Argent Minerals (ASX:ARD) has hit some bonanza grade gold at its wholly-owned Kempfield polymetallic project in New South Wales.
Kempfield has VHMS (volcanic-hosted massive sulphide) base and precious metals potential.
Holes AKDD181 and AKDD180 have both intersected copper values, including 1.8 metres at 1.21% copper from 136 metres by hole AKDD181.
Hole AKDD181 has also intersected very high grade gold, including 1 metre at 1,065 g/t gold from 97 metres.
Argent said that whilst the exploration results are preliminary in nature at this early stage of the planned 7 hole 3,200 metre drilling program, the intersections confirm the occurrence of new mineralisation that extends along strike to the north.
This supports earlier interpretations by the company of a Lens 4 based on magnetometric conductivity (MMC) surveys performed in 2014, and symmetry with existing known lenses.
Intersections also confirm depth extensions of Lens 2 to greater than 400 metres, with the observed alteration intensity indicating proximity to possible massive sulphides.
Whilst elevated assays were observed at the Lens 3 position for hole AKDD181, no significant mineralisation was intersected in that location.
Resource
Kempfield is predominantly a silver resource currently defined as: 21.8 million tonnes at 47g/t silver for 33 million silver ounces, + 300,000 tonnes lead/zinc.
NSW State Government support
Kempfield was peer reviewed by the NSW State Government, and awarded Top 5 funding based on project merit.
Analysis
Further analysis will be conducted by Argent on the first two holes, including pathfinder element geochemistry, in order to optimise the position and design of the next holes in the drilling program.
Drilling is anticipated to recommence during the 3rd week of January 2016, depending on the analysis and drilling logistics.
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