Argent Minerals Limited - Quarterly Activities Report - June 2024
ARD (ARD) Share Update July 2024 Monday 22nd
Argent Minerals Reports Significant Mineralisation Extensions at Kempfield
Argent Minerals Limited (ASX: ARD) has released its quarterly activities report for the quarter ending June 30, 2024, highlighting significant advancements in its Kempfield Polymetallic Deposit in New South Wales.
Instant Summary:
- Successful identification of two major mineralisation extensions at Kempfield.
- Completion of 12 Reverse Circulation (RC) drill holes outside the current resource area.
- Significant high-grade silver, lead, and zinc mineralisation intersected.
- Completion of a geochemical reconnaissance program over the Kempfield NW Prospect.
- Secured $2.5 million in an oversubscribed share placement to advance the Kempfield Project.
- Company remains well-funded with $3.15 million cash at the end of June 2024.
Kempfield Project Advancements
During the June 2024 quarter, Argent Minerals focused on its Kempfield Polymetallic Deposit in central New South Wales. The company successfully identified two major mineralisation extensions through an extensive geochemical program. Twelve Reverse Circulation (RC) drill holes were completed outside the current resource area, revealing significant high-grade zones of silver, lead, and zinc mineralisation.
Notable results from the RC drilling include:
- Drillhole AKRC230: 23m @ 34.41 g/t Ag from 22m
- Drillhole AKRC233: 29m @ 34.09 g/t Ag, 0.14% Pb & 0.41% Zn from 50m
- Drillhole AKRC234: 13m @ 20.70 g/t Ag from 19m
- Drillhole AKRC239: 29m @ 8.04 g/t Ag, 0.24% Pb & 0.56% Zn from 81m
- Drillhole AKRC237: 89m @ 0.19% Pb & 0.17% Zn from surface
- Drillhole AKRC238: 88m @ 25.23 g/t Ag, 0.10% Pb & 0.08% Zn from 2m
The RC holes have delineated new continuous thick high-grade silver-zinc-lead mineralisation from the Lode 200 Block zone, extending over 450m in a NE direction with a total strike length of 1.35km.
Geochemical Reconnaissance Program
Argent Minerals also completed a geochemical reconnaissance program over the Kempfield NW Prospect, collecting 47 rock chip samples. The Kempfield NW Zone contains three distinct Ag-Pb-Zn mineralised horizons within extensive baritic zones. High-grade surface assay results include:
- 87.8 g/t Ag, 0.2% Cu, 0.95% Pb & 0.34% Zn in sample 3000728
- 24.1 g/t Ag, 0.22% Pb, & 0.18% Zn in sample 3000739
- 36.8 g/t Ag & 0.19% Zn in sample 3000766
Corporate Developments
In early June 2024, Argent secured firm commitments to raise $2.5 million in an oversubscribed share placement to advance its Kempfield Project. The company issued 138,888,888 shares at $0.018 per share. At the end of the June 2024 quarter, Argent had $3.15 million in cash reserves.
The identification of significant mineralisation extensions and the successful completion of the RC drilling program are positive developments for Argent Minerals. These advancements are likely to enhance the company's resource base and could positively impact its stock price. The additional funding secured through the share placement will support further exploration and development activities, potentially boosting investor confidence.
Investor Reaction:
Investors and analysts have reacted positively to the news, highlighting the potential for increased resource estimates and the strategic importance of the Kempfield Project. The successful share placement also indicates strong investor interest and confidence in Argent's future prospects.
Conclusion:
Argent Minerals has made significant progress in its Kempfield Polymetallic Deposit, with promising drill results and successful fundraising efforts. Investors should monitor the company's ongoing exploration activities and consider the potential long-term benefits of these developments. Stay tuned for further updates as Argent continues to advance its projects.