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.