Argent Minerals Ltd (ASX:ARD) has received a major vote of confidence in its West Wyalong project, after receiving a $200,000 grant awarded by the NSW Government for diamond drilling of gold/copper-gold targets.
The award represents the largest funding amount available to any single application out of the heavily contested ‘Round 2’ funding pool total of $2 million, capped at $200,000 per project.
Argent and West Wyalong were selected on the basis of technical and financial merit as assessed by an independent expert advisory panel.
Importance of the upcoming drilling
The completion of the drilling program prior to 30 June 2017 will increase Argent’s interest in West Wyalong to 70% from 51%.
The project is located only 7 kilometres from the West Wyalong gold fields that produced 445,700 ounces of gold between 1894 and 1921.
Adding further interest, the project is situated in the Macquarie Arc of the Lachlan Orogen, which hosts world-class porphyry copper-gold mines such as Newcrest's Cadia and China Molybdenum's Northparkes.
To the north by 37 kilometres is the Lake Cowal gold mine, which was acquired by Evolution Mining Limited in July 2015 for US$550 million.