Argent Minerals (ASX:ARD) has received assay results from three more holes from its eight-hole diamond drilling program at its flagship Kempfield project in New South Wales.
Assays have revealed a significant 20.3 metre intersection yielding 32 g/t silver and 1.1 g/t gold from 96.0 metres depth.
The assays confirm the new geological model and C Horizon position in the Kempfield southeast zone.
The confirmation of the new Kempfield southeast C Horizon area implies the potential for significant additional tonnage.
Assay results from the remaining four holes are expected in the coming 3-4 weeks.
Drill result details
Assays from diamond holes AKDD195, AKDD198 and AKDD199 at Kempfield have been received.
Details of a significant intersection in AKDD195 include:
- 20.3 metres at 32 g/t silver, 1.1 g/t gold from 96.0 metres including 7.0 metres at 47 g/t silver, 2.4 g/t gold from 97.0 meters and 3.1 metres at 2.4% lead, 2.3% zinc, 85 g/t silver, 2.3 g/t gold.
These results confirm the C Horizon Kempfield South mineralisation predicted by Argent’s evolving geological model for the project.
The new C Horizon Kempfield South mineralisation is open in all directions, implying the potential for significant additional Kempfield tonnage.
Whilst the AKDD198 and AKDD199 assay results did not return any mineralisation, the intersected geology opens up an entire new area further to the south.
The combined AKDD195, AKDD198 and AKDD199 results open up a potentially significant area to the south, which is covered by the additional 2 kilometre exploration licence area of EL5748.
These most recent results follow the initial hole, which assayed 10.2 metres at 1.5 g/t gold from 28.0 metres including 5.0 metres at 2.6 g/t gold, 1.0 metre at 4.4 g/t gold and 1.0 metre at 5.1 g/t gold.
Background
The Kempfield volcanic-hosted massive sulphide (VHMS) project provides investors with exposure to both precious metals being silver and gold together with base metals zinc and lead.
Kempfield hosts 33 million ounces silver, 86,000 ounces gold, 200,000 tonnes of zinc and 97,000 tonnes of lead.
These figures are exclusive of the yet-to-be potential resource at the historic Pine Ridge gold mine, as well as potential additional mineralisation in the Trunkey Creek goldfields.
Any further potential resources identified by the current drill program could act as a catalyst for Argent.
Analysis
These recent assays from Kempfield are significant for two reasons, the first being that the new intersection makes a strong argument for an extension to current mineralisation, which can lead to an increased JORC resource.
Secondly, this intersection represents a significant advance in the understanding of the Kempfield VHMS deposit and holds significant potential for further drilling in the area.
Potential mineralisation remains open in all directions with significant potential along strike to the north and to the south, and at depth.
Investors will remain leveraged to short term news flow with the remaining holes in the drilling program complete and submitted to labs for assay.
Argent continues its strong 2017 with shares trading up 70% year to date, closing on 21 February at $0.043.