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ARGENT MINERALS LIMITED — Capital/Financing Update 2021
May 16, 2021
64417_rns_2021-05-16_0cc4461d-4546-4562-871e-86e7bd3efcae.pdf
Capital/Financing Update
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17 MAY 2021
ASX RELEASE
RC DRILLING COMMENCES AT PINE RIDGE GOLD MINE
HIGHLIGHTS
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n Stage 2 RC Drilling has commenced at Argent’s 100% owned Pine Ridge Gold Mine.
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n RC drilling to follow-up significant 2019 Stage 1 diamond drilling results.
- APDD031 19m @ 3.2g/t Au from 98.4m. including 1m @ 40.7 g/t Au from 106m
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n Drilling to assist with upgrade of the historical gold resource to JORC2012 and test for extensions. n Drilling to target extending previously identified gold mineralisation.
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open 220m along strike up to 30m in width.
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open down plunge below 70m beneath historical workings.
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n Historic 1994 RC Drilling results from the previous operator Goldrim Mining Australia Limited (Goldrim) include:
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PR010 21m @ 5.6g/t Au from 50m.
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PR009 10m @ 4.1g/t Au from 51m.
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oPR023 18m @ 2.4g/t Au from 77m.
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n Stage 2 Drilling should provide Argent with adequate data to complete a JORC2012 upgrade of the existing historical GoldRim resource completed in 1995.
Argent Minerals Limited (ASX: ARD, Argent, or the Company) is pleased to announce that the Strike Drilling RC Drill Rig has arrived at the Company’s 100% owned historic Pine Ridge Gold Mine.
Argent Minerals Limited ABN 89 124 780 276 Tel +61 (08) 9481 0389 Email [email protected]
25 Colin Street West Perth WA 6005 www.argentminerals.com.au
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The Pine Ridge Drilling Campaign
Argent will drill 20 new RC holes for a total depth of 2,390 metres in the area of the historic Pine Ridge underground gold mine.
RC drilling will be conducted to infill and extend historical drilling. Drilling will target pierce points on a 20m x 20m grid and will be used upgrade the existing indicated resource.
In 2019 the Company drilled 690.3m of diamond drilling in a first pass program targeting the historical 1994 RC drilling by then owner Goldrim Mining Australia Limited (Goldrim). The Stage 2 RC drilling program will extend the historical resource drilling down plunge and along strike of known mineralisation.
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Figure 1 – Strike RC Rig Drilling at Pine Ridge May 2021
About Pine Ridge
The Pine Ridge area consists of a series of historic alluvial, eluvial and underground hard rock gold mines which operated from the 1820’s until the 1940’s and produced grades in excess of 250g/t Au (NSW Government Reports). Diamond drilling conducted by Argent in 2019 confirmed the position and tenor of gold mineralisation that was reported in historic drill intersections, and returned 19m @ 3.2g/t Au from 98.4m including 1m @ 40.7 g/t Au from 106m in APDD031 (see ASX Announcement of 5 June 2019 titled “Maiden Pine Ridge Drilling Results Significant Intercept Recorded” for further details).
The Pine Ridge tenement, EL8213, has been held by Argent since 2013 and recent developments have reinforced Argent’s commitment to advancing exploration in the area. Argent’s strategy to develop higher grade gold projects in close proximity to the Kempfield Project will enhance the economics of Kempfield.
Argent Minerals Managing Director and CEO Mr George Karageorge commented: “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.”
He added “The Pine Ridge Project Stage 2 drilling should return encouraging results based on modelling and geophysical work completed to date. The company has conducted a high level 12-month geophysical review over Trunkey Creek, Kempfield and Pine Ridge project areas to assist targeting the next 12 months of drilling programs with the modelling capturing over 40 years of historical data”
Argent Minerals Limited ABN 89 124 780 276 Tel +61 (08) 9481 0389 Email [email protected]
25 Colin Street West Perth WA 6005 www.argentminerals.com.au
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High Grade Historic Intersections at Pine Ridge identified by Goldrim Mining Australia Limited 1994 (see ASX Announcement of 19 March 2019 titled “Drilling Programme Approved – Pine Ridge Gold Mine” for further details)
| further details) | |
|---|---|
| Hole ID**Significant Intercept ** | |
| PR01021m @ 5.6g/t from 50m Including 1m @ 62.9g/t Au from 59mPR00910m @ 4.1g/t Au from51m Including 1m @ 20.6g/t Au from 52mPR01210m @ 3.7g/t Au from 71m Including 1m@11,2g/t Au from 72mPR02318m @ 2.4g/t Au from 77m Including 1m @ 5.3g/t Au from 77m |
Table 1 – Historic drill results reported by Argent Minerals for the Pine Ridge Gold Mine
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Figure 2 – Pine Ridge Prospect Drill Pads for 2021 RC Drilling Program
Argent Minerals Limited ABN 89 124 780 276 Tel +61 (08) 9481 0389 Email [email protected]
25 Colin Street West Perth WA 6005
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Argent May 2021 RC Drilling Program Plan
| PadHole IDEastingNorthingElevationAzimuthDipTarget Hole Depth (m)Fiure 2 –Pine Ride Drill Pads for 2021 RC Drillin Camain | PadHole IDEastingNorthingElevationAzimuthDipTarget Hole Depth (m)Fiure 2 –Pine Ride Drill Pads for 2021 RC Drillin Camain |
|---|---|
| Pad1 | APRC03471203862426496242514795gg g pg |
| APRC035712038624264962425665145 | |
| APRC03671203862426496242705295 | |
| APRC037712038624264962428064125 | |
| APRC038712038624264962427870150 | |
| Pad2 | APRC03971203762426686212925280 |
| APRC040712037624266862128074140 | |
| APRC041712037624266862128078150 | |
| APRC04271203762426686212956490 | |
| Pad3 | APRC04371204662426946122704275 |
| APRC04471204662426946122676495 | |
| APRC045712046624269461226671125 | |
| APRC046712046624269461226776150 | |
| APRC04771204662426946122954265 | |
| APRC048712046624269461229560100 | |
| Pad4 | APRC049712099624272959325547140 |
| APRC050712099624272959325654150 | |
| APRC051712099624272959325560160 | |
| Pad5 | APRC05271189962426936281104385 |
| APRC0537118996242693628904380 |
Table 2 – Pine Ridge 2021 RC Drilling Campaign Drill Collars
This ASX announcement has been authorised for release by the Board of Argent Minerals Limited.
-ENDS-
For further information, please contact:
George Karageorge Managing Director Argent Minerals Limited M: 0419 944 484 E: [email protected]
Competent Persons Statement:
The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Stuart Till, a Competent Person who is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Till is employed as an independent geological consultant by Argent Minerals Limited and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Argent Minerals Limited ABN 89 124 780 276 Tel +61 (08) 9481 0389 Email [email protected]
25 Colin Street West Perth WA 6005 www.argentminerals.com.au