Kempfield Drilling Program Awarded NSW Government Funding
Sydney, Sep 17, 2014 AEST (ABN Newswire) - Argent Minerals Limited (
ASX:ARD) (Argent, Argent Minerals or the Company) is pleased to report that it has been awarded NSW Government funding to drill-test the significant exploration upside identified at the Kempfield Polymetallic Project.
Managing Director David Busch said, "To be selected for participation in this heavily contested Government funding is an exciting development for the Kempfield Polymetallic Project and Argent Minerals.
"The Kempfield project has been selected on the basis of its merit to participate in the New Frontiers Co-operative Drilling Program, following a detailed review by an independent panel of experts. This New South Wales Government initiative is designed to encourage private drilling programs that are searching for mineral deposits in under-explored areas of New South Wales, and employ the latest technology.
"Using a combination of advanced technologies, Argent Minerals has identified significant exploration potential immediately to the west of the known deposit and within the project area. The preliminary results of the most recent geophysics surveys at the Kempfield Polymetallic Project appear to confirm the potential for multiple additional Volcanogenic Massive Sulphide (VMS) lenses within the project area, containing higher grade base and precious metals mineralisation".
Under the Co-operative Drilling Program award, Argent Minerals will receive $158,400 on completion of the work, and after sharing of the results, drill samples and reports with the NSW Government Division of Resources and Energy.
Argent Minerals has been selected together with a small group of 16 companies, to receive a total of approximately $1.8 million. Of the 20 successful projects, Kempfield has attracted one of the five largest grants.
Analysis of the recent geophysics surveys are continuing as planned, with the results and target delineation to be completed during September 2014. The drilling program will be designed to test the delineated targets.
Argent Minerals has booked the drilling contractor for the program due to commence in October 2014.
About Argent Minerals Limited
Argent Minerals Limited (
ASX:ARD) is an Australian publicly listed company with a 100% interest in a silver/gold project at Kempfield NSW. Work is underway on the preparation of an EIS and a feasibility study for the first stage of the project which will involve heap leaching some 8.8 million tonnes of mainly oxide and transitional material to produce over 9.5 million ounces of silver and 15,000 ounces of gold over a 5 year mine life. Argent is also earning up to a 70% interest in two other NSW projects - gold at West Wyalong and base metals at Sunny Corner.
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