leadf
logo-loader
viewArgonaut Resources NL
(
ASX:ARE
)

Argonaut Resources intersects iron oxide copper gold system in second hole at Murdie Project

Drill holes WLTD001 and WLTD002 are part of an initial 4–5-hole program, targeting residual gravity anomalies that are referred to as Smith Dam 1 and Smith Dam 2.

Argonaut Resources NL -
Drilling is targeting IOCG mineralisation defined by large gravity anomalies.

Argonaut Resources NL’s (ASX:ARE) second drill hole drill, currently being drilled through the targeted zone at the Smith Dam 2 gravity anomaly within the Murdie Project in South Australia, has intercepted iron oxide copper gold (IOCG) alteration.

WLTD002 has intercepted further IOCG alteration including breccia zones with moderate to strong hematite and potassic alteration.

The continued IOCG alteration at the Smith Dam 2 target confirms the prospectivity of the West Lake Torrens gravity anomaly.

The Smith Dam gravity anomaly is within the broader West Lake Torrens Bouguer gravity anomaly.

Importantly, the presence of further IOCG alteration in the basement rocks of the West Lake Torrens gravity anomaly continues to provide encouragement to the Argonaut team.

Murdie drilling program

The 2021 Murdie drilling program has confirmed the presence of the critical prerequisites to the discovery of an IOCG deposit:

  • The same brecciated, hematite alteration system as Olympic Dam, Carrapateena and Oak Dam;
  • Preservation, rather than erosion, of the IOCG system; and
  • The intersection at approximately the correct level within the system.

Drilling

Both holes WLTD001 and WLTD002, are part of an initial 4–5-hole program, targeting residual gravity anomalies are referred to as Smith Dam 1 and Smith Dam 2.

Drill holes WLTD001 and WLTD002 intercepted IOCG alteration at approximately the level within a system that possible economic IOCG mineralisation would be expected to occur.

WLTD001 drill core has been cut and the samples are currently being submitted for assay.

Basement rocks intercepted in drill hole WLTD002 feature breccia zones with moderate to strong hematite and potassic alteration, supported by portable XRF analysis.

Brecciation is the breaking of rock into fragments that are then re-cemented by a matrix, in this case, an iron-rich matrix.

The system appears not to have been subject to destructive, ancient erosion.

IOCG-style hematite alteration and brecciation at second drill hole at Murdie Project

The second hole WLTD002 intercepted the basement at 645 metres and will be drilled to a depth of at least 845 metres.

Quick facts: Argonaut Resources NL

Follow
ASX:ARE

Price: 0.008 AUD

Market Cap: $28.85 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

Argonaut Resources updates on copper-cobalt drill program in Zambia

Argonaut Resources NL (ASX:ARE)'s Lindsay Owler says its 2,800 metre diamond drill program at the Nyungu copper-cobalt deposit in the Lumwana West project in Zambia is on track and proceeding as planned. The 90% Argonaut held Lumwana West Project is situated between two world-class copper...

1 day, 23 hours ago

2 min read