copper, page-3

Promising copper and gold analyses at Intercept Hill
for Argo Exploration
Key Highlights
• Best gold intercept 9.0 meters at 2.56 g/t Au with 0.24% Cu, including 5.0 meters at
3.61 g/t Au and 0.1% Cu together with a 1.0 meter interval of 13.68 g/t Au and
0.14% Cu
• Highest grade copper intercept 1.5 meters at 3.66% Cu with 0.81 g/t Au, including
0.5 meters at 10.58% Cu and 2.00 g/t Au
• Other copper intercepts include 3.0 meters at 1.8% Cu, 12.0 meters at 1.00% Cu,
including 7.0 meters at 1.46% Cu, all with accessory gold
• Separate copper (with accessory gold) and gold (with accessory copper) zones
intersected.
Melbourne, 05 May 2008 - Argo Exploration Ltd (‘Argo; ASX Code ‘AXT’) announced
today it has received partial analyses of basement iron oxide copper-gold (IOCG)
mineralization intersected by vertical diamond drill hole, IHAD 5, at Intercept Hill. The
present release deals with copper and gold data and is based on analysis of sawn half
NQ2 core; analyses for silver, uranium, cobalt, lanthanum and cerium are pending.
Drill hole IHAD5 is sited 500 meters to the north-north-west of copper mineralized
vertical diamond drill hole IHAD2 and was completed to a depth of 1,152.7 meters.
Argo previously reported results from overlying mineralized Tapley Hill Formation
intersected in IHAD5 at 1.67% Cu with 18.5 g/t silver (Ag) over 5.76 meters, including
2.5 meters at 2.88% Cu and 31.4 g/t Ag, between 392.84 to 398.6 meters depth. The
present report deals with the IOCG mineralized interval from 848 to 1099 meters.
Basement IOCG Mineralization
Copper and gold results
Exciting results for the “crystalline basement” IOCG mineralization are tabulated below:
Table of Significant Results – IHAD5 Intercept Hill
Interval (Meters) Increment (Meters) Copper (%) Gold (g/t)
848.0 – 850.5 2.5 0.08 0.34
905.0 – 906.0 1.0 0.78 0.02
915.0 – 917.0 2.0 0.41 0.01
919.0 – 1099.0 180.0 0.27 0.17
923.0 – 978.0 54.0 0.60 0.05
924.0 – 927.0 3.0 1.80 0.19
939.0 – 955.0 16.0 0.83 0.03
939.0 – 951.0 12.0 1.00 0.03
939.0 – 946.0 7.0 1.46 0.05
997.5 – 999.0 1.5 3.66 0.81
997.5 – 998.0 0.5 10.58 2.00
1003.5-1005.0 1.5 1.45 0.19
1083.0 – 1092.0 9.0 0.24 2.56
1083.0 – 1088.0 5 0.10 3.61
1087.0 – 1088.0 1 0.14 13.68
1091.0 – 1092.0 1 0.08 4.41
Italics refer to gold zone.
Argo believes that the increase in metal tenor of the crystalline basement material,
relative to IHAD2 500 meters to the south-south-east, and the characteristics of the
alteration package, indicate that IHAD5 is sited within a mineralized IOCG system. The
more complex evolution of the mineralized system at this locality, as reflected in multistaged
overprinting iron-oxide species, the presence of bornite plus chalcopyrite with
variable gold, strong brecciation, pervasive chlorite alteration and gold-bornitechalcopyrite
zonation are all considered positive indicators of a large metalliferous
system which warrants further drilling.
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