Annual Report 2016 to Shareholders
Sydney, Aug 10, 2016 AEST (ABN Newswire) - Argent Minerals Limited (
ASX:ARD) has concluded the 2016 financial year with significant advancement of the Kempfield and West Wyalong projects.
Highlights of this report include:
EXPLORATION
KEMPFIELD POLYMETALLIC PROJECT
Substantial deep diamond drilling programs continued to test the large polymetallic VHMS system potential.
-- Historical drilling to an approximate depth of only 120 metres resulted in a substantial JORC 2012 Mineral Resource estimate of 21.8 Mt with 52 million ounces of silver equivalent in contained base and precious metals, which remains open to the west, along strike, and at depth.
-- 14 diamond holes were drilled during the year for a total of 3,834 metres, intersecting significant gold and base metal grades, as well as confirming strike and significant depth extensions to known mineralisation.
Significant milestones achieved by the drilling results.
-- Spectacular gold grade intersected by AKDD181: 1 m @ 1,065 g/t Au from 97 m.
-- AKDD181 also intersected 1.8 m @ 0.02% Pb, 0.05% Zn, 1.21% Cu, 50 g/t Ag and 2.99 g/t Au from 136.8 m. In addition to the notable gold and silver grades, this is a first for Kempfield in terms of significant copper intersections.
-- Additional numerous significant gold intervals were intersected throughout the drill holes. These include: 0.2 m @ 4.09 g/t Au from 407.3 m by hole AKDD181, and 0.7 m @ 5.1 g/t Au from 32.3 m by hole AKDD185, adding to the growing database of gold occurrences intersected where grades have exceeded 1 g/t Au.
-- Semi-massive sulphides intersected by AKDD187. Four distinct lenses intersected with higher grade cores and some of the highest assays received to date at Kempfield:
4.2 m @ 3.1% Pb, 4.8% Zn (7.9% Pb + Zn), 26 g/t Ag and 0.4 g/t Au from 175.2 m, including 2 m @ 4.5% Pb, 7.2% Zn (11.7% Pb + Zn), 39 g/t Ag and 0.3 g/t Au from 176.4 m; and 4 m @ 95 g/t Ag from 325.6 m, including 1 m @ 176 g/t Ag from 328.6 m.
-- VHMS footwall position confirmed by AKDD182 - a significant milestone in the pursuit of high grade base and precious metals associated with a feeder zone. Possible proximity of massive sulphides indicated at depth, confirming Argent's interpreted model for high grade precious and base metals zones at Kempfield.
-- Mineralisation intersected at 382.5 and 407 metres by hole AKDD181 confirmed Argent's interpreted model for a much deeper deposit, which remains open at depth.
Kempfield exploration expanded to include Trunkey Creek and Pine Ridge gold fields.
-- Gold focus prioritised following numerous gold occurrences intersected, including the spectacular 1 m @ 1,065 g/t Au from 97 m intersection by hole AKDD181.
Preparations underway for next phase of drill-testing.
-- A detailed 3D model is being updated with the drilling results to provide valuable insight for the next phase of drill-testing in the Company's methodical pursuit of high grade base and precious metals.
WEST WYALONG GOLD PROJECT
- IP surveys confirmed the Theia copper-gold target and revealed the new additional Narragudgil gold target, as well as the potential for a broad alteration system.
- Substantial preparations underway to diamond drill-test the two targets.
- JV terms renegotiated for increasing Argent's interest in the West Wyalong project from 51% to 70% by spending additional $372,570 by 30 June 2017 - to be achieved by the planned drill test.
- Surrounding acquisition activity by eg. Evolution Mining, and Sandfire Resources, highlights the strategic positioning of Argent's West Wyalong project in key gold focus area
CORPORATE
BOARD APPOINTMENTS AND RESIGNATIONS
- On 16 September 2015, Peter Nightingale and Peter Michael were appointed as the Non-Executive Directors and Sarah Shipway resigned as a Non-Executive Director.
CORPORATE SECRETARIAL AND FINANCE AND ADMINISTRATION FUNCTIONS
- On 5 November 2015, Sarah Shipway retired as the Company Secretary and Vinod Manikandan was appointed as the new Company Secretary.
- On 5 November 2015, the registered office of the Company along with its finance and administrative functions were relocated to Level 2, 66 Hunter Street Sydney NSW 2000.
- On 21 December 2015, the Company's share registry was transferred from Security Transfer Registrars Pty Ltd in Western Australia to Computershare Investor Services Pty Limited in New South Wales.
EXPANDED TECHNICAL CAPABILITIES
- Existing relationship with the Centre of Excellence in Ore Deposits (CODES) and Professor Ross Large has been expanded with the addition of a new research and development initiative.
- Mr. Clifton Todd McGilvray appointed as Exploration Manager, bringing a wealth of specific experience and expertise in polymetallic exploration across some of the most prominent polymetallic projects in Australia.
FUNDING
- A total of $2,039,920 before costs was raised during the year through a share purchase plan and a private placement.
- Additional funding totalling $317,000 was received under the R&D Tax Incentive Scheme and the balance of the NSW Government Cooperative Drilling Program Grant.
- Having raised $542,888 on 6 July 2016 and with a further raising of approximately $1.2M subject to shareholders approval and settlement completion, Argent has commenced the 2016/17 financial year with a strong cash position and outlook.
To view tables and figures, please visit:
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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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