canadian portfolio

Today's tenements are an addition to the company's growing portfolio, with Argonaut recently dialling into the Crescent Lake Lithium Project in Ontario, Canada.

The area is highly prospective, with several internationally significant hard rock lithium deposits occurring in the region.

Historic highlights include: 8.1 metres at 1.48% LiO2 from 2.7 metres; 10.5 metres at 1.15% LiO2 from 34.5 metres; and 14 metres at 0.99% LiO2 from 69.3 metres

The project consists of two adjacent lithium deposits 250 kilometres NNW of Thunder Bay in Ontario.

Crescent Lake contains hard rock, ‘complex-type/spodumene sub-type’ pegmatite deposits.


Lithium market

The lithium market is known to be in short supply due to the sharp increase in demand for lithium-ion batteries used in electric cars and domestic power storage systems.

Storage of renewable electricity is a major international issue and domestic self-sufficiency via solar panels and lithium-ion storage units has mass consumer appeal.

The sale of all-electric and hybrid vehicles more than quadrupled in China between 2013 and 2014 and Tesla’s ‘gigafactory’ in Nevada hopes to supply lithiumion batteries for over 500,000 cars within five years.

Industry insiders note that long-term producers have been slow to react to the increased demand.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 04 Apr 2016 15:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/148979/argonaut-resources-nl-secures-lithium-targets-in-south-australia-67856.html
<![CDATA[News - Argonaut Resources NL issues placement shares ahead of lithium due diligence ]]> https://www.proactiveinvestors.co.uk/companies/news/148976/argonaut-resources-nl-issues-placement-shares-ahead-of-lithium-due-diligence-67817.html Argonaut Resources NL (ASX:ARE) has now issued 110.9 million shares as part of the oversubscribed placement at $0.012 per share, raising $1,330,800 before costs.

Argonaut is also undertaking a fully-underwritten non-renounceable rights issue of 1 share for every 6 shares, held by eligible shareholders on 01 April 2016.

The rights will issue circa 92 million shares at $0.012, raising A$1.1 million before costs.

Funds raised will be used primarily for the advancement of due diligence and exploration works on the Crescent Lake Lithium Project in Ontario, Canada.


Crescent Lake Lithium Project

Earlier in the month Argonaut secured an exclusive option to acquire 100% of the Crescent Lake Lithium Project.

The area is highly prospective, with several internationally significant hard rock lithium deposits occurring in the region.

Historic highlights include: 8.1 metres at 1.48% LiO2 from 2.7 metres; 10.5 metres at 1.15% LiO2 from 34.5 metres; and 14 metres at 0.99% LiO2 from 69.3 metres

The project consists of two adjacent lithium deposits 250 kilometres NNW of Thunder Bay in Ontario.

Crescent Lake contains hard rock, ‘complex-type/spodumene sub-type’ pegmatite deposits.


Keys to the deposits

The deposits are hard rock pegmatite deposits containing spodumene mineralisation.

Adding interest, the areas surrounding these known deposits are yet to be systematically explored, providing potential to define extensions and additional deposits.

Providing an infrastructure solution, the deposits are well located close to the North American rail network and a major port.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Fri, 01 Apr 2016 09:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/148976/argonaut-resources-nl-issues-placement-shares-ahead-of-lithium-due-diligence-67817.html
<![CDATA[News - Argonaut Resources NL's rights issue fully underwritten for Canadian lithium ]]> https://www.proactiveinvestors.co.uk/companies/news/148974/argonaut-resources-nls-rights-issue-fully-underwritten-for-canadian-lithium-67718.html Argonaut Resources NL (ASX:ARE) has now outlined details of a fully-underwritten non-renounceable rights issue of 1 share for every 6 shares, held by eligible shareholders on 01 April 2016.

The rights will issue circa 92 million shares at $0.012, raising A$1.1 million before costs.

This follows a heavily oversubscribed placement at the same price per share, which raised $1.3 million.

Funds raised will be used primarily for the advancement of due diligence and exploration works on the Crescent Lake Lithium Project in Ontario, Canada.


Crescent Lake Lithium Project

Earlier in the month Argonaut secured an exclusive option to acquire 100% of the Crescent Lake Lithium Project.

The area is highly prospective, with several internationally significant hard rock lithium deposits occurring in the region.

Historic highlights include: 8.1 metres at 1.48% LiO2 from 2.7 metres; 10.5 metres at 1.15% LiO2 from 34.5 metres; and 14 metres at 0.99% LiO2 from 69.3 metres

The project consists of two adjacent lithium deposits 250 kilometres NNW of Thunder Bay in Ontario.

Crescent Lake contains hard rock, ‘complex-type/spodumene sub-type’ pegmatite deposits.


Keys to the deposits

The deposits are hard rock pegmatite deposits containing spodumene mineralisation.

Adding interest, the areas surrounding these known deposits are yet to be systematically explored, providing potential to define extensions and additional deposits.

Providing an infrastructure solution, the deposits are well located close to the North American rail network and a major port.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 24 Mar 2016 15:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/148974/argonaut-resources-nls-rights-issue-fully-underwritten-for-canadian-lithium-67718.html
<![CDATA[News - Argonaut Resources NL cash raising oversubscribed for lithium opportunities ]]> https://www.proactiveinvestors.co.uk/companies/news/148972/argonaut-resources-nl-cash-raising-oversubscribed-for-lithium-opportunities-67598.html Argonaut Resources NL (ASX:ARE) has recently dialled into lithium opportunities in Canada, and the market has provided strong support for this strategic move.

Argonaut has raised circa $1.3 million at $0.012 in a heavily oversubscribed placement.

Add to this, Argonaut will undertake a one for six non-renounceable rights issue at the same price to raise up to another $1.1 million before costs.

Funds raised will be used primarily for the advancement of due diligence and exploration works on the Crescent Lake Lithium Project in Ontario, Canada.


Crescent Lake Lithium Project

Earlier in the month Argonaut secured an exclusive option to acquire 100% of the Crescent Lake Lithium Project.

The area is highly prospective, with several internationally significant hard rock lithium deposits occurring in the region.

Historic highlights include: 8.1 metres at 1.48% LiO2 from 2.7 metres; 10.5 metres at 1.15% LiO2 from 34.5 metres; and 14 metres at 0.99% LiO2 from 69.3 metres

The project consists of two adjacent lithium deposits 250 kilometres NNW of Thunder Bay in Ontario.

Crescent Lake contains hard rock, ‘complex-type/spodumene sub-type’ pegmatite deposits.


Keys to the deposits

The deposits are hard rock pegmatite deposits containing spodumene mineralisation.

Adding interest, the areas surrounding these known deposits are yet to be systematically explored, providing potential to define extensions and additional deposits.

Providing an infrastructure solution, the deposits are well located close to the North American rail network and a major port.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 18 Mar 2016 09:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/148972/argonaut-resources-nl-cash-raising-oversubscribed-for-lithium-opportunities-67598.html
<![CDATA[News - Argonaut Resources NL raising cash for lithium in Canada ]]> https://www.proactiveinvestors.co.uk/companies/news/148969/argonaut-resources-nl-raising-cash-for-lithium-in-canada-67547.html Argonaut Resources NL (ASX:ARE) is heading to market with a capital raising, which comes hot on the heals after dialling into a highly prospective lithium project in Canada.

Argonaut has secured an exclusive option to acquire 100% of the Crescent Lake Lithium Project.

The area is highly prospective, with several internationally significant hard rock lithium deposits occurring in the region.

The project consists of two adjacent lithium deposits 250 kilometres NNW of Thunder Bay in Ontario.

Crescent Lake contains hard rock, ‘complex-type/spodumene sub-type’ pegmatite deposits.

The halt will remain in place until the opening of trade on Friday 18th March 2016, or earlier if an announcement is made to the market.


Strong news flow from Crescent Lake Project

– Completion of due diligence and exercise of option;
– Near-term commencement of confirmatory drilling;
– Initial Crescent Lake drilling results;
– Realisation of exploration upside;
– Completion of tenement purchase;
– Commencement of metallurgical scoping study;
– Commencement of resource drilling; and
– Scoping Feasibility Study.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 16 Mar 2016 13:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/148969/argonaut-resources-nl-raising-cash-for-lithium-in-canada-67547.html
<![CDATA[News - Argonaut Resources NL reveals lithium upside of acquisition in Canada ]]> https://www.proactiveinvestors.co.uk/companies/news/148966/argonaut-resources-nl-reveals-lithium-upside-of-acquisition-in-canada-67459.html Argonaut Resources NL (ASX:ARE) earlier in the month secured an exclusive option to acquire 100% of the Crescent Lake Lithium Project in Canada.

The area is highly prospective, with several internationally significant hard rock lithium deposits occurring in the region.

The project consists of two adjacent lithium deposits 250 kilometres NNW of Thunder Bay in Ontario.

Crescent Lake contains hard rock, ‘complex-type/spodumene sub-type’ pegmatite deposits.

The deposits are defined by two phases of drilling: historic diamond core drilling, undertaken in the 1950s; and limited modern diamond drilling completed in 2011, plus trench sampling.

The lithium market is known to be in short supply due to the sharp increase in demand for lithium-ion batteries used in electric cars and domestic power storage systems.

Argonaut has now outlined some impressive historical highlights.

The project features two prospective areas: Falcon Lake and Zigzag.


Historic highlights:

Falcon Lake

- 8.1 metres at 1.48% LiO2 from 2.7 metres;
- 10.5 metres at 1.15% LiO2 from 34.5 metres;
- 14 metres at 0.99% LiO2 from 69.3 metres;
- 7 metres at 1.07% LiO2 from 55.3 metres; and
- 11 metres at 1.10% LiO2 from 39.4 metres.

Zigzag

- 6.1 metres at 1.08% LiO2 from 12.4 metres.


Keys to the deposits

The deposits are hard rock pegmatite deposits containing spodumene mineralisation.

Adding interest, the areas surrounding these known deposits are yet to be systematically explored, providing potential to define extensions and additional deposits.

Providing an infrastructure solution, the deposits are well located close to the North American rail network and a major port.


Previous Exploration

The areas were drilled in the 1950's, during a Canadian lithium exploration boom, and then again in 2010-11.

Neither drilling program was extensive.

Drilling data from the time was reported prior to modern JORC and NI43-101 standards being established.

This late 1950's diamond core drilling was undertaken by British Canadian Lithium Mining Corporation. The 2010-11 era drilling at Falcon Lake and Zigzag is reported to NI43- 101 standards.

Argonaut said that all previous drilling has focused on surface or near surface lithium bearing pegmatites.


Project details

The project consists of 12 claim areas in two clusters. These areas are accessible by road from Thunder Bay via Armstrong Station.

A class-one railway line runs within 20 kilometres of the project area, and Armstrong (railway) Station is located 75 kilometres to the south-west.

The rail network interconnects with the US.

The Port of Thunder Bay is a major facility that ships grain, coal, liquids and general cargo via the Great Lakes to the Atlantic Ocean.

Electricity substations and gas pipelines are located between Lake Superior and Lake Nipigon, 50-60 kilometres south of the project area.


Regional lithium deposits

Several internationally significant hard rock lithium deposits occur in the region.

Tanco Mine: is an underground lithium, caesium and tantalum mine located in Manitoba Province, 500 kilometres west of Crescent Lake. The Tanco ore body is also pegmatitic.

Separation Rapids: is a complex-type lithium pegmatite deposit located 440 kilometres west of Crescent Lake within the same geological sub-province.

Georgia Lake: spodumene pegmatite deposit located 60 kilometres south of the Crescent Lake Project.

Seymour Lake: is a Lithium-Beryllium-Tantalum pegmatite deposit located 10 kilometres west of the Crescent Lake Project.


Option agreement to acquire 100%

A subsidiary of Argonaut entered an option agreement with Canadian Orebodies Inc., with the principal terms:

- COB grants Argonaut an exclusive option to conduct a due diligence study on the Crescent Lake Project for a period of six weeks in return for a payment of C$20,000.
- The Option defines the material terms of a definitive agreement.
- Argonaut may exercise the Option by paying COB C$50,000.
- An interim option fee of C$150,000 is due on 1 July 2016.
- Argonaut will then have until 30 November 2016 to complete its assessment of the project at which time it can elect to purchase 100% the Crescent Lake Project for C$200,000.
- The following milestone payments are also defined in the Option:
- C$400,000 in cash or shares payable to COB on announcement of a maiden resource; and
- C$1,000,000 in cash or shares payable to COB on decision to mine.
- Claims are subject to a 2% royalty, payable to historic vendors.

The transaction may be subject to ASX approval.


Analysis

The combination of a secure mining jurisdiction, defined lithium mineralisation and easy rail access to U.S. battery manufacturing facilities makes the Crescent Lake Lithium Project an extremely attractive investment opportunity.

