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Argonaut Resources NL intersects thick spodumene pegmatites at Crescent Lake

Published: 13:00 11 Jul 2016 AEST

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Argonaut Resources NL (ASX:ARE) has intersected two adjacent spodumene bearing pegmatites in its initial six hole drill program at the Crescent Lake project in Canada.

The two pegmatites had thicknesses of up to 24 metres and 11 metres as visually inspected in the drill core.

Samples from the drilling will now be submitted for analysis with results expected in three weeks.

These results build on historical drilling in the same area which intersected mineralisation including 8.1 metres at 1.48% lithium and 10.5 metres at 1.15% lithium.

Visual assessment of mineralisation and thickness provides encouragement for further exploration.


Background

Argonaut is focused on fast-tracking the development of its three lithium assets.

The company currently has rights to two Canadian projects – Crescent Lake and Greenbush Lake. It also owns 100% of the Lake Blanche lithium target in South Australia.


Crescent Lake drilling

Crescent Lake is located 250 kilometres from Thunder Bay in Ontario, Canada.

Argonaut has completed a six-hole program of diamond core drilling at the Falcon Lake West deposit within the Crescent Lake project.

The program targeted two pegmatite units, one of which outcrops boldly with clear evidence of spodumene mineralisation.

Drilling has confirmed the presence of the two targeted spodumene bearing pegmatites.

Lab analysis results expected in three weeks will determine the grade of lithium mineralisation intersected.


Analysis

Visual analysis of the drill core has confirmed that intense spodumene mineralisation has been intersected.

Argonaut is leveraged to lithium exploration success as it awaits assays results, expected in three weeks.

Argonaut is continuing its successful transformation as a lithium explorer with three projects now able to produce lithium related news flow.

Argonaut shares are up 275% year to date trading at $0.015.

 

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