Drilling at Lumwana West. Source: Argonaut Resources
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Argonaut Resources (ARE) notes copper mineralisation following drilling at the Nyungu Central deposit within its Lumwana West Project in Zambia
  • A diamond drilling program is underway at the deposit with geologists noting visual copper mineralisation in 9 of 10 holes drilled so far
  • Reverse circulation drilling is ongoing at the eastern part of the deposit which hosts a copper anomaly defined by elevated copper in soil samples
  • The company is undertaking metallurgical testing of oxide, transitional zone and fresh ores to develop flowsheets and scoping studies for processing options
  • Shares have been trading flat at 0.7 cents
Argonaut Resources (ARE) has noted copper mineralisation following drilling at the Nyungu Central deposit within its Lumwana West Project in Zambia. The company is undertaking a 2800-metre diamond drilling program at the deposit as well as a 1500-metre reverse circulation (RC) drilling program at the Nyungu East copper anomaly, also located within the project area. Diamond drilling began in July and also concentrated on the Nyungu South area. Of ten holes completed, geologists have noted visual copper mineralisation in nine holes. In particular, the company has highlighted “very significant” visual copper mineralisation in the form of apparent chalcocite and native copper at 117.6 metres in one hole. The 11th hole is in progress and Argonaut said the drilling program is continuing further with the overall aim of converting some of the current exploration target to JORC resource. Argonaut is also looking to increase the scale of the known mineralisation at Nyungu. At Nyungu East, RC drilling is ongoing with six drill holes completed so far. The company has defined a copper anomaly which it said has been defined by elevated copper in soil samples. The samples returned peak values between eight and ten times higher than values from the neighbouring central deposit. Argonaut’s Zambian subsidiary, Mwombezhi Resources, is planning reverse circulation percussion drilling to test the three lobes of the copper anomaly, with 15 holes planned. The RC drilling must demobilise at the onset of the Zambian wet season which will occur this month. Moreover, the company has undertaken metallurgical testing of oxide, transitional zone and fresh ores. It said the information from this work is driving development of process flowsheets and scoping studies into various processing options. Moving forward, future tests are set to include large-scale leach tests, bio-leach tests and solvent extraction or electro-winning tests. Company shares were trading steady at 0.7 cents at 2:22pm AEDT.
ARE by the numbers
More From The Market Online
The Market Online Video

Market Close: Consumer stocks drag market lower; Alara starts copper production in Oman

The ASX200 has closed the day down 0.15 per cent at 7724 points.
The Market Online Video

Orcoda welcomes Maree Adshead as Non-Executive Director

Orcoda (ASX:ODA) has welcomed Maree Adshead as an independent Non-Executive Director.

Cynata Therapeutics advances Phase 2 trial for high-risk aGvHD treatment

The market has responded favourably to Cynata Therapeutics' announcement regarding its Phase 2 clinical trial on…
The Market Online Video

Market Update: ASX trades flat as materials leads the market

The ASX200 is trading flat this afternoon, up just .10 of a per cent in line…