Today's historical information further enhances the potential of the project, and dials Argonaut into a commodity known to be in short supply due to the sharp increase in demand for lithium-ion batteries used in electric cars and domestic power storage systems.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Fri, 11 Mar 2016 09:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/148966/argonaut-resources-nl-reveals-lithium-upside-of-acquisition-in-canada-67459.html
<![CDATA[News - Argonaut Resources parachutes into Canadian Lithium Deposits ]]> https://www.proactiveinvestors.co.uk/companies/news/148965/argonaut-resources-parachutes-into-canadian-lithium-deposits-67338.html Shares in Argonaut Resources (ASX:ARE) are expected to climb after the company secured an exclusive option to acquire 100% of the Crescent Lake Lithium Project.

Several internationally significant hard rock lithium deposits occur in the region.

The project consists of two adjacent lithium deposits 250 kilometres NNW of Thunder Bay in Ontario, Canada.

The Crescent Lake lithium deposits are hard rock, ‘complex-type/spodumene sub-type’ pegmatite deposits.

They are defined by two phases of drilling: historic diamond core drilling, undertaken in the 1950s; and limited modern diamond drilling completed in 2011, plus trench sampling.

The lithium market is known to be in short supply due to the sharp increase in demand for lithium-ion batteries used in electric cars and domestic power storage systems.

The price of 99%-pure lithium carbonate imported to China more than doubled to $13,000/tonne in December 2015.


Option agreement to acquire 100%

A subsidiary of Argonaut entered an option agreement with Canadian Orebodies Inc., with the principal terms:

- COB grants Argonaut an exclusive option to conduct a due diligence study on the Crescent Lake Project for a period of six weeks in return for a payment of C$20,000.
- The Option defines the material terms of a definitive agreement.
- Argonaut may exercise the Option by paying COB C$50,000.
- An interim option fee of C$150,000 is due on 1 July 2016.
- Argonaut will then have until 30 November 2016 to complete its assessment of the project at which time it can elect to purchase 100% the Crescent Lake Project for C$200,000.
- The following milestone payments are also defined in the Option:
- C$400,000 in cash or shares payable to COB on announcement of a maiden resource; and
- C$1,000,000 in cash or shares payable to COB on decision to mine.
- Claims are subject to a 2% royalty, payable to historic vendors.

The transaction may be subject to ASX approval.


Project details

The project consists of 12 claim areas in two clusters. These areas are accessible by road from Thunder Bay via Armstrong Station.

A class-one railway line runs within 20 kilometres of the project area, and Armstrong (railway) Station is located 75 kilometres to the south-west.

The rail network interconnects with the US.

The Port of Thunder Bay is a major facility that ships grain, coal, liquids and general cargo via the Great Lakes to the Atlantic Ocean.

Electricity substations and gas pipelines are located between Lake Superior and Lake Nipigon, 50-60 kilometres south of the project area.


Regional lithium deposits

Several internationally significant hard rock lithium deposits occur in the region.

Tanco Mine: is an underground lithium, caesium and tantalum mine located in Manitoba Province, 500 kilometres west of Crescent Lake. The Tanco ore body is also pegmatitic.

Separation Rapids: is a complex-type lithium pegmatite deposit located 440 kilometres west of Crescent Lake within the same geological sub-province.

Georgia Lake: spodumene pegmatite deposit located 60 kilometres south of the Crescent Lake Project.

Seymour Lake: is a Lithium-Beryllium-Tantalum pegmatite deposit located 10 kilometres west of the Crescent Lake Project.


Analysis

The combination of a secure mining jurisdiction, defined lithium mineralisation and easy rail access to U.S. battery manufacturing facilities makes the Crescent Lake Lithium Project an extremely attractive investment opportunity.

Argonaut considers claim areas under option to have strong potential for the discovery of additional deposits.

Considering several internationally significant hard rock lithium deposits occur in the region, the potential upside for Argonaut is significant.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Fri, 04 Mar 2016 10:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/148965/argonaut-resources-parachutes-into-canadian-lithium-deposits-67338.html
<![CDATA[News - Argonaut Resources granted additional time to finalise acquisition ]]> https://www.proactiveinvestors.co.uk/companies/news/148963/argonaut-resources-granted-additional-time-to-finalise-acquisition-67294.html Argonaut Resources (ASX:ARE) has been granted additional time to finalise details of a potential acquisition.

In the December 2015 quarterly, Argonaut said that it had been reviewing exploration and development opportunities with a focus on lithium and graphite projects.

Following on from a trading halt, a voluntary suspension has been granted.

The company expects the suspension will end no later than 10am on Monday 7 March 2016.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 02 Mar 2016 09:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/148963/argonaut-resources-granted-additional-time-to-finalise-acquisition-67294.html
<![CDATA[News - Argonaut Resources to reveal acquisition ]]> https://www.proactiveinvestors.co.uk/companies/news/148959/argonaut-resources-to-reveal-acquisition-67258.html Argonaut Resources (ASX:ARE) has been granted a trading halt by the ASX, with its shares placed in pre-open.

Argonaut requested the halt pending details of a potential acquisition.

The halt will remain in place until the opening of trade on Wednesday 2nd march 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 01 Mar 2016 13:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/148959/argonaut-resources-to-reveal-acquisition-67258.html
<![CDATA[News - Argonaut Resources plans value growth through further diversification ]]> https://www.proactiveinvestors.co.uk/companies/news/148956/argonaut-resources-plans-value-growth-through-further-diversification-65721.html Copper developer Argonaut Resources (ASX:ARE) has moved to bolster its investment case by pursuing a further diversified strategy focusing on a broader range of target commodities including graphite and lithium.

The company has flagged a robust long-term demand outlook for these sectors, which are driven much more by specific demand growth from energy storage applications than by overall GDP growth rates.

The rapid acceleration in the development of renewable energy projects on a global scale is being accompanied by rapidly growing interest and need for grid storage technologies.

Energy storage will be increasingly critical in smoothing out the intermittency of renewable power generation and improving renewables reliability by mitigating peak demand and maximising the value of on-site generation.

The grid-connected energy storage sector is therefore expected to surge from a level of only 0.3 gigawatts in 2013 to more than 40GW by 2022.

The market for storing power from solar panels alone has been projected to skyrocket from a value of US$200 in 2012 to $19 billion by 2017.

A more diversified approach to portfolio growth in this context will underpin Argonaut strategy in the coming year as the company leverages its geological skillsets to source new projects that offer significant potential for adding value.


Established portfolio

Acknowledging recent weakness in copper prices as well as compelling projections for the metal’s turnaround, Argonaut has resolved to keep a watching brief on its Zambian copper properties while remaining committed to its Torrens iron-oxide-copper-gold (IOCG) project in South Australia.

The prize at Torrens is potentially enormous, with an extremely large IOCG target boasting excellent juxtaposition of gravity highs and magnetic lows.

This is combined with a known presence of hematitic brecciation and red rock alteration – the same setting at BHP Billiton’s (ASX:BHP) gigantic Olympic Dam complex .

Torrens is located on the eastern margin of the Gawler Craton within 75 kilometres of Olympic Dam and 50 kilometres of OZ Minerals’ (ASX:OZL) Carrapateena IOCG deposit, which hosts 2.5 million tonnes of probable copper metal reserves and 3.5 million ounces of probable gold reserves. 

Argonaut also benefits from upside at its Alford polymetal project, which lies near the southeastern margin of the Gawler Craton.

Argonaut and farm-in partner Sandfire Resources (ASX:SFR) intersected copper and silver mineralisation at the project earlier this year and a geological analysis is ongoing.

Two diamond drill holes at Alford’s Netherleigh Park area in June returned 10.4 metres at 66.6 grams per tonne silver and 0.28% copper from 217 metres as well as 3.9 metres at 1.19% copper from 287 metres.

Previous drill intercepts from Netherleigh Park include:

- 76 metres at 0.95% copper from 138 metres;
- 20 metres at 0.75% copper from 131 metres;
- 122 metres at 0.63% copper from 95 metres (including 14 metres at 2.26% from 111 metres); and
- 98 metres at 0.64% copper from 138 metres.

These relate to both copper oxide and copper sulphide mineralisation.
 

Analysis

Argonaut’s plan to embrace tech-related metals with growing end-segments such as graphite and lithium is an encouraging move by the company as it offers enhanced potential to commercialise the company’s project development skillsets.

This strategy may prove to be particularly savvy in light of the astronomical growth rates projected for the energy storage industry and its supporting raw material sectors.

Meanwhile, Argonaut maintains its exposure to a pending turnaround for copper, with a steady focus on its hugely prospective Torrens property, which has all the early-stage hallmarks of an Olympic Dam-style deposit.

Newsflow related to any future drilling of this project could represent an important price catalyst for Argonaut.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 20 Nov 2015 11:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/148956/argonaut-resources-plans-value-growth-through-further-diversification-65721.html
<![CDATA[News - Argonaut Resources hits more copper at Lumwana West ]]> https://www.proactiveinvestors.co.uk/companies/news/148954/argonaut-resources-hits-more-copper-at-lumwana-west-64565.html Argonaut Resources (ASX:ARE) has intersected thick zones of copper from 2015 diamond core drilling program at the Kamafamba prospect of its Lumwana West Project in Zambia.

The 90% owned Lumwana West project is located in the Central African Copperbelt, North-Western Province, Zambia, and is prospective for large tonnage, low to medium grade copper deposits.

In addition, over 1,000 new soil samples were collected and analysed, completing the first phase of the option agreement with Chilean copper major Antofagasta plc (LON:ANTO).

This exploration expenditure of US$3.9 million in the first period earns Antofagasta, a £6.12 billion (A$13.16 billion) company, a 25% interest in the project.

At Kamafamba, three holes totalling 409 metres were drilled returning:

- 15.85 metres at 0.3% copper from 41 metres (KMDD001); and
- 17.6 metres at 0.40% copper from 134.5 metres, including 5.6 metres at 0.67% copper from 146.5 metres (KMDD003).

Drilling at the Kabikupa prospect did not intercept significant mineralisation outside the main surface anomaly, indicating that subsurface copper mineralisation is likely confined to a strike length of approximately 1,000 metres.

However, Kabikupa geology features the zonation of copper sulphide minerals and persistent alteration, indicating the mineralising system is well developed.

In addition, no significant mineralised intercepts were returned from the Sharamba, Luamvunda and Mufuka regional targets that were drill tested between May and July 2015.


Lumwana West Exploration

The additional 2,006 metres of drilling between May and July 2015 adds to the 6,123 metres drilled during the 2014 field season and completes the first phase exploration project at Lumwana West.

Argonaut also collected 1,028 soil samples in 2015. Of these samples, 626 were collected from an area covering a large granite pluton in the central area of the licence between Kabikupa and Kamafamba and 402 surface geochemical samples were collected from across another granite body in the eastern area of the licence between Mufuka and Shikezhi.

Drilling in 2015 had targeted geochemical anomalies and structural targets at Kapikupa, Kamafamba, Mufuka, Sharamba and Luamvunda prospects.

Kamafamba, where drilling intercepted copper, sits near the southern margin of a large granite body.

The prospect is defined by a 1,100 metre soil geochemistry anomaly.

Structural interpretation indicates the geochemical anomaly is coincident with a thrust system related to the granite margin, which enhances the prospectivity of the target.

At Kabikupa, where the first hole drilled in 2014 returned 17.4 metres at 1.18% copper from 102.6 metres within a broader intercept of 39 metres at 0.61% copper from 81 metres, drilling indicated the total mineralised strike extent is approximately 1,000 metres.


Analysis

The 2015 drilling program at Lumwana West has intersected results of 17.6 metres at 0.40% copper from 134.5 metres, including 5.6 metres at 0.67% copper from 146.5 metres at the Kamafamba Prospect.

It has also substantially completed the first phase of the option agreement with Antofagasta that will give the Chilean copper major a 25% interest in the project.

Nearby mines include Barrick Gold Corporation’s Lumwana Mine (1.1 billion tonnes at 0.50% copper) on the eastern lobe of the Mwombezhi Dome and First Quantum Minerals Ltd’s Kansanshi (1.1 billion tonnes at 0.81% copper), the largest copper mine in Africa.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 16 Sep 2015 14:07:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/148954/argonaut-resources-hits-more-copper-at-lumwana-west-64565.html
<![CDATA[News - Argonaut Resources, Antofagasta extend Lumwana West agreement ]]> https://www.proactiveinvestors.co.uk/companies/news/148951/argonaut-resources-antofagasta-extend-lumwana-west-agreement-64097.html Argonaut Resources (ASX:ARE) will continue working with Chilean copper major Antofagasta plc (LON: ANTO) with the extension of the Phase One option agreement for the Lumwana West Project in Zambia.

Antofagasta, a £5.4 billion (A$11.5 billion) market cap and one of the world's biggest copper producers, is spending US$3.9 million (A$5.3 million) to earn a 25% interest in the project.

