Argent Minerals Ltd (ASX:ARD) continues to advance several key projects, and at the highly prospective West Wyalong, a high resolution extension IP survey confirms an additional anomaly on the south east portion of 2015 survey at Narragudgil.
West Wyalong is located in elephant territory.
The project is only seven kilometres from the West Wyalong gold fields that produced 445,700 ounces of gold between 1894 and 1921, and is situated in the Macquarie Arc of the Lachlan Orogen in New South Wales.
This area hosts world-class porphyry copper-gold mines such as Newcrest's Cadia, China Molybdenum's Northparkes, and the Lake Cowal mine.
Cowal was acquired by Evolution Mining Limited (Evolution) in July 2015 for US$550 million.
Details of the IP anomaly
The new Narragudgil IP anomaly is coincident with a magnetic low and anomalous gold and copper intersected by historic shallow drilling in the area.
The Theia and Narragudgil anomalies are potentially indicative of broad alteration systems resulting from intrusive-related hydrothermal activity.
Geophysics data is now of sufficient resolution to enable efficient drill targeting.
Argent stake in West Wyalong
Design work underway to drill test both Theia and Narragudgil targets, as Argent continues to advance the project toward 70% ownership.
Argent is able to increase its current 51% interest by investing a further $372,500 in JVA exploration expenditure by 30 June 2017, including $200,000 of in-ground expenditure.
Analysis
The result of the geophysical surveys and analyses performed by Argent is that two targets have now been identified and delineated for drill testing at the West Wyalong project – the previously identified Theia target, and the new target at Narragudgil.
Each target has a coincident magnetic low, IP chargeability high and anomalous gold geochemistry.
The coincident geophysical and geochemical anomalies are considered to be potential indicators of broad alteration systems resulting from intrusive-related hydrothermal activity consistent with a porphyry copper gold stock and associated epithermal mineralisation.
The company said that the geophysics data is now of sufficient resolution to enable efficient drill targeting and planned drill testing of the Theia porphyry copper gold target has been extended to include drill testing of the new Narragudgil gold target.
Other news on the horizon:
News from the Kempfield diamond drilling campaign is just around the corner, with assays pending from the first two holes of the 12 hole, 3,330 metre campaign.
Adding interest, Argent previously said that the zone of strong hydrothermal alteration intersected by one of these holes is consistent with the recent spectacular: 1 metre at 1,065g/t gold intersection.
Kempfield was peer reviewed by the NSW State Government, and awarded Top 5 funding based on project merit.
The resource is predominantly silver, currently defined as: 21.8 million tonnes at 47g/t silver for 33 million silver ounces, + 300,000 tonnes lead/zinc.
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