Join our daily newsletter At The Bell to receive exclusive market insights
Polymetallic explorer Argent Minerals (ASX: ARD) has picked up evidence of a huge silver extension zone close to its Kempfield deposit in New South Wales through a recent program of rock chip sampling and is confident in its theory of finding silver-lead-zinc mineralisation outside the deposit’s defined resource.
The assaying program was a follow up to reconnaissance work done in February which had delineated extensive silver and base metal mineralisation. More than 136 rock chip samples were picked up, and they revealed assays of up to 318 grams per tonne silver, 0.58 percent lead and 0.54 zinc.
The work was undertaken in an area known as Sugarloaf Hill within the Kempfield project, which is located southeast of Dubbo, and lies along the Lachlan Orogen – a geological terrane which spreads from northern Queensland to Tasmania (through NSW and Victoria) and hosts Newcrest’s Cadia Valley, one of the world’s largest underground gold mines.
Two distinct mineralised zones of silver, lead and zinc have been identified at Sugarloaf Hill – with the largest reaching a strike of 1.1 kilometres in length – and both zones occur within a large barite zone measuring 2.1 kilometres.
Argent managing director Pedro Kastellorizos said the similarity of mineralisation at the new zone to that of Kempfield – which holds a resource of 38.9 million tonnes and 127.5 million ounces of silver equivalent contained metal – meant it was prime territory for future drilling.
“Surface assay results southeast of the main Kempfield Deposit have confirmed a massive, silver rich mineralised extension zone running parallel to Lode 200 Mineralised Block,” he said.
“The zone hosts the same geology and geochemical signatures as the main mineralisation over the Kempfield Deposit.
“Based on the defined mineralised dimensions, the strike of the mineralised zones surpasses the existing Lode 200 Mineralised Block area, again elevating Kempfield’s exploration upside: we plan to drill these newly defined mineralised zones in 2024 once all regulatory approvals have been granted to Argent.”
Argent Minerals is trading at 2c.