This first phase of the agreement has now been extended to 28th October 2015.

The two companies have already tested nine regional copper targets as well as further testing the Nyungu deposit by drilling 8,129 metres of diamond drill core.

All drill core has been cut and submitted for analysis with assay results pending.

In addition, 1,028 soil samples were collected at Lumwana West during the June 2015 Quarter.


Recent Activity

In the June 2015 Quarter, Argonaut Resources and Antofagasta completed four drill holes totalling 970 metres at the Kabikupa prospect.

A further seven holes will be drilled under this program, which was designed to extend the strike extent from 800 metres to 1,800 metres.

The Kabikupa surface geochemistry anomaly is the highest order copper-in-soil anomaly defined at Lumwana West to date.

Drilling was also carried out to test the Sharamba, Kamafamba, Luamvunda and Mufuka regional targets that were defined by 2014 soil sampling and 2015 structural geology.

Seven regional holes were drilled for a total of 1,036 metres.

Altogether, a total of 36 diamond holes have been drilled at Lumwana West as at the end of July 2015.

The 2014/15 program is the first exploration phase under the option agreement between Argonaut and Antofagasta.

Antofagasta can earn a 25% interest at its completion by funding US$3.9 million of exploration.


Antofagasta Option Agreement

Antofagasta can earn a 70% project interest by spending US$18.9 million on exploration plus the amount required to complete a feasibility study to international standards.

Phase II involves expenditure of US$15 million within four years of the completion of Phase I at a minimum expenditure rate of US$2.5 million per year. Antofagasta can earn an effective 51% interest in the project by completing Phase II.

Phase III involves the completion of a feasibility study to international standards. Antofagasta may conduct additional work necessary to commence the feasibility study, such as a preliminary feasibility study, prior to electing to commence the definitive study.

Antofagasta will have up to two years to complete additional work and four years to complete the feasibility study.

Phase IV is the period following the delivery of the feasibility study, but prior to a development decision. Argonaut may elect not to contribute during this period provided it reimburses Antofagasta from future dividends.

Phase V is the period after a development decision when, if Argonaut decides not to fund its pro-rata share of the project, Antofagasta may elect to either carry Argonaut into production, with Argonaut’s development costs being funded by 60% of future dividends, or buy-out Argonaut’s interest for its pro-rata share of the net present value.


Analysis

With the extension of the first phase of the option agreement, Antofagasta remains very much involved in exploration of the Lumwana West copper project.

Results from drilling in the June 2015 Quarter are also pending.

This provides a substantial pipeline of news flow ahead for investors.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 20 Aug 2015 11:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/148951/argonaut-resources-antofagasta-extend-lumwana-west-agreement-64097.html
<![CDATA[News - Argonaut Resources: Sandfire Resources hits copper, silver at Alford ]]> https://www.proactiveinvestors.co.uk/companies/news/148949/argonaut-resources-sandfire-resources-hits-copper-silver-at-alford--63134.html Argonaut Resources’ (ASX:ARE) partner Sandfire Resources (ASX:SFR) has intersected copper and silver mineralisation from drilling at its Alford Project on South Australia’s Yorke Peninsula.

Sandfire is earning a 49% interest in the project by sole funding $4 million of exploration within three years.

It then has the right to either form a joint venture with Argonaut or earn a further 26% stake in the project by spending an additional $4 million on exploration within another three years.

Alford is prospective for iron oxide copper-gold mineralisation as found at Prominent Hill, Olympic Dam and Hillside.

The two hole 750 metre diamond drilling program at the Netherleigh Park area on the Alford licence returned:

-    10.4 metres at 66.6 grams per tonne silver and 0.28% copper from 217 metres (ALDDH027); and
-    3.9 metres at 1.19% copper from 287 metres (ALDDH027).

Sandfire geophysically modelled the magnetic and gravity from the Netherleigh Park area and sited the drill holes on the basis of these models and existing drill data.

Sampling was hampered by significant core loss in mineralised zones. Core loss occurs when drilling through zones of incompetent rock.

The drilling process pulverises weak rock leaving gaps in the core sample. It is not clear whether lost core contained elevated or depleted levels of copper and silver mineralisation.


Alford Project

The Alford Project on South Australia’s Yorke Peninsula lies 20 kilometres northeast of Wallaroo within the geological province known as the Olympic Domain.

Mineralisation at the Netherleigh Park prospect is interpreted to be comparable to skarn-style mineralisation rather than IOCG.

Previous drill intercepts from Netherleigh Park are:

- 76 metres at 0.95% copper from 138 metres;
- 20 metres at 0.75% copper from 131 metres;
- 122 metres at 0.63% copper from 95 metres including 14 metres at 2.26% from 111 metres; and
- 98 metres at 0.64% copper from 138 metres.

These relate to both copper oxide and copper sulphide mineralisation.


Analysis

Drilling at Argonaut Resources’ wholly-owned Alford Tenement has intersected copper and silver mineralisation.

That this is being sole funded by Sandfire Resources has de-risked the exploration.

Sandfire has already funded the majority of the $4M though it has yet to serve notice that it has earned its initial interest. It is now considering the next program on the basis of these results.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 26 Jun 2015 08:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/148949/argonaut-resources-sandfire-resources-hits-copper-silver-at-alford--63134.html
<![CDATA[News - Argonaut Resources resumes copper drilling at Lumwana West ]]> https://www.proactiveinvestors.co.uk/companies/news/107283/argonaut-resources-resumes-copper-drilling-at-lumwana-west-107283.html Argonaut Resources (ASX:ARE) has resumed the hunt for copper at its Lumwana West Project in Zambia with the start of a 2,000 metre diamond core drilling program over four prioritised targets.

Drilling carried out last year had previously returned a top result of 17.4 metres at 1.18% copper from 102.6 metres within a broader intercept of 39 metres at 0.61% copper from 81 metres.

This new drilling program is part of the first exploration phase under its option agreement with Chilean copper and gold producer Antofagasta (LON:ANTO), which is capitalised at A$15.1 billion.

Drilling now underway at the Kabikupa prospect seeks to extend the mineralised strike extent from 800 metres to 1,800 metres.

Three regional targets will also be drill tested between May and July 2015.

Besides the drilling, Argonaut will also collect 600 soil samples north of Kamafamba prospect in an area with encouraging structural geology.

Results have also been returned from the Kabikupa prospect. Significant intercepts are:

- 20.4 metres at 0.67% copper from 151 metres including 7 metres at 0.92% copper from 154 metres (KBDD004);
- 25 metres at 0.22% copper from 12 metres and 10.7 metres at 0.29% copper from 52 metres (KBDD003); and
- 17 metres at 0.22% copper from 230 metres and 10 metres at 0.27% copper from 266 metres (KBDD002).

Under the option agreement, exploration expenditure of US$3.9 million in the first period will earn Antofagasta a 25% interest in the project.

The drilling program, which will ultimately comprise over 8,000 metres, is being progressively revised on the basis of results and interpretations by a technical committee formed under the agreement.

To date, 6,123 metres of diamond core drilling for 25 holes has been completed. Holes have been drilled at the West Mwombezhi, Kavipopo, ZNS, LMW, Mufuka and Kabikupa prospects and at the Nyungu deposit .


Kabikupa

The Kabikupa prospect was defined in 2014 by soil sampling.

The soil geochemistry anomaly strikes southeast and measures approximately 1,000 metres by 500 metres.

The peak soil sample is 0.13% copper, which is the highest copper-in-soil value returned within the licence area to date.

The main mineralised zoned has been intersected over a strike length of 400 metres and is inferred to exist over at least 800 metres.

Kabikupa geology features the zonation of copper sulphide minerals and persistent alteration, indicating the mineralising system is well developed.


Regional Drilling

Three regional targets defined by 2014 soil sampling and structural geology interpretation undertaken in January 2015 have been prioritised for drill testing.

The Sharamba, Kamafamba and Mufuka targets will be drill tested between May and July 2015.


Lumwana West

The 90% owned Lumwana West project is located in the Central African Copperbelt, North-Western Province, Zambia, and is prospective for large tonnage, low to medium grade copper deposits.

Nearby mines include Barrick Gold Corporation’s Lumwana Mine (1.1 billion tonnes at 0.50% copper) on the eastern lobe of the Mwombezhi Dome and First Quantum Minerals Ltd’s Kansanshi (1.1 billion tonnes at 0.81% copper), the largest copper mine in Africa.

The 2014/15 program that was jointly planned by Argonaut and Antofagasta aims to considerably increase the extent of known copper mineralisation at Lumwana West.

The focus is on testing major target areas previously defined by Argonaut as well new targets generated during the year by a regional soil sampling program.


Antofagasta Option Agreement

Antofagasta can earn a 70% project interest by spending US$18.9 million on exploration plus the amount required to complete a feasibility study to international standards.

It has committed to the US$3.9 million first phase exploration program to earn a 25% interest in the project.

Phase II involves expenditure of US$15 million within four years of the completion of Phase I at a minimum expenditure rate of US$2.5 million per year. Antofagasta can earn an effective 51% interest in the project by completing Phase II.

Phase III involves the completion of a feasibility study to international standards. Antofagasta may conduct additional work necessary to commence the feasibility study, such as a preliminary feasibility study, prior to electing to commence the definitive study.

Antofagasta will have up to two years to complete additional work and four years to complete the feasibility study.

Phase IV is the period following the delivery of the feasibility study, but prior to a development decision. Argonaut may elect not to contribute during this period provided it reimburses Antofagasta from future dividends.

Phase V is the period after a development decision when, if Argonaut decides not to fund its pro-rata share of the project, Antofagasta may elect to either carry Argonaut into production, with Argonaut’s development costs being funded by 60% of future dividends, or buy-out Argonaut’s interest for its pro-rata share of the net present value.


Analysis

Drilling has resumed at Argonaut Resources’ Lumwana West copper project with the onset of the dry season in Zambia.

This will focus initially on extend the mineralised strike extent at the Kabikupa Prospect to 1,800 metres from 800 metres.

Results have also been received from the last round of drilling at Kabikupa that include 20.4 metres at 0.67% copper from 151 metres with a higher grade interval of 7 metres at 0.92% copper from 154 metres.

Drilling will also target three regional prospects with the program continuing to be revised on the basis of results and interpretations by a technical committee.

That Antofagasta is funding drilling dramatically cuts risk for Argonaut and highlights the potential of Lumwana West.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 21 May 2015 12:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/107283/argonaut-resources-resumes-copper-drilling-at-lumwana-west-107283.html
<![CDATA[News - Argonaut Resources hits broad copper mineralisation in Zambia ]]> https://www.proactiveinvestors.co.uk/companies/news/64769/argonaut-resources-hits-broad-copper-mineralisation-in-zambia--75656.html Argonaut Resources’ (ASX:ARE) first hole at the Kabikupa prospect at its Lumwana West Copper Project in Zambia has intersected 17.4 metres at 1.18% copper from 102.6 metres.

The result is from the first program under the option agreement with Chilean copper and gold producer Antofagasta (LON:ANTO), which is capitalised at A$13.8 billion.

If the project is feasible, Argonaut is either carried into production or bought-out prior to construction.

The Kabikupa surface geochemistry anomaly measures 1,000 metres by 500 metres.

Its geology features the zonation of copper sulphide minerals and persistent alteration, indicating the mineralising system is well developed.

Four holes were completed at Kabikupa prior to the end of the Zambian field season in November and results from the other three holes are pending laboratory analysis.


Drilling in the land of elephant sized copper deposits

The 90% owned Lumwana West project is located in the Central African Copperbelt, North-Western Province, Zambia, and is prospective for large tonnage, low to medium grade copper deposits.

Nearby mines include Barrick Gold Corporation’s Lumwana Mine (1.1 billion tonnes at 0.50% copper) on the eastern lobe of the Mwombezhi Dome and First Quantum Minerals Ltd’s Kansanshi (1.1 billion tonnes at 0.81% copper), the largest copper mine in Africa.

The 2014/15 program was jointly planned by Argonaut and Antofagasta and aims to considerably increase the extent of known copper mineralisation at Lumwana West. 

The focus is on testing major target areas previously defined by Argonaut as well new targets generated during the year by a regional soil sampling program.

The ongoing drilling program, which will ultimately comprise over 8,000 metres, is being progressively revised on the basis of results and interpretations by a technical committee formed under the agreement. 

To date, 6,123 metres of diamond core drilling for 25 holes has been completed. 

Holes have been drilled at the West Mwombezhi, Kavipopo, ZNS, LMW, Mufuka and Kabikupa prospects and at the Nyungu deposit.

Drilling will recommence at Lumwana West in April/May 2015 at the onset of the 2015 dry season.

Approximately 2,000 metres of diamond core drilling will be completed under phase one of the agreement.


