- Argent Minerals (ARD) has begun a reverse circulation (RC) drilling program at its Pine Ridge Gold Mine in NSW
- The company will drill 20 RC holes at the mine to infill and extend historical drilling
- Once completed, the results will be used to upgrade the existing indicated resource which was calculated in 1995
- The mine was last drilled in 2019 to target historical drilling and results peaked at 62.9g/t gold
- Shares in Argent are up 18.6 per cent and are trading at 5.1 cents
Argent Minerals (ARD) was up as much as 25.6 per cent today after beginning a reverse circulation (RC) drilling program at its Pine Ridge Gold Mine.
Pine Ridge lies in Central NSW and it consists of a series of historical alluvial, alluvial and underground hard rock gold mines.
These mines were in operation from the 1820s to the 1940s and produced grades of more than 250g/t gold.
Argent will drill 20 RC holes, for 2390 metres, at Pine Ridge to infill and extend historical drilling.
Once completed, the results will be used to upgrade the existing indicated resource which was calculated in 1995.
In 2019, Argent completed 690.3 metres of diamond drilling to target historical drilling undertaken by Goldrim Mining Australia in 1994.
This work returned results of 21 metres at 5.6g/t gold from 50 metres including one metre at 62.9g/t gold from 59 metres, and 10 metres at 4.1g/t gold from 51 metres including one metre at 20.6g/t gold from 52 metres.
“After issues with localised flooding late last year and in February-March this year, it’s great to get the Pine Ridge drilling program finally underway,” CEO and Managing Director George Karageorge said.
“The Pine Ridge Project stage two drilling should return encouraging results based on modelling and geophysical work completed to date,” he added.
Shares in Argent are up a healthy 18.6 per cent and are trading at 5.1 cents at 1:46 pm AEST.