As outlined in Argent’s announcements on Monday 24 October 2014, Argent is in the process of rearranging its drilling programs with the aim of recommencing drilling in 2016, and continuing through early 2017.
Given the significant rainfall at West Wyalong, which resulted in widespread flooding, the Company has taken a decision during the last week to expedite drilling at Kempfield, and for that to be followed as soon as possible by the West Wyalong program after the ground has dried out. Whilst both areas have received significant rainfall, the Company is of the opinion that Kempfield, situated on higher ground with more efficient drainage, will be dried out sooner than West Wyalong for supporting heavy equipment safely.
Whilst the finalisation of access has taken longer than expected, the Company expects the two remaining West Wyalong unresolved access agreements and the subsequent regulatory approvals to be in place prior to a target drilling commencement date of mid-February 2017. This date has been scheduled to fit in with cropping activities, and remains subject to the resolution of access, completion of the regulatory approvals and statutory notification processes, as well as the weather.
The revised drilling schedule has been designed to allow a recommencement of drilling at Kempfield in 2016, which is expected to continue through the end of year and into early 2017. Land access is simpler at Kempfield, given that Argent has freehold title for a substantial portion of the land covered by the project area. Only two additional access agreements are required – one for the test of the magnetic high in the southern area, and the other with the northern neighbour over whose land Argent has an option agreement.
The Company is also continuing to work with numerous Trunkey-Kings Plain landholders to finalise access agreements that would allow exploration to commence. Recent positive progress on the access agreements for the Pine Ridge gold mine area may allow initial drilling to occur immediately following the Kempfield drilling early in 2017, prior to the scheduled West Wyalong drilling. This is highly dependent on the favourable timing and alignment of a multiplicity of factors, many of which, despite the Company’s best efforts, are outside its control. The revised Kempfield drilling schedule for all three projects is subject to timely completion of all access agreements, regulatory approvals and notifications, as well as being subject to traditional exploration controls such as the weather.
Argent’s expanding project platform provides the opportunity to reschedule any activity in order to maximise utilisation of staff and equipment during the financial year.
ARD Price at posting:
2.4¢ Sentiment: Hold Disclosure: Held
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