Sydney, Feb 27, 2008 AEST (ABN Newswire) - Argonaut Resources NL (ASX: ARE) is pleased to announce an additional focus for the Company's gold exploration strategies in South East Asia with a new nickel discovery in Laos.
Nickel sulphide mineralisation over a strike length of 2.8 kilometres has been identified at one of three nickel targets at Argonaut's 223 square kilometre Century tenement adjoining the Mekong River bordering Thailand in northwest Laos.
The Company will immediately investigate the nature of the nickel sulphide mineralisation - at the Nam Hone prospect - through laboratory testwork and, on confirmation of high nickel content in sulphides, proceed to drill test the target.
Nickel anomalies at the two remaining targets, Houai Khouay and Vang Ma, further to the north but within the Century project area, are yet to be investigated