Argent Minerals Initiates RC Drilling at Kempfield Project
ARD (ARD) Share Update September 2024 Monday 16th
Argent Minerals Commences RC Drilling at Kempfield Project
Argent Minerals Limited (ASX: ARD) has announced the commencement of a significant reverse circulation (RC) drilling program at its 100%-owned Kempfield Project in New South Wales. This initiative aims to explore high-priority regional targets outside the existing Mineral Resource Estimate (MRE).
Instant Summary:
- Approximately 3,500 meters of RC drilling comprising 54 drill holes.
- Targets include Kempfield NW, Sugarloaf Hill, Henry's, and Golden Wattle Prospects.
- Objectives include confirming potential VMS polymetallic and orogenic gold style mineralisation.
- Delineation of new mineralised zones outside the current resource area.
- Potential increase in tonnage and grade of the current Kempfield Project MRE.
- Drill program expected to complete by late October 2024.
Drilling Program Details
Argent Minerals Limited has initiated a comprehensive RC drilling program at the Kempfield Project, located 40km southeast of Newmont’s Cadia Valley Project. The program targets the Kempfield NW, Sugarloaf Hill, Henry’s, and Golden Wattle Prospects, which are outside the current MRE.
The drilling will initially focus on the Kempfield NW Prospect before moving to Sugarloaf Hill. The program includes 54 RC drill holes, covering approximately 3,500 meters. The goal is to test 13 high-priority regional targets for shallow gold-silver-gold-base metal barite hosted mineralisation.
Objectives and Expected Outcomes
The primary objectives of the drilling program are to confirm the newly discovered Kempfield NW and Sugarloaf Hill Prospects as potential VMS polymetallic style mineralisation and to validate Golden Wattle and Henry Zone Prospects as potential orogenic gold style mineralisation.
Additionally, the program aims to delineate new mineralised extensions and zones outside the current resource area within the wider Kempfield Project. The drill holes will test numerous high-grade geochemical gold-silver-base metals zones identified in the 2024 surface sampling programs.
Potential Resource Upgrade
The Kempfield Silver Deposit Mineral Resource estimate has been upgraded to 63.7Mt @ 69.75 g/t silver equivalent, containing 65.8Moz silver, 125,192 oz gold, 207,402t lead, and 420,373t zinc. The updated resource estimation is compliant with JORC 2012 Clause 26.
The delineation of new mineralised zones through this drilling program may result in an overall increase in the tonnage and grade of the current Kempfield Project MRE. The drill program is expected to be completed by late October 2024.
The commencement of the RC drilling program is a significant step for Argent Minerals, potentially leading to an increase in the Kempfield Project's resource base. This could positively impact the company's stock as it demonstrates ongoing exploration and potential resource expansion. Investors may view this as a strategic move to enhance the project's value.
Investor Reaction:
Analysts are likely to react positively to the news, given the potential for resource expansion and the strategic importance of the Kempfield Project. The market may respond favorably if the drilling results confirm the high-priority targets and lead to an upgrade in the resource estimate.
Conclusion:
Investors should keep a close eye on the progress of the RC drilling program and the subsequent results. The potential resource upgrade could significantly enhance the value of the Kempfield Project. Argent Minerals' strategic efforts to explore and expand their resource base are crucial for long-term growth.