Argent Minerals (ASX:AGY) has commenced diamond drilling at its Loch Lilly Joint Venture Project located in western New South Wales.
Drilling represents the company’s maiden drill testing of the Loch Lilly – Kars Belt.
Expert analysis indicates that the Loch Lilly – Kars Belt is an extension of the Western Tasmania Mt Read Volcanics Belt with potential to host world-class deposits.
The Mt Read Volcanics Belt hosts several world-class mineral deposits, including Mt. Lyell, which to date has produced more than 62 tonnes of gold, 1.8 million tonnes of copper and 1,300 tonnes of silver.
The belt also includes the shear-hosted Henty gold mine, which has produced more than 1.5 million ounces of gold, and in western Victoria, the same broad belt hosts the Stawell gold mine that has produced more than 2.5 million ounces of gold.
Drilling has commenced at the Netley target and will be followed by the Eaglehawk target, each with a 500-metre hole.
Drilling is expected to take three to four weeks, subject to conditions.
The cost for Argent is minimal as 75% of the direct drilling costs up to $150,000 will be co-funded by the NSW Government, merit-based, Cooperative Drilling fund.
Following the drilling program, Argent will earn-in to a 51% interest.
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