Argent Minerals reveals copper-gold porphyry potential at Loch Lilly
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14:32 03 Nov 2017
Argent's portfolio has attracted merit based funding by the NSW Government.
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Netley drillcore
Argent Minerals Ltd (ASX:ARD) has a portfolio of three potential company making projects, and all three have been awarded merit-based New South Wales Government funding.
Argent will earn a 51% interest in the Loch Lilly project following some final reporting obligations for the holes just drilled, with the interest earned over just an eight-month period.
The stake in the project has come at a very minor cost, with Argent receiving a $141,966 rebate for 75% of the direct per-metre drilling costs.
Drilling comprised two diamond holes which intersected a series of porphyritic intrusives and alteration, with assays yielding positive copper-gold porphyry geochemical suite results, with Netley yielding elevated copper.
Anomalous copper, together with elevated zinc to 282 ppm and molybdenum to 297 ppm could suggest that the hole intersected an outer halo of a mineralised porphyry copper system.
Further investigation by Argent is warranted in order to determine the source of the gravity and magnetic anomalies and the source of the increased base metal concentrations.
Samples have now been dispatched for petrographic study, whole-rock characterisation studies and pyrite laser-ablation studies.
The combination of all of these studies will allow Argent to readily identify further potential for the Loch Lilly Project and guide the exploration strategy.
The company has a right to earn up to 90% interest in the 1,447 square kilometre project, which hosts mineralisation potential analogous to the Mount Read Volcanics of Western Tasmania.
Netley target at Loch Lilly
Netley is one of four target areas defined in the Loch Lilly - Kars Belt joint venture area by the collaborative effort between Anglo American Exploration (Australia) Pty Ltd (AngloAmerican) and Dr. Anthony Crawford during 2014/15.
The belt is circa 80 kilometres south of Broken Hill, and hosts the potential for copper-gold porphyry, polymetallic volcanic-hosted massive sulphide VHMS, and nickel sulphide mineralisation.
AngloAmerican handed the project to its partner Dr. Anthony Crawford, after being instructed by its head office to exit Australian as part of a global restructuring initiative, which has provided the opportunity for Argent to farm-in to this highly prospective asset.
The Netley target was defined through 3D modelling performed by AngloAmerican on a dataset comprising a 400 station ground gravity survey, a magnetic survey, and historical drill core.
Inversion modelling was conducted on available geophysical data to improve the resolution and depth expression of the magnetic response.
The modelling revealed a near-coincident magnetic high and gravity low anomalies reminiscent of the scale and detail of the Northparkes mineralised finger porphyries rising from a basal monzodiorite pluton.
Historic drilling failed to intersect the magnetic source body.
Kempfield
At Kempfield, a substantial update of 3D geology and mineralisation model is underway to guide a reverse circulation infill drilling program.
Kempfield currently hosts a 52 million silver ounce equivalent resource.
There is the potential with extensions of up to two times current deposit dimensions identified by the 2016/17 diamond drilling.
Also at the project, metallurgical studies have commenced to evaluate potential zinc, lead and silver recovery potential in a standard flotation processing environment.
West Wyalong reveals multiple intrusives
Recent West Wyalong drill results confirmed the intersection of multiple intrusives over a 2.5 kilometre strike length and 1.5 kilometre width, with elevated gold, copper and molybdenum as signature features of mineralised porphyry systems.
The completed set of assays together with the drill core visual observations, reveal evidence of a near position to a porphyry copper-gold-molybdenum deposit in a fertile system, with a prospective area of four square kilometres delineated.
Argent has now moved to a 77.15% interest in the project.
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