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Argonaut Resources to begin RC drilling program near Higginsville next month

The company has received approval from the WA Government to drill at two prospect areas including Island prospect.

Argonaut Resources NL - Argonaut Resources to begin RC drilling program near Higginsville in June
Argonaut holds a 51% interest in a package of tenements around Higginsville

Argonaut Resources NL (ASX:ARE) is set to begin a reverse circulation drilling program in June at the Island gold prospect near Higginsville in Western Australia.

The company is fast-tracking plans to drill up to 20 holes at two prospect areas, on the surface of an inlet in Lake Cowan and at the Island prospect, with a suitable track-mounted RC drill rig following receiving approval from the WA Government.

Argonaut holds a 51% interest in a package of tenements around Higginsville and can earn up to 80% under an earn-in joint venture.

Target confirmed by exploration AI

The Island Gold target has been independently confirmed by SensOre Ltd using its proprietary mineral exploration artificial intelligence.

It sits around 9 kilometres south of the Higginsville Mining Camp, between St Ives and Norseman gold mining districts.

SensOre Ltd is an Australian mineral targeting company with a proprietary, artificial intelligence, machine learning system.

Setting

The anomaly sits directly over a major north-westerly orientated fault which terminates the north-south trending greenstone package that hosts the primary Higginsville gold deposits such as Trident, Poseiden South, Fairplay and Corona.

These Higginsville deposits sit on a north-south mineralisation trend that aligns with the Island prospect to the south.

Earn-in terms

Argonaut and Loded Dog Prospecting Pty Ltd executed the Eastern Goldfields Earn-In Joint Venture and Royalty Agreement on February 7, 2017. 

Under the agreement, Argonaut has the right to earn an 80% interest in the tenement package according to the following terms:

  • Argonaut earned a 51% interest in the tenement package by completing $500,000 in exploration expenditure within two years of commencement;
  • Argonaut may earn a further 29% interest, for a total of 80%, for completing an additional $1,500,000 in exploration expenditure within a further three years.
  • Reimbursement of tenement acquisition expenses totalling $250,000 was paid by Argonaut progressively under the agreement; and
  • An issue of ordinary fully paid Argonaut shares valued at $50,000 was issued on execution of the definitive earn-in agreement.

The earn-in agreement is in the second earn-in phase.

Quick facts: Argonaut Resources NL

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