Argent Minerals Ltd to drill for porphyry copper at Loch Lilly
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15:00 12 Jul 2017
Following the drilling program, Argent will earn-in to a 51% interest.
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Drilling will start next week Argent Minerals Ltd (ASX:ARD) will commence a highly anticipated drilling program next week at the Loch Lilly Joint Venture Project located in western New South Wales.
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 program will test two of four identified targets known as Eaglehawk and Netley, each by a 500 metre diamond drill hole.
Eaglehawk and Netley were identified by advanced geophysics coupled with new petrological, lithogeochemical and geochronological studies on historical drill core.
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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.
Importance of Mount Read Volcanics Belt
The Mount Read Volcanics Belt in western Tasmania 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.
Argent's portfolio
Argent can earn up to 90% of the Loch Lilly Joint Venture Project.
The company wholly-owns the Kempfield Polymetallic Project, and has a 70% interest in the West Wyalong Porphyry Copper-Gold Project.
ARD Price at posting:
3.2¢ Sentiment: Buy Disclosure: Held
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