Antofagasta a potential development partner

Antofagasta can earn a 70% project interest by spending US$18.9 million on exploration plus the amount required to complete a feasibility study to international standards.

It has committed to the US$3.9 million first phase exploration program to earn a 25% interest in the project.

Phase II involves expenditure of US$15 million within four years of the completion of Phase I at a minimum expenditure rate of US$2.5 million per year. Antofagasta can earn an effective 51% interest in the project by completing Phase II.

Phase III involves the completion of a feasibility study to international standards. Antofagasta may conduct additional work necessary to commence the feasibility study, such as a preliminary feasibility study, prior to electing to commence the definitive study. 

Antofagasta will have up to two years to complete additional work and four years to complete the feasibility study. 

Phase IV is the period following the delivery of the feasibility study, but prior to a development decision. Argonaut may elect not to contribute during this period provided it reimburses Antofagasta from future dividends.

Phase V is the period after a development decision when, if Argonaut decides not to fund its pro-rata share of the project, Antofagasta may elect to either carry Argonaut into production, with Argonaut’s development costs being funded by 60% of future dividends, or buy-out Argonaut’s interest for its pro-rata share of the net present value.


Kabikupa Prospect

The Kabikupa prospect was defined in 2014 by soil sampling. 

The soil geochemistry anomaly strikes south-east and measures approximately 1,000 metres by 500 metre. The peak soil sample is 0.13% copper, which is the highest copper-in-soil value returned within the licence area to date.

Preliminary field mapping at Kabikupa also identified an associated vegetation anomaly.

Copper flowers, which can tolerate high levels of copper in soils, are an historical prospecting tool peculiar to Central Africa. 

These were recognised and mapped at Kabikupa in September 2014 and their occurrence was confirmed to relate to soil anomaly peaks.

The structural setting of Kabikupa is interpreted to be favourable for mineral emplacement. 

The target is adjacent to a granite, located centrally in the western lobe of the Mwombezhi Dome. 

This core granite possibly provided a competency contrast which during deformational events created structural traps for mineralised fluids. 

Additionally, the target area is nearby to a major fault intersection and these faults can act as conduits for potential mineralised fluids.


Analysis

The intersection of a broad 17.4 metre intersection at 1.18% copper is a positive result from the first hole at the Kabikupa prospect of Argonaut Resources Lumwana West Copper Project.

Results from another three holes are pending analysis.

Should Kapikuba continue to deliver positive results, the addition of a higher grade copper deposit could improve project economics.

Drilling at the Lumwana West Copper Project in Zambia with Antofagasta will resume in April/May 2015 at the onset of the 2015 dry season.

Argonaut Resources hits broad copper mineralisation in Zambia

The first hole at the Kabikupa prospect has intersected 17.4 metres at 1.18% copper. Assays from the remaining three wells are pending. Drilling at the Lumwana West Copper Project in Zambia with Antofagasta will resume at the onset of the 2015 dry season.

This program continues to be revised on the basis of results and interpretations by a technical committee.

With Antofagasta funding exploration at Lumwana West and a pipeline of results expected, Argonaut is one to watch.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 19 Dec 2014 10:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/64769/argonaut-resources-hits-broad-copper-mineralisation-in-zambia--75656.html
<![CDATA[News - Argonaut Resources is funded for work at Lumwana West Copper Project ]]> https://www.proactiveinvestors.co.uk/companies/news/63493/argonaut-resources-is-funded-for-work-at-lumwana-west-copper-project-74193.html Argonaut Resources (ASX:ARE) is developing its flagship Lumwana West Copper Project in Zambia with Antofagasta as partner. Antofagasta (LON:ANTO) is a 700,000 tonne per annum Chilean copper and gold producer that is listed on the London Stock Exchange and is capitalised at A$12.7 billion. 

If the project is feasible, Argonaut is either carried into production or bought-out prior to construction.

Argonaut and its partner, Antofagasta, have to date completed 5,220m of diamond core drilling for 22 holes at Argonaut’s flagship Lumwana West copper project in Zambia.

Holes were drilled at five prospect areas plus the Nyungu Deposit. Assays have been received for eight of the 22 drill holes.

Lumwana West located in the land of elephant sized copper deposits

The 90% owned Lumwana West project is located in the Central African Copperbelt, North-Western Province, Zambia, and is prospective for large tonnage, low to medium grade copper deposits. There are several major mines nearby to Lumwana West which are hosted in similar geological settings.

Argonaut, via its 90% held subsidiary, Mwombezhi Resources Ltd, has been successful in intercepting broad copper intercepts at the Nyungu deposit and has defined a series of large, prospective targets which are undergoing first pass drill testing.

The Lumwana West project is located on the western lobe of the Mwombezhi Dome and is one of several domes in an area of the Copperbelt known as the Domes Region which is host to the new generation of Copperbelt mines with copper production in the area set reach 870,000 tonnes per annum by 2015. 

Nearby mines include Barrick Gold Corporation’s Lumwana Mine (1.1 billion tonnes at 0.50% copper) on the eastern lobe of the Mwombezhi Dome and First Quantum Minerals Ltd’s Kansanshi (1.1 billion tonnes at 0.81% copper), the largest copper mine in Africa. The Sentinel Mine (1.2 billion tonnes at 0.50% copper), currently under construction to the west, is also owned and operated by First Quantum.


Antofagasta to invest up to US$18.9 million in five stages

The current Phase I 2014 drilling program is designed to test a large footprint copper targets defined by surface geochemistry, and interpreted extensions and repetitions of the Nyungu Central copper deposit. The current drill program is estimated to comprise 8,500 metres in total plus geological mapping and soil sampling. 

This is the first program under the option agreement between Argonaut and a wholly owned subsidiary of Antofagasta plc, dated 28 April 2014, and commits exploration expenditure of US$3.9 million in the first year, plus a $1.1 million equity investment in Argonaut that will earn Antofagasta a 25% interest in the project.

Phase II involves expenditure of US$15 million within four years of the completion of Phase I at a minimum expenditure rate of US$2.5 million per year. Antofagasta can earn an effective 51% interest in the project by completing Phase II.

Phase III involves the completion of a feasibility study to international standards. Antofagasta may conduct additional work necessary to commence the feasibility study, such as a preliminary feasibility study, prior to electing to commence the definitive study. 

Antofagasta will have up to two years to complete additional work and four years to complete the feasibility study. Antofagasta can earn an effective 70% interest in the project by completing the feasibility study.

Phase IV is the period following the delivery of the feasibility study, but prior to a development decision. Argonaut may elect not to contribute during this period provided it reimburses Antofagasta from future dividends.

Phase V is the period after a development decision when, if Argonaut decides not to fund its pro-rata share of the project, Antofagasta may elect to either carry Argonaut into production, with Argonaut’s development costs being funded by 60% of future dividends, or buy-out Argonaut’s interest for its pro-rata share of the net present value.

Antofagasta may elect to stop contributing at certain stages in which case various provisions including standard dilution and drag-along/tag-along rights will apply. Argonaut will be the operator under the Agreement during Phase I and part of Phase II. Antofagasta may elect to become operator at any stage during Phase II.

The current Phase I program was jointly planned by Argonaut and Antofagasta and aims to considerably increase the extent of known copper mineralisation at Lumwana West.

The focus is on testing major target areas previously defined by Argonaut as well as new targets being progressively generated by an extensive regional soil sampling program. The drilling program, which will comprise approximately 8,500m, is being progressively revised on the basis of results and interpretations by a technical committee formed under the agreement.


Diamond Core drilling at 5,220 metres and assays flowing from multiple targets

Argonaut and its partner, Antofagasta, have to date completed 5,220 metres of diamond core drilling for 22 holes at Lumwana West with assays received for 8 of the 22 drill holes. Holes have been drilled at the West Mwombezhi, Kavipopo, ZNS, LMW and Mufuka prospects and at the Nyungu deposit. 

Drilling continued at the Mufuka prospect and an exciting new target named Kapikupa prospect in October. 

Mineralised intervals received to date for drilling at West Mwombezhi and Kavipopo have explained targeted geochemical and geophysical anomalies but have fallen short of returning economic drill intercepts.

Argonaut collected 6,750 soil samples from the Lumwana West area during the Quarter, predominantly over new, regional targets in the Kabikupa and Kamafamba areas and significantly extended the known strike of the Mufuka target.

The ongoing drilling program is currently targeting soil geochemistry anomalies at the Mufuka and Kabikupa prospects.


Strongest copper soil anomaly located at Kapikupa

The most positive outcomes from the program conducted in the Quarter are from soil sampling programs which have defined excellent new targets at areas in the centre of the tenement known as Kapikupa and Kamafamba. Soil sampling at the Kabikupa prospect has returned the strongest copper anomaly found within the project area to date. 

Drilling at Kabikupa commenced in October with four holes for approximately 1,000 metres planned for completion by mid-November.

Over 7,800 soil samples have been collected at Lumwana West since May 2014 and analysis by XRF has been completed on 5,000 of these samples. 

Argonaut expects the field program will be paused in mid-November 2014 at the start of the Zambian wet season and recommenced in April/May 2015. 

Ongoing interpretation of drill core, mapping data and surface sampling data will fine-tune 2015 drill targets.

Argonaut sold its shareholding in Musgrave Minerals Ltd in July 2014 for $151,000. Negotiations to sell another
non-core asset are well progressed.


Cash and Assets

Argonaut raised $211,500 in the quarter through $60,500 placement of 2,750,000 shares and 916,667 listed options to existing overseas shareholders under and the sale of the Company’s shareholding in Musgrave Minerals Ltd for $151,000. Argonaut holds 16,734,667 shares and 26,668,000 options in Cuesta Coal Ltd (ASX: CQC).


Analysis

Drilling at Kabikupa commenced in October with four holes for 1,000m planned for completion by mid-November.

Over 7,800 soil samples have been collected at Lumwana West since May 2014 and analysis by XRF has been completed on 5,000 of these samples. 

Argonaut expects the field program will be paused in mid-November 2014 at the start of the Zambian wet season and recommenced in April/May 2015.

Ongoing interpretation of drill core, mapping data and surface sampling data will fine-tune 2015 drill targets.

With funding secured for all of its major projects with a program of works in progress at the Lumwana West project in Zambia and set to deliver news flow from results of exploration; Argonaut is one to watch with its JV with Antofagasta.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 10 Nov 2014 09:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/63493/argonaut-resources-is-funded-for-work-at-lumwana-west-copper-project-74193.html
<![CDATA[News - Argonaut Resources to present at the Melbourne Investor Luncheon, Aug 12th ]]> https://www.proactiveinvestors.co.uk/companies/news/148947/argonaut-resources-to-present-at-the-melbourne-investor-luncheon-aug-12th-56759.html Argonaut Resources (ASX:ARE) is currently carrying out a major drilling program of about 8,500 metres at its flagship Lumwana West copper project in Zambia.

Notably, this is funded by Chilean copper major Antofagasta plc (LON:ANTO), which is earning up to 70% of the project by spending US$18.9 million on exploration.

Results from the drilling program will be closely watched.

If the project is feasible, Argonaut will be either carried into production or bought-out prior to construction.

Proactive Investors has secured director Lindsay Owler to present the latest at the upcoming "Melbourne Investor Luncheon” in Melbourne on Tuesday 12th August 2014.

REGISTER HERE: SEATS AND CATERING ARE STRICTLY LIMITED

The 2014 program was planned jointly by Argonaut and Antofagasta and aims to considerably expand the known copper mineralisation at Lumwana West.

This is focused on testing major targets previously defined in the project area by Argonaut and is expected to be completed in November 2014.

Five drill holes for a total of 1,514 metres have been completed at the project, which Argonaut had recently increased its stake to 90% by completing the final phase of the underlying agreement.
   
Argonaut will remain the operator until an election by Antofagasta during Phase II of the five phase agreement.

Antofagasta also became a cornerstone shareholder in the company after via a US$1.1 million placement.

The Lumwana West licence area covers numerous prospects, as defined by regional soil geochemistry.

It has a global exploration target of between 1,090 million and 1,560 million tonnes at 0.45% to 0.65% copper

Argonaut had $1.94 million in cash on hand as of 30 June 2014.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 07 Aug 2014 09:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/148947/argonaut-resources-to-present-at-the-melbourne-investor-luncheon-aug-12th-56759.html
<![CDATA[News - Argonaut Resources receives substantial shareholder notice ]]> https://www.proactiveinvestors.co.uk/companies/news/60442/argonaut-resources-receives-substantial-shareholder-notice-70847.html Argonaut Resources (ASX:ARE) has received a notice of initial substantial shareholding from Nsansala Resources with a 5.09% interest.

Nsansala had acquired 2.6 million shares for $57,200, or $0.022 per share, on 7 July 2014.

