Argent Minerals Ltd (ASX:ARD) recently raised $1.75 million in a heavily oversubscribed placement, which at the time was at a premium.
Achieving a premium is a rare feat.
Interest in Argent continues to grow on the back of a rebound in the silver price, with the commodity up over 50% so far in 2016, and currently sits above US$20 an ounce.
Argent's Kempfield project in New South Wales currently hosts 21.8 million tonnes at 47g/t silver for 33 million silver ounces, + 300,000 tonnes lead/zinc.
Not to be forgotten - the project recently yielded 1 metre at 1,065g/t gold from 97 metres.
More diamond drilling assays are pending.
With the drilling wrapped up, this has freed up the company’s technical team to focus on updating the 3D Kempfield deposit model with the core logging and available assay data.
This will be the first detailed 3D model that has been constructed for the deposit since Kempfield exploration began in the 1970's, containing comprehensive stratigraphic, structural, geochemical and geophysical data.
Exploration portfolio
Substantial drill program preparation underway as Argent commences the 2016/17 financial year with a strong cash position and outlook.
The West Wyalong Theia and Narragudgil gold target drill test in advanced stages of preparation.
The West Wyalong drill program expenditure is anticipated to advance the company’s interest in the project to 70% from 51%.
The project is highly prospective being located in the West Wyalong gold mining district, which has seen the Cowal Mine being purchased for US$550 million in July 2015.
At the Trunkey Creek and Pine Ridge projects, Argent has prioritised a gold focus:
– Review and analysis of NSW Government historic data commenced to enable reporting in accordance with JORC 2012; and
– Access processes underway for field reconnaissance and geochemical sampling in preparation for drill-testing.
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