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Argent Minerals gets approval for drilling at Loch Lilly

Drilling is co-funded by the New South Wales government.
Argent Minerals receives approval for drilling at Loch Lilly
David Busch, CEO, Argent Minerals

Argent Minerals (ASX:ARD) has received regulatory approval to commence a diamond drilling program at the Loch Lilly Joint Venture Project located in western New South Wales.

The project lies within the Loch Lilly - Kars Belt located 80 kilometres south of Broken Hill and is analogous to the Mount Read Volcanics of Western Tasmania.

The Mount Read Volcanics host world-class volcanogenic massive sulphide (VMS), copper-gold porphyry and nickel sulphide mineralisation.

Argent will earn its first 51% interest in the Loch Lilly Joint Venture by completing the drilling program to test two compelling geophysical targets – Eaglehawk and Netley.

The drilling program will comprise two diamond drill holes for a total of 1,000 metres, with one 500-metre hole to test each target.


Drilling costs are co-funded

The direct per-metre drilling costs of the program will be 75% co-funded by the New South Wales government up to $150,000.

The sought after government funding was awarded to the project based on merit, as assessed by an independent expert advisory panel.

All access agreements are in place and the required drilling activity notifications have been submitted to the various authorities as required by the regulations.


Next steps

Drill site preparations are scheduled to commence next week and the drilling contractor is scheduled to mobilise to site and commence drilling during the second week of July 2017.

The drilling phase of the program is anticipated to be completed within a period of circa three weeks, subject to operational conditions and weather.

This will be followed by Argent’s standard process of detailed core logging and selection of samples for submission to the laboratory.

 

Project portfolio: West Wyalong assays expected

Argent is focused on the expansion and development of its base and precious metal projects in New South Wales:

- Kempfield Polymetallic Project (100%);
- West Wyalong Porphyry Copper-Gold Project (70%); and
- Loch Lilly Joint Venture Project (earning up to 90%).

Assays are expected shortly from West Wyalong where a six hole 2,300-metre diamond drilling program was completed.

Drilling was testing for porphyry copper-gold and epithermal gold at the Theia and Narragudgil targets.

At Kempfield, preparations are underway for a 5,000-metre infill drilling program targeting a resource estimate update.

 

 

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