This adds to the 20 million shares Nsansala had received from Argonaut in 2012 as part of the consideration for purchasing Nsansala’s 20% interest in Lumwana West Resources.

Nsansala now holds 22,600,000 shares in Argonaut.

Argonaut and Chilean copper major Antofagasta plc (LON:ANTO) had last month started a major drilling program of over 8,500 metres at its Lumwana West copper project in Zambia.

This will test the large footprint copper targets at the West Mwombezhi and Kavipopo targets as well as interpreted extensions and repetitions of the Nyungu Central copper deposit.

Antofagasta is earning a 25% interest in the project by spending US$3.9 million on exploration in the first year.

It has options to increase this to a 70% stake.

Lumwana West has an exploration target of between 1,090 million and 1,560 million tonnes at 0.45% to 0.65% copper.

The Domes Region which holds Lumwana is located, has an international scale copper endowment with a new generation of copper mines in the Central African Copperbelt, where neighbouring production is approaching 1 million tonnes copper per annum.

Global majors in the immediate vicinity include First Quantum (LON:FQM) and Barrick Gold Corp (NYSE:ABX) - Barrick's 537 million tonne at 0.50% copper adjoins Argonaut's Lumwana West project.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 30 Jul 2014 14:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/60442/argonaut-resources-receives-substantial-shareholder-notice-70847.html
<![CDATA[News - Argonaut Resources substantial shareholder Tattersfield increases stake to 9.78% ]]> https://www.proactiveinvestors.co.uk/companies/news/59463/argonaut-resources-substantial-shareholder-tattersfield-increases-stake-to-978-69826.html Argonaut Resources (ASX:ARE) substantial shareholder Tattersfield Group has increased its stake in the company to 9.78% from 5.22%.

Tattersfield had acquired shares in the company through a combination of on market purchases, off market placement and a new share issue.

It now has a total shareholding of 43,140,146 shares.

Argonaut and Chilean copper major Antofagasta plc (LON:ANTO) have started their major and highly anticipated drilling program of over 8,500 metres at the Lumwana West copper project in Zambia.

This will test the large footprint copper targets at the West Mwombezhi and Kavipopo targets as well as interpreted extensions and repetitions of the Nyungu Central copper deposit.

Antofagasta can earn 70% of the Lumwana West project by spending US$18.9 million on exploration plus the amount required to complete a feasibility study to international standards.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 25 Jun 2014 00:12:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/59463/argonaut-resources-substantial-shareholder-tattersfield-increases-stake-to-978-69826.html
<![CDATA[News - Argonaut Resources is a leveraged copper play ]]> https://www.proactiveinvestors.co.uk/companies/news/59416/argonaut-resources-is-a-leveraged-copper-play-69777.html Argonaut Resources (ASX:ARE) and JV partner Antofagasta (LON:ANTO) are drilling 8,500 metres at the Lumwana West copper project in Zambia.

With the copper price continuing to strengthen, drilling results will be eagerly awaited.

Under the JV, a US$3.9 million exploration spend in the first year will earn Antofagasta a 25% interest in the project.

Then, Antofagasta can earn 70% of the Lumwana West project by spending another US$15 million on exploration plus the amount required to complete a feasibility study.

The current drilling is investigating geophysical and geochemical targets previously defined by Argonaut.

Antofagasta is a copper specialist and has also become a cornerstone shareholder in Argonaut via a US$1.1 million placement, giving it a 13.78% stake.


Lumwana

The Lumwana West licence has an exploration target of between 1,090 million and 1,560 million tonnes at 0.45% to 0.65% copper.

The Domes Region which holds Lumwana is located, has an international scale copper endowment with a new generation of copper mines in the Central African Copperbelt, where neighbouring production is approaching 1 million tonnes copper per annum.

Global majors in the immediate vicinity include First Quantum (LON:FQM) and Barrick Gold Corp (NYSE:ABX) - Barrick's 537 million tonne at 0.50% copper adjoins Argonaut's Lumwana West project

Antofagasta's direct investment and willingness to spend $19 million on exploration indicates the quality of Argonaut's 90% owned Lumwana project.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 24 Jun 2014 23:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/59416/argonaut-resources-is-a-leveraged-copper-play-69777.html
<![CDATA[News - Argonaut Resources raises funds from rights issue ]]> https://www.proactiveinvestors.co.uk/companies/news/59288/argonaut-resources-raises-funds-from-rights-issue-69641.html Argonaut Resources (ASX:ARE) has raised $936,015.56 from its one for five rights issue after receiving applications for 42,546,123 new shares.

This represents a strong take up of 62% of total new shares applied for, which offered shareholders up to 57,926,020 shares priced at $0.022 each to raise up to $1,274,372.

Subscribers will also receive one free attaching option for every three shares, or a total 14,181,918 options.

These are exercisable at $0.06 and will expire on 31 March 2017.

Argonaut and Chilean copper major Antofagasta plc (LON:ANTO) have started their major and highly anticipated drilling program of over 8,500 metres at the Lumwana West copper project in Zambia.

This will test the large footprint copper targets at the West Mwombezhi and Kavipopo targets as well as interpreted extensions and repetitions of the Nyungu Central copper deposit.

Antofagasta can earn 70% of the Lumwana West project by spending US$18.9 million on exploration plus the amount required to complete a feasibility study to international standards.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 20 Jun 2014 07:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/59288/argonaut-resources-raises-funds-from-rights-issue-69641.html
<![CDATA[News - Argonaut Resources gains 90% of Lumwana West, drilling to commence May ]]> https://www.proactiveinvestors.co.uk/companies/news/58491/argonaut-resources-gains-90-of-lumwana-west-drilling-to-commence-may-68778.html Argonaut Resources (ASX:ARE) has reached a significant milestone with the increase in its ownership of the Lumwana West copper project in Zambia to 90%.

A major drilling program of over 8,500 metres will commence in May 2014 providing a focal point for investors.

The increase in ownership follows it attracting Chilean copper major Antofagasta plc (LON: ANTO) as a cornerstone investor which funds the project to production on feasibility of the project established.

The company has met the second phase expenditure target of US$2.4M and made a final payment of US$1.1M to the project vendors to increase its stake in Lumwana West to 90% from 51%.

Argonaut’s increased project ownership facilitates the overlying option agreement with Antofagasta.

“The acquisition of a 90% interest in the Lumwana West project is a significant milestone for Argonaut,” director Lindsay Owler said.

“The company has completed this earn-in well ahead of schedule despite tough market conditions. This reflects the Company’s commitment to realising the value of Lumwana West. 

“This rapid progress is a direct result of effective and well considered exploration which has defined the first major deposit as well as massive copper potential within the Project area.

“Argonaut’s 90% interest provides the headroom required for the new overlying earn-in by Antofagasta.

“The project is now fully funded and on a development timeline which, subject only to continued technical success, will see the project’s value increase exponentially.”

Antofagasta Option Agreement

Under the Option Agreement, £7.6 billion market capped Antofagasta can earn 70% of the Lumwana West project by spending US$18.9 million on exploration plus the amount required to complete a feasibility study to international standards.

In the event the project continues to move forward and Argonaut elects not to fund its pro-rata share of construction expenses, it will be either carried into production or bought out at the value of its interest.

Argonaut will remain the operator until an election by Antofagasta during Phase II of the five phase agreement.

Antofagasta has also become a cornerstone shareholder in Argonaut via a US$1.1 million placement, giving it a 13.78% stake in Argonaut.

The Lumwana West licence area covers numerous prospects, as defined by regional soil geochemistry, and has a global exploration target of between 1,090 million and 1,560 million tonnes at 0.45% to 0.65% copper.

2014 Exploration Objectives

With the 2014 objective of assessing the district-scale potential of Lumwana West, field programs will aim to:

- define extensions and repetitions of mineralisation at Nyungu on the basis of undrilled IP chargeability anomalies;
- discover new deposits at West Mwombezhi and Kavipopo on the basis of major soil geochemistry and IP chargeability anomalies; and
- generate a pipeline of new targets for future drilling.


Analysis

With Argonaut Resources now holding a 90% interest in Lumwana West, the stage is set for Antofagasta to earn in to its 70% stake in the project with expenditure on the project.  The earn-in well was achieved by Argonaut well ahead of schedule despite tough market conditions which speaks volumes.

With a high impact drill campaign set to commence in May of over 8.500 metres in total provides the next window on the potential at Lumwana West exploration which has defined the first major deposit as well as the significant copper potential within the Project area.

This provides a pipeline of news flow as well as price catalysts.

We believe the market has not yet "twigged" to the potential building at Lumwana West.  The tenor of the targets, the scarcity of emerging copper mines and the global decrease in exploration activity renders the upcoming program of significance.

 

Argonaut Resources: Directors of the company will be presenting at the "Sydney Investor Luncheon" on Wednesday 28th May 2014. Only a few seats remaining, register today to attend.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 22 May 2014 23:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/58491/argonaut-resources-gains-90-of-lumwana-west-drilling-to-commence-may-68778.html
<![CDATA[News - Argonaut Resources receives notice of Antofagasta as substantial shareholder ]]> https://www.proactiveinvestors.co.uk/companies/news/58003/argonaut-resources-receives-notice-of-antofagasta-as-substantial-shareholder-68266.html Argonaut Resources (ASX: ARE) has received a notice of substantial shareholder from Chilean copper major Antofagasta plc (LON: ANTO) with a 13.78% interest.

This follows the company issuing Antofagasta with 54,899,991 shares priced at $0.02156 under its US$1.1 million (A$1.18 million) placement.

Antofagasta – one of the world's biggest copper producers – can also earn 70% of the Lumwana West project in Zambia by spending US$18.9 million on exploration plus the amount required to complete a feasibility study to international standards.

If the project is feasible, Argonaut will be either free carried into production or bought-out prior to construction.

Argonaut will be operator until an election by Antofagasta during Phase II.

The Lumwana West licence area covers numerous prospects, as defined by regional soil geochemistry, and has a global exploration target of between 1,090 million and 1,560 million tonnes at 0.45% to 0.65% copper.

Rights Issue

Argonaut has also launched a one for five rights issue to raise up to $1,274,372 through the issue of up to 57,926,020 new shares priced at $0.022 each.

Subscribers will also receive one free option for every three new shares issued.

The options are exercisable at $0.06 on or before 31 March 2017.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 07 May 2014 06:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/58003/argonaut-resources-receives-notice-of-antofagasta-as-substantial-shareholder-68266.html
<![CDATA[News - Argonaut Resources signs copper major Antofagasta to fund Lumwana West in Zambia ]]> https://www.proactiveinvestors.co.uk/companies/news/57745/argonaut-resources-signs-copper-major-antofagasta-to-fund-lumwana-west-in-zambia-67999.html Argonaut Resources (ASX: ARE) has attracted Chilean copper major Antofagasta plc (LON: ANTO) to fund the Lumwana West project in Zambia to production.

In addition, Antofagasta - which is one of the world's biggest copper producers will also become a cornerstone investor in Argonaut via a placement of shares at $0.2156 per share.

Significantly, the deal will allow for Argonaut to be either carried into production or bought-out prior to construction.

Argonaut has executed the option agreement with a wholly owned subsidiary of Antofagasta for the exploration and development of Lumwana West.

The deal highlights that junior mining companies with high-quality projects can attract funding even in the current environment and is a coup for the company.

The £7.8 billion market capped Antofagasta, part of the FTSE-100 Index. can earn 70% of the project by spending US$18.9 million on exploration plus the amount required to complete a feasibility study to international standards.

If the project is feasible, Argonaut is either carried into production or bought-out prior to construction.

Antofagasta will become a cornerstone shareholder in Argonaut via a US$1.1 million placement, with funds to be used to increase Argonaut’s interest in the Lumwana West project to 90%.

Argonaut will be operator until an election by Antofagasta during Phase II.

The Lumwana West licence area covers numerous prospects, as defined by regional soil geochemistry, and has a global exploration target of between 1,090 million and 1,560 million tonnes at 0.45% to 0.65% copper.

Zambia continues to position itself as a significant global copper producer, and in 2013 produced 830,000 tonnes - which places the country within the top ten


Lindsay Owler, Argonaut director

Lindsay Owler, Argonaut director, commented: “The implications of this Agreement are considerable. The Lumwana West project is now fully funded with a timetable for development.

"Project funding provided via the Agreement together with recently announced capital raising programs sees Argonaut’s capital requirements met. Investors can expect strong news-flow.”


Exploration next steps

Major exploration work will commence at Lumwana West in May 2014, and will include diamondcore drilling targeting extensions and repetitions of the Nyungu deposit plus discovery phase drilling at the West Mwombezhi and Kavipopo prospects.

Drilling will cover over 8500 metres.

The tenor of these targets, the scarcity of emerging copper mines and the global decrease in exploration activity makes this work internationally significant.


Principal Commercial Terms

The option agreement between Antofagasta, Argonaut Resources NL and Argonaut’s related subsidiaries is in five phases. The principal commercial terms are described below.

