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.
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.
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.