Phase I involves the input by Antofagasta of US$5M within one year in exchange for a 25% interest in the Project. The funding is in two parts: US$3.9M for exploration works commencing May 2014 and a US$1.1M placement in Argonaut at $0.2156 per share.

Placement funds will be used by Argonaut to acquire an additional 39% interest in the Project, for a total of 90%, via the underlying Lumwana West Joint Venture.

Phase II involves exploration and development expenditure of US$15M by Antofagasta within four years of the completion of Phase I at a minimum expenditure rate of US $2.5M per year. Antofagasta can earn an effective 51% interest in the Project by completing Phase II.

Phase III involves the completion of a feasibility study to international standards. Antofagasta may conduct additional work necessary to commence the feasibility study, such as a preliminary feasibility study, prior to electing to commence the definitive study. Antofagasta will have up to two years to complete additional work and four years to complete the feasibility study. Antofagasta can earn an effective 70% interest in the Project by completing the feasibility study.

Phase IV is the period following the delivery of the feasibility study, but prior to the development decision. Argonaut may elect not to contribute or dilute during this period, subject to certain reimbursement conditions to be paid out of future dividends.

Phase V is the period after a development decision when, if Argonaut decides not to fund its pro-rata share of the project, Antofagasta may elect to either carry Argonaut into production, with Argonaut’s development costs being funded by 60% of future dividends, or buy-out Argonaut’s interest for its pro-rata share of the Project’s net present value.

Antofagasta may elect to stop contributing at certain stages in which case various provisions including standard dilution and drag-along/tag-along rights will apply.

Argonaut will be the operator under the Agreement during Phase I and part of Phase II. Antofagasta may elect to become operator at any stage during Phase II.


Placement

The Placement will involve the issue of the following securities to Antofagasta: 54,899,991 ordinary shares at 2.156 cents per share. The shares are intended to be issued to Antofagasta on 5 May 2014.

20,540,433 ordinary shares will be issued in accordance with ASX Listing Rule 7.1 and 34,359,558 ordinary shares will be issued in accordance with ASX Listing Rule 7.1A.


Rights issue

Announced last month, Argonaut will undertake a rights issue with shares and options to be offered on the basis of one new share for every five ordinary shares held at the record date, priced at $0.022.

There is one free option for every three new shares issued.


Analysis

Argonaut's shares are set to be re-rated on the agreement with Antofagasta.  It de-risks the development of Lumwana West and provides a means to be either carried into production or bought-out prior to construction.

Antofagasta is more generally known for its production profile in Chile and this agreement is a significant vindication of the prospectivity and profit potential it sees in Lumwana West and likely low operating costs.  We would surmise that for Antofagasta to get involved the upside potential must be very significant indeed.

Besides Lumwana West, Argonaut has other key projects which are not reflected in the share price including the Torrens projects in South Australia, located 75 kilometres from BHP Billiton’s (ASX: BHP) Olympic Dam mine.

Further adding to the case for re-rating, are Argonaut's listed investments, valued at close to $1.8 million, while Argonaut carries a market cap of just $5.7 million.

However, the Antofagusta agreement is the cream and provides a path that is now paved for potential development of Lumwana West from a major as well as receiving an equity funding injection.

Fuelling potential is a major 8,500 metre drill campaign set to commence in May.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 29 Apr 2014 00:13:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/57745/argonaut-resources-signs-copper-major-antofagasta-to-fund-lumwana-west-in-zambia-67999.html
<![CDATA[News - Argonaut Resources granted halt, to divulge joint venture ]]> https://www.proactiveinvestors.co.uk/companies/news/57703/argonaut-resources-granted-halt-to-divulge-joint-venture-67955.html Argonaut Resources (ASX: ARE) is preparing to outline a material joint venture agreement, with the ASX granting the company a trading halt.

ARE's shares are currently in pre-open.

The halt will remain in place until the opening of trade on Tuesday 29th April 2014, or earlier if an announcement is made to the market.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 28 Apr 2014 01:09:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/57703/argonaut-resources-granted-halt-to-divulge-joint-venture-67955.html
<![CDATA[News - Argonaut Resources substantial shareholder Tattersfield Group increases stake to 7.79% ]]> https://www.proactiveinvestors.co.uk/companies/news/148944/argonaut-resources-substantial-shareholder-tattersfield-group-increases-stake-to-779-53898.html Argonaut Resources’ (ASX: ARE) substantial shareholder Tattersfield Group has increased its interest in the company to 7.79% from 5.22% through participation in a recent placement and on market purchases.

Tattersfield has acquired 10,125,000 shares for $222,750 under the oversubscribed $1.5 million placement and another 950,784 shares for a total consideration of $23,770 in on market purchases.

It now holds 25,424,569 shares in Argonaut Resources.

Placement and Rights Issue

The placement of 68,719,000 ordinary Argonaut shares is being made to sophisticated and professional investors at $0.022 per share with one attaching option for every three new shares to raise approximately $1.5 million in additional capital.

In addition, the company will complete a one for five rights issue with shares and options to existing shareholders on the same terms as the placement. This will seek to raise up to $1.5 million.

Proceeds from the placement and rights issue will be used for operation of the Lumwana West project; maintenance of the company’s Torrens IOCG joint venture in South Australia with Straits Resources (ASX: SRQ); and working capital.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 25 Mar 2014 18:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/148944/argonaut-resources-substantial-shareholder-tattersfield-group-increases-stake-to-779-53898.html
<![CDATA[News - Argonaut Resources raises $1.5M to advance Lumwana West ]]> https://www.proactiveinvestors.co.uk/companies/news/56293/argonaut-resources-raises-15m-to-advance-lumwana-west-66452.html Argonaut Resources (ASX: ARE) is poised to advance its Lumwana West copper project in Zambia after completing an oversubscribed placement to raise $1.5 million.

The company is also looking to raise up to a further $1.5 million through a one for five rights issue on the same terms as the placement.

It had last month progressed exploration and development of Lumwana West after reaching a non-binding term sheet with a financing partner.

“We are delighted by the response to the Placement. We received indications of interest well in excess of the targeted amount necessitating a significant scale back on allocations,” executive director Lindsay Owler said.

“The combination of investor demand and joint venture interest in Lumwana West are strong indicators of the quality of our assets.

“As a company, we look forward to the successful completion of long term financing arrangements so we can focus on our core business of discovering and developing major copper deposits.”

Placement and Rights Issue

The placement of 68,719,000 ordinary Argonaut shares will be made to sophisticated and professional investors at $0.022 per share with one attaching option for every three new shares to raise approximately $1.5 million in additional capital. 

The options expiring on 31 March 2017 will have a strike price of $0.06. Subject to compliance with the ASX listing rules, Argonaut intends to request official quotation for the options.

The placement will occur in two tranches, with the first tranche totalling about $1.13 million, being made from its existing placement capacity under ASX Listing Rules while the second tranche for the remaining $370,000, will be subject to shareholder approval which will be sought at a meeting of shareholders to be held on or around 16 April 2014.

In addition, the company will complete a one for five rights issue with shares and options to existing shareholders on the same terms as the placement. This will seek to raise up to $1.5 million.

Proceeds from the placement and rights issue will be used for operation of the Lumwana West project; maintenance of the company’s Torrens IOCG joint venture in South Australia with Straits Resources (ASX: SRQ); and working capital.

Lumwana West

The term sheet with the financing partner covers a proposed option and joint venture agreement over the project. This will overlie the existing Lumwana West Joint Venture Agreement.

Argonaut’s wholly-owned subsidiary, Lumwana West Resources Ltd, has met exploration expenditure commitments and may now acquire a 90% interest in the Lumwana West Joint Venture by paying the original shareholders of Mwombezhi Resources Ltd US$1.1 million before 31 December 2014.

Drilling is scheduled to start during the dry season in May 2014.

The Lumwana West licence area covers numerous prospects, as defined by regional soil geochemistry. 

It has a global exploration target of between 1,090 million and 1,560 million tonnes at 0.45% to 0.65% copper.

Other Projects

Argonaut noted that its partner Sandfire Resources (ASX: SFR) is currently undertaking geophysical surveys and aircore drilling at the Alford project in South Australia.

Sandfire may earn a 49% interest in the Alford tenement by sole funding $4 million of exploration within three years. 

It then has the right to form a Joint Venture with Argonaut’s subsidiary, Kelaray Pty Ltd, to jointly explore the tenement or to proceed to earn an additional 26% interest in the project by spending a further $4 million on exploration within an additional three years.

Alford is located on the Yorke Peninsula within the Olympic copper-gold province.

Analysis

The oversubscribed $1.5 million placement and upcoming one for five rights issue that could raise an additional $1.5 million places Argonaut Resources in a position to advance its Lumwana West copper project in Zambia.

There is news flow ahead as the company prepares to carry out a key drilling program in May.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 06 Mar 2014 22:51:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/56293/argonaut-resources-raises-15m-to-advance-lumwana-west-66452.html
<![CDATA[News - Argonaut Resources heads to market, copper focus in Zambia ]]> https://www.proactiveinvestors.co.uk/companies/news/56220/argonaut-resources-heads-to-market-copper-focus-in-zambia-66377.html African-copper play Argonaut Resources (ASX: ARE) is heading to market with a capital raising.

The ASX this morning has granted the company a trading halt, with its shares placed in pre-open.

Argonaut has recently been progressing the exploration and development of the Lumwana West copper project in Zambia with a non-binding term sheet with a financing partner.

The term sheet covers a proposed option and joint venture agreement over the project. This will overlie the existing Lumwana West Joint Venture Agreement.

Argonaut’s wholly-owned subsidiary, Lumwana West Resources Ltd, has a 90% interest in the Lumwana West Joint Venture.

Drilling is scheduled to start during the dry season in May 2014.

The halt will remain in place until the opening of trade on Thursday 6th March 2014, or earlier if an announcement is made to the market.

Argonaut also has interests in South Australia, Queensland and Laos.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 04 Mar 2014 22:49:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/56220/argonaut-resources-heads-to-market-copper-focus-in-zambia-66377.html
<![CDATA[News - Argonaut Resources signs non-binding deal with financing partner for its Lumwana West project ]]> https://www.proactiveinvestors.co.uk/companies/news/56083/argonaut-resources-signs-non-binding-deal-with-financing-partner-for-its-lumwana-west-project-66231.html Argonaut Resources (ASX: ARE) is progressing the exploration and development of the Lumwana West copper project in Zambia with a non-binding term sheet with a financing partner.

The term sheet covers a proposed option and joint venture agreement over the project. This will overlie the existing Lumwana West Joint Venture Agreement.

Argonaut’s wholly-owned subsidiary, Lumwana West Resources Ltd, has a 90% interest in the Lumwana West Joint Venture.

Lumwana West

The Lumwana West licence area covers numerous prospects, as defined by regional soil geochemistry. 

It has a global exploration target of between 1,090 million and 1,560 million tonnes at 0.45% to 0.65% copper.

Drilling is scheduled to start during the dry season in May 2014.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 27 Feb 2014 21:58:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/56083/argonaut-resources-signs-non-binding-deal-with-financing-partner-for-its-lumwana-west-project-66231.html
<![CDATA[News - Argonaut Resources bags $425,000 from Sydney office sale ]]> https://www.proactiveinvestors.co.uk/companies/news/55638/argonaut-resources-bags-425000-from-sydney-office-sale-65761.html Argonaut Resources (ASX:ARE) has executed a contract to sell an office it owned in Sydney, New South Wales, for $425,000.

The sale is expected to be settled on 12 March and is part of the company’s move to divest other non-core assets to bolster cash reserves.

It is confident that this will restore cash reserves to a suitable level over the coming months.

Yesterday, Argonaut reported that Sandfire Resources (ASX:SFR), its joint venture partner at the Alford copper-gold project in South Australia, has commenced aircore drilling.

Alford lies within the prolific Olympic Dam IOCGU province.

The company is focused on its Lumwana West project in Zambia, where it had in December 2013 increased the global exploration target to between 1,090 million and 1,560 million tonnes at 0.45% to 0.65% copper.

Drilling is scheduled to start during the dry season in May 2014.

The company is capitalised at around $5 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 13 Feb 2014 01:11:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/55638/argonaut-resources-bags-425000-from-sydney-office-sale-65761.html
<![CDATA[News - Argonaut Resources’ JV partner Sandfire Resources starts aircore drilling at the Alford Project ]]> https://www.proactiveinvestors.co.uk/companies/news/55592/argonaut-resources-jv-partner-sandfire-resources-starts-aircore-drilling-at-the-alford-project-65714.html Argonaut Resources (ASX: ARE) has advised that Sandfire Resources (ASX: SFR) has started the 2014 exploration program at the Alford tenement in South Australia’s Yorke Peninsula.

Argonaut had signed the farm-in agreement with Sandfire on 9 November 2012.

Aircore drilling is now underway targeting Induced Polarisation chargeability and gravity anomalies in the Alford East trend.

These anomalies are also within a large alteration system associated with basement geochemistry copper anomalies.

Alford is located within the Olympic Dam copper-gold province.

Sandfire had commenced the gravity survey in December 2013 and the IP chargeability survey in the New Year.

Alford Farm-in

Sandfire may earn a 49% interest in Alford by sole funding $4 million of exploration within three years.

In the first 14 months of the agreement, it has already met certain requirements and is progressing towards the first $4 million target.

If Sandfire meets the target, it then has the right to form a joint venture with Argonaut’s subsidiary Kelaray Pty Ltd to jointly explore the tenement or to proceed to earn an additional 26% by spending a further $4 million on exploration.

Alford Tenement

The Alford project is on South Australia’s Yorke Peninsula within the Olympic Copper-Gold Province that is host to Olympic Dam deposit, the Prominent Hill deposits and the Carrapateena deposit.

In addition, it is located 80 kilometres north of the Rex Minerals’ (ASX: RXM) Hillside Project.

The historic Moonta and Wallaroo mining district is immediately to the south of the Alford project area and is currently being actively explored.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 12 Feb 2014 01:42:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/55592/argonaut-resources-jv-partner-sandfire-resources-starts-aircore-drilling-at-the-alford-project-65714.html
<![CDATA[News - Argonaut Resources increases global exploration target for Lumwana West copper project ]]> https://www.proactiveinvestors.co.uk/companies/news/54087/argonaut-resources-increases-global-exploration-target-for-lumwana-west-copper-project-64110.html Argonaut Resources (ASX: ARE) has updated the global exploration target for its Lumwana West project in Zambia to 1,090 million tonnes to 1,560Mt at 0.45 to 0.65% copper.

This includes a revised target for the Kavipopo anomaly and a maiden explorationtTarget for the West Mwombezhi anomaly.

“The company has received some very promising early stage exploration results from our project in Zambia,” director Lindsay Owler said.

“Recent surveys have delivered substantial improvements in several related areas and the Company has translated these improvements into an upgraded global Exploration Target.

“Using copper mineralisation at Nyungu Central as an analogy, we set about outlining additional targets with the necessary scale to host commercial mining operations. The stand-out drill targets are at the West Mwombezhi and Kavipopo areas.

“The updated Exploration Target speaks for itself – the potential is considerable - which is consistent with a large licence area covering the geological extensions to a major operating mine. The drilling program scheduled for the start of dry season in May 2014 will be an exciting time for the company and its shareholders.”

Argonaut is currently considering the merits of funding the 2014 exploration program by entering a joint venture with a major company. Discussions have already commenced with a number of suitable parties.

Drilling Plans

The company plans to start from May 2014 drilling over the West Mwombezhi and Kavipopo targets as well as carry out extensional and follow-up drilling on the Nyungu area.

At West Mwombezhi, 10 reverse circulation and diamond holes totalling 2,500 metres will test a coincident IP chargeability and soil geochemistry anomaly at 400 metre drill traverse spacing.

Holes will be drilled to the east, assuming potential mineralisation dips moderately to the west.

A further 8 reverse circulation and diamond holes totalling 2,400 metres will test coincident IP chargeability and soil geochemistry anomaly at Kavipopo.

These will be drilled to the south, assuming potential mineralisation dips steeply to the north.

At least one hole will be drilled to the north to confirm the geometry of potential mineralisation.

At Nyungu, the company will drill 9 reverse circulation and diamond holes totalling 3,000 metres.

These will be drilled to the east at Nyungu Central, Nyungu South, Nyungu North as well as a discrete anomaly west of Nyungu Central to test strike extensions plus two previously undrilled chargeability anomalies.

Exploration Target

The Exploration Target ranges for West Mwombezhi and Kavipopo were estimated using IP chargeability data collected by Argonaut over the target areas during 2012 and 2013. 

Large, coincident soil geochemistry anomalies over the subsurface IP anomalism support the concept of mineralisation at depth.

The estimates were made on the assumption that the measured chargeability response at West Mwombezhi and Kavipopo is derived from copper-bearing disseminated sulphide mineralisation plus graphite, as found at Nyungu and nearby at the Chimiwungo deposit at Barrick’s Lumwana mine.

 

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Thu, 12 Dec 2013 05:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/54087/argonaut-resources-increases-global-exploration-target-for-lumwana-west-copper-project-64110.html
<![CDATA[News - Argonaut Resources identifies 1.9km copper target at Kavipopo, Lumwana West ]]> https://www.proactiveinvestors.co.uk/companies/news/53078/argonaut-resources-identifies-19km-copper-target-at-kavipopo-lumwana-west-63023.html Argonaut Resources (ASX: ARE) continues to build its inventory of drill targets at its Lumwana West copper project in Zambia with the identification of a 1.9 kilometre long target at Kavipopo.

Lumwana West is located in the Domes Region that is host to three mines that will soon have combined copper production of more than 1 million tonnes per annum.

The induced polarisation (IP) chargeability, copper in soil and uranium radiometric anomaly has been ranked as a high priority drill target for the May 2014 drilling program.

This is expected to consist of eight holes totalling 2,400 metres at Kavipopo with the initial round testing the anomaly on three 400 METRES spaced traverses with drill holes spaced at 160 METRES along traverses.

The second round would seek to extend along strike and infill along traverses in the areas of copper mineralisation.

In addition, a revised Exploration Target for the Kavipopo target will be released next week to reflect the company’s increased understanding of the geological and geophysical properties of basement hosted copper deposits in the Lumwana West area.

“The Kavipopo target continues to impress us on a technical level. The tight IP, soil and radiometric anomalies present an extremely compelling exploration target. Plus, Kavipopo has the scale to deliver significant tonnages,” exploration director Lindsay Owler said.

“The Kavipopo IP anomaly is still open to the north and the east and the target is flanked by additional major anomalies at ZNS and LMW. Kavipopo is high priority drilling target for the 2014 drill program at Lumwana West.”

Kavipopo

The anomaly at Kavipopo was defined by the two primary methods used by the company to define drill targets at Lumwana West:

-    Geochemical soil sampling in areas where soils are not prone to secondary chemical concentrating effects or major transportation from the soil’s source; and
-    IP chargeability anomalism at subsurface depths with reasonable potential for open-pit access to mineralisation.

When these are coincident and the basic geometric properties of the targeted mineralisation can be interpreted, then an effective drilling program can be planned and implemented.

Soil sampling had returned a peak copper in soil value of 556ppm with the remaining results defining an anomaly that is exactly coincident to the IP chargeability anomaly, indicating a strong correlation between datasets and steeply dipping interpreted mineralisation.

To top it off, the Kavipopo target features a strong uranium radiometric anomaly which is a feature of major copper deposits nearby at the Lumwana Mine.

The Kavipopo target is hosted in basement biotite-kyanite schists similar to the host schist at Argonaut’s Nyungu deposit to the southwest. Mineralisation is assumed to be copper (+/- cobalt, gold and uranium) associated with basement shearing or thrusting.

The targeted mineralisation style at Kavipopo is Lumwana-style, shear-hosted, copper (+/- cobalt and gold) mineralisation in biotite-kyanite schists.

Lumwana West

Argonaut is building an inventory of copper deposits and large, high-priority drill targets at the Lumwana West Project in the Mwombezhi Dome, one of several domes in an area of the Copperbelt known as the ‘Domes Region’.

The Domes Region is host to the new generation of Zambian Copperbelt mines including Barrick’s (NYSE: ABX) Lumwana copper mine on the eastern lobe of the Mwombezhi Dome as well as First Quantum’s (TSE: FM) Kansanshi Mine and Sentinel Project.

The Lumwana West joint venture allows Argonaut’s 100% held subsidiary, Lumwana West Resources, to earn up to 90% of Mwombezhi Resources Ltd which holds the license area in question.

Exploration had recently identified the 2.5 kilometre long copper in soil West Mwombezi anomaly that returned very broad copper intersections including 196 metres at 0.45% copper from 69 metres.

The initial round would test the anomaly on three 400 metre spaced traverses with drill holes spaced at 160 metres along traverses.

The second round would seek to extend along strike and infill along traverses in the areas of copper mineralisation.

Given the size of the anomalies at West Mwombezhi, considerable drilling to extend the strike length is expected to be contemplated on confirmation of mineralisation of economic grade.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 08 Nov 2013 02:07:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/53078/argonaut-resources-identifies-19km-copper-target-at-kavipopo-lumwana-west-63023.html
<![CDATA[News - Argonaut Resources defines 2.5km copper target at Lumwana West, Zambia ]]> https://www.proactiveinvestors.co.uk/companies/news/52599/argonaut-resources-defines-25km-copper-target-at-lumwana-west-zambia-62475.html Argonaut Resources (ASX: ARE) has identified a 2.5 kilometre long copper in soil anomaly at its Lumwana West project in Zambia, which is located within a highly prospective copper province.

Notably, the combined production of three surrounding mines will soon exceed 1 million tonnes of copper per annum.

West Mwombezi, which is along strike from the company’s Nyungu deposit that has returned very broad copper intersections including 196 metres at 0.45% copper from 69 metres, is the strongest and largest geochemical and geophysical target to date at Lumwana West and is now the highest priority drill target there.

“The results of the West Mwombezhi program have exceeded our expectations. The extent and strength of this target is truly exciting,” director Lindsay Owler said.

The anomaly appears interrupted to the south by geological faulting, and has peak copper in soil values of 430 parts per million.

The targeted mineralisation style at West Mwombezhi is Lumwana-style, shear-hosted, copper/cobalt/gold in biotite-kyanite schists.

In April, Argonaut contracted mining consultants RungePincockMinarco (ASX:RUL) to estimate an exploration target for the Nyungu Copper-Cobalt deposit, which came in at 130 to 180 million tonnes at 0.45 to 0.65% copper.

Given the compelling prospectivity of the West Mwombezhi target, Argonaut is to estimate an exploration target for the area, adding to the existing targets for Nyungu and Kavipopo.

The estimate is expected to be finalised prior to year's end, subsequent to refinement 3D modelling and IP data.

Between May and October 2013, Argonaut also undertook soil geochemistry surveys at the Kavipopo, ZNS and LMW prospects, and IP surveys at ZNS and LMW, with results to be released on completion of data modelling and interpretation.

A program of reverse circulation and diamond drilling is planned for 2014, comprising 10 holes for 2500 metres, and given the size of the anomalies at West Mwombezhi, considerable extensional drilling could be warranted on confirmation of mineralisation.

Additional soil sampling to the north, east and south of the current West Mwombezhi target has also been proposed for the 2014 season, with contingent IP surveys to follow-up on surface geochemical anomalies as required.

Argonaut is building an inventory of copper deposits and large, high-priority drill targets at the Lumwana West Project in the Mwombezhi Dome, one of several domes in an area of the Copperbelt known as the ‘Domes Region’.

The Domes Region is host to the new generation of Zambian Copperbelt mines including Barrick’s (NYSE: ABX) Lumwana copper mine on the eastern lobe of the Mwombezhi Dome as well as First Quantum’s (TSE: FM) Kansanshi Mine and Sentinel Project.

The Lumwana West joint venture allows Argonaut’s 100% held subsidiary, Lumwana West Resources, to earn up to 90% of Mwombezhi Resources Ltd which holds the license area in question.

West Mwombezhi is now the company's highest priority drilling target and planning for the 2014 drill program is well underway.

 

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Thu, 24 Oct 2013 04:23:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/52599/argonaut-resources-defines-25km-copper-target-at-lumwana-west-zambia-62475.html
<![CDATA[News - Argonaut Resources looks ahead after Zambian litigation discontinued ]]> https://www.proactiveinvestors.co.uk/companies/news/52396/argonaut-resources-looks-ahead-after-zambian-litigation-discontinued-62238.html Argonaut Resources (ASX: ARE) has today announced that litigation over a prospecting license between Argonaut’s majority owned subsidiary, Mwombezhi Resources Ltd (MRL), and Equinox Zambia Ltd (EZL), has been discontinued by mutual consent.

The PL is located in the Mwombezhi Dome within the western extension of the Lufilian Arc which is host to the Central African Copperbelt.

In August 2011, MRL made an application to the Zambian High Court for a declaration that MRL was the legal and beneficial holder of large-scale Prospecting Licence 16121-HQ-LPL (the Lumwana West project).

In April 2013, following several months of unrelated technical discussions between the companies, EZL, via its new owner, Barrick Gold Corporation, proposed the companies discontinue litigation.

Following agreement between the parties on the process for discontinuation, Argonaut received confirmation that all required notices had been filed with the courts.

Argonaut acknowledges the rational and good-natured manner in which Barrick management handled the matter following its takeover of Equinox Ltd and the Lumwana mine in 2011.

 

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Thu, 17 Oct 2013 05:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/52396/argonaut-resources-looks-ahead-after-zambian-litigation-discontinued-62238.html
<![CDATA[News - Argonaut Resources ups Zambian copper stake at Lumwana West ]]> https://www.proactiveinvestors.co.uk/companies/news/52359/argonaut-resources-ups-zambian-copper-stake-at-lumwana-west-62191.html Argonaut Resources (ASX: ARE) is focused on the Central African Copperbelt, with the company successfully increasing its ownership rights in the Lumwana West joint venture in Zambia to 90%.

This lifted Argonaut’s ultimate earnable interest in the project to 88.5%.

The company increased the interest for a US$150,000 payment, and importantly the ownership change has been captured prior to and during any feasibility study.

The move has delivered Argonaut improved and simplified the commercial terms for the joint venture, and highlights the clear indication of the board’s view on the significance of the project.

Lindsay Owler, executive director, said that by increasing the ownership rights prior to and during the feasibility study, it allows the company to capture the project’s full potential value.

“Our drilling activities to date and the subsequent positive feedback on the project’s technical merits has provided the company with sound reasons for continued optimism.

“We continue to pursue the most effective pathway to uncover additional major deposits at Lumwana West and look forward to updating shareholders on our progress.”

The Lumwana West joint venture involves large scale prospecting licence 16121-HQ-LPL.

Under the newly varied terms of the joint venture, Argonaut’s wholly-owned subsidiary, Lumwana West Resources Ltd, can earn up to 90% of Mwombezhi Resources Ltd which holds 16121HQ-LPL.

The Mwombezhi Dome is located in the western extension of the Lufilian Arc which is host to the Central African Copperbelt, and is comprised of two northeast-southwest trending basement inliers, and is one of several domes in an area of the Copperbelt known as the ‘Domes Region’.

The Domes Region is host to the new generation of Zambian Copperbelt mines including Barrick’s (NYSE: ABX) Lumwana copper mine on the eastern lobe of the Mwombezhi Dome as well as First Quantum’s (TSE: FM) Kansanshi Mine and Sentinel Project


The joint venture is now in two phases:

- In earning an initial 51%, LWR paid a US$300,000 signing fee and funded US$1.8 million in exploration works prior to 31 December 2012. The company paid US$600,000 to the initial shareholders on the first allotment of shares; and

- To earn a further 39%, for a total of 90%, LWR must spend an additional US$2.4 million on exploration and make a final cash payment of US$1.1 million to the initial shareholders prior to 31 December 2014.


Exploration

The Lumwana West licence area covers numerous prospects, as defined by regional soil geochemistry. The Nyungu prospect was selected by Argonaut as the first area for intensive investigation.


Exploration target at Nyungu

In April this year Argonaut announced that RungePincockMinarco Limited (RPM) had been contracted to carry out an estimate of the exploration target for the Nyungu copper-cobalt deposit.

RPM estimated the Nyungu Exploration Target has the potential to host between 130 to 180Mt at a grade range of 0.45 to 0.65% copper.


Analysis

Argonaut has made a strategic move with the deal to increase its ownership rights in Lumwana West.

The timing is right as the deal delivers Argonaut increased exposure before, and during, the key Feasibility Study.

Argonaut is therefore well-placed to capture any fuller uplift in value from a positive study.

The news will continue to flow for Argonaut with results expected in the near-term from a regional exploration program, including a major IP geophysics program, surface geochemistry and reverse circulation drilling.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 16 Oct 2013 07:13:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/52359/argonaut-resources-ups-zambian-copper-stake-at-lumwana-west-62191.html
<![CDATA[News - Argonaut Resources earns right to higher stake in Zambia copper project ]]> https://www.proactiveinvestors.co.uk/companies/news/148941/argonaut-resources-earns-right-to-higher-stake-in-zambia-copper-project-44517.html Argonaut Resources (ASX: ARE) has increased its ultimate earnable interest in the Lumwana West copper project, Zambia, to 88.5% after agreeing to acquire an additional 3.5% interest for US$150,000.

Under the newly varied terms of the joint venture, Argonaut’s 100% held subsidiary, Lumwana West Resources Ltd, can earn up to 88.5% of Mwombezhi Resources that holds large scale prospecting licence 16121-HQLPL (Lumwana West).

Lumwana West is located on the western lobe of the Mwombezhi Dome that is itself located in the western extension of the Lufilian Arc that hosts the Central African Copperbelt.

The licence area covers numerous prospects, as defined by regional soil geochemistry and airborne radiometrics.

It contains the Nyungu Copper-Cobalt deposit that has an Exploration Target of between 130 million and 180 million tonnes grading 0.45% to 0.65% copper.

Argonaut has designed a program of drilling along strike and down dip at Nyungu Central and Nyungu South as well as infill drilling to nominal 100 metres spacing, consistent with recommendations from mining consultant RungePincockMinarco.

This is scheduled to start in 2014.

The company is also fast tracking the systematic exploration and drill testing of the four highest priority regional prospects.

It is currently in negotiations with drill companies for the provision reverse circulation drilling rig which can drill to the required target depths.

The company plans to commence reverse circulation drilling in July, following the first phase of IP geophysics. It is estimated that 7,700 metres of reverse circulation drilling will be required in the first pass to test all IP anomalies.

Argonaut earned an initial 51% in the joint venture by paying a US$300,000 signing fee and funding US$1.8 million in exploration prior to 31 December 2012.

To earn a further 27.5%, for a total of 78.5%, it must spend an additional US$2.4 million on exploration and make a final cash payment of US$1.1 million to the initial shareholders prior to 31 December 2014.

It can acquire a further 10% interest in the licence for a total of 88.5%, by completing a Feasibility Study.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 17 Jun 2013 13:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/148941/argonaut-resources-earns-right-to-higher-stake-in-zambia-copper-project-44517.html
<![CDATA[News - Argonaut Resources soars on copper-cobalt find in Central Africa ]]> https://www.proactiveinvestors.co.uk/companies/news/148939/argonaut-resources-soars-on-copper-cobalt-find-in-central-africa-38380.html Argonaut Resources (ASX:ARE) soared close to 35% on back of announcement that it had delineated a major copper-cobalt deposit at the Nyungu Central prospect on its Lumwana West project in Zambia.

The confirmation the copper cobalt mineralisation at the Nyungu Central was accompanied by assay results from drilling at the Nyungu South prospect revealing the first significant copper intersection, confirming the potential for satellite copper deposits close to Nyungu Central.

Argonaut shares soared close to 35% to a high of $0.09 a share before retracing early gains to trade at $0.072 a share.

Drilling at Nyungu Central intersected coherent copper/cobalt deposit, where mineralisation covers an area of 250 metres in east-west direction and 1,400 metres in the North-South direction, and open to both north and south.

It intercepted high grade cobalt at grades of up to 0.41%. and 0.59% copper. The prospect was explored with nine reverse circulation/diamond holes for a total of 2,100 metres at Nyungu Central.

Drilling at Nyungu South prospect also intercepted broad zone of elevated copper returning 29 metres at 0.53% copper grade. There were 10 holes drilled at the Nyungu South target for a total of 1,728 metres across four 400 metres broadly spaced traverses.

The Mwombezhi Dome is located in the western extension of the Lufilian Arc which is host to the Central African Copperbelt.

The Mwombezhi Dome is comprised of two northeast-southwest trending basement inliers, and is one of several domes in an area of the Copperbelt known as the ‘Domes Region’.

The Domes Region is host to the new generation of Zamban Copperbelt mines including Barrick Gold’s Lumwana Mine on the eastern lobe of the Mwombezhi Dome plus First Quantum’s Kansanshi Mine and Trident Deposits.



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Thu, 17 Jan 2013 16:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/148939/argonaut-resources-soars-on-copper-cobalt-find-in-central-africa-38380.html
<![CDATA[News - Argonaut Resources signs JV with Sandfire Resources ]]> https://www.proactiveinvestors.co.uk/companies/news/148936/argonaut-resources-signs-jv-with-sandfire-resources-35661.html Argonaut Resources (ASX: ARE) has entered into a farm-in joint venture with Sandfire Resources (ASX: SFR) for EL3969, which is located on the Yorke Peninsula in South Australia.

Highlighting the potential of the area, Rex Minerals’ (ASX: RXM) Hillside project is around 20 kilometres away, and is Australia’s largest undeveloped copper project.

The exploration license is known as Alford with the primary focus on copper, and potentially also silver, cobalt and gold.

The first earn in period has Sandfire to earn a 49% interest by spending $4 million on exploration within three years and meet specific drilling requirements.

A second earn-in period gives Sandfire the right to jointly explore the tenement or earn an additional 26% interest by spending a further $4 million on exploration within an additional 3 years.

This provides a total potential earn-in expenditure of $8 million for a 75% interest.

Sandfire identified and prioritised areas of interest during the course of the technical due diligence conducted in mid-2012 over EL3969. Initial exploration under the joint venture is expected to commence in January 2013.

Previous exploration work by Argonaut in the Alford East area led to the definition of several exploration targets, including Netherleigh Park with copper mineralisation hosted in a formerly carbonaceous meta-siltstone unit.

At Truck Paddock, 1,100 metres to the south-west of the Netherleigh Park prospect, last year Argonaut made a copper-cobalt discovery, with the zone of copper mineralisation open along strike and down dip.

In total the project covers an extensive 477 square kilometres.


Rex Minerals’ Hillside project nearby

The surrounding area is a known copper mining district, highlighted by the orical Moonta/Wallaroo copper mining district located to the north, with Rex Minerals’ (ASX: RXM)  Hillside project also nearby.

Hillside is Australia’s largest undeveloped copper project, and is targeting 100,000 tonnes of CuEq annually. The mine life is 15+ years with C1 costs around US$1.2/lb.

 

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Fri, 09 Nov 2012 10:50:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/148936/argonaut-resources-signs-jv-with-sandfire-resources-35661.html
<![CDATA[News - Argonaut Resources shares soar, receives ASX speeding ticket ]]> https://www.proactiveinvestors.co.uk/companies/news/148935/argonaut-resources-shares-soar-receives-asx-speeding-ticket-33420.html Argonaut Resources' (ASX: ARE) shares have soared 58% to $0.084 intra-day today, compared to the closing price a fortnight ago - with the ASX issuing the company with a price query speeding ticket.

Argonaut said that it is not aware of any material information that has not been disclosed to the market which may explain the sudden investor interest, but did add in a response back to the exchange:

'The company is currently in negotiations with Nsansala Resources to acquire its effective 20% interest in Lumwana West Resources.

'Lumwana West is currently earning an interest in Mwombehzi Resources Limited and that Company’s copper project in Zambia. Lumwana West’s interest in Mwombehzi Resources Limited has previously been disclosed by the company.'

Argonaut is currently earning up to 85% in Lumwana West, where the primary target is shear hosted copper mineralisation associated with cobalt and gold.

Drilling this year tested Induced Polarisation chargeability anomalies associated with a demagnetised, north-south shear-zone. The Nyungu shear-zone is offset by faulting in several places and extends over a strike length of around 13 kilometres.

 

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Thu, 13 Sep 2012 14:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/148935/argonaut-resources-shares-soar-receives-asx-speeding-ticket-33420.html
<![CDATA[News - Argonaut Resources reports SA court overturns Minister's heritage approval ]]> https://www.proactiveinvestors.co.uk/companies/news/148933/argonaut-resources-reports-sa-court-overturns-ministers-heritage-approval-24141.html Argonaut Resources (ASX:ARE) has reported that the South Australian Supreme court has overturned a previous Minister for Aboriginal Affairs and Reconciliation's approval to access the Torrens tenement covering 6,300 square kilometres.

Agonaut and joint venture partner Straits Resources Limited (ASX:SRQ) were seeking access to Torren tenement for purpose of an exploratory drilling program.

Straits is earning a 70% interest in Torrens under the terms of the Torrens Joint Venture.

Argonaut's Chairman Patrick Elliott said it was a very disappointing outcome.

"South Australia is the only jurisdiction in Australia with legislation that provides for the mandatory delegation of ministerial powers to Traditional Owners, thus providing an effective right of veto over any activity.

“The interpretation of the AHA contained in this judgement has the potential to prevent any development in South Australia on land where Traditional Ownership can be asserted.

“Of particular concern to Argonaut is the current statutory mechanism under the AHA which may permit a delegation resulting in a veto preventing any development over land subject of an asserted site where the assertions are not the subject of any objective scrutiny, let alone any test requiring registration status."

The Torrens Joint Venture is considering its next course of action in relation to approvals under the AHA.

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Mon, 16 Jan 2012 08:41:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/148933/argonaut-resources-reports-sa-court-overturns-ministers-heritage-approval-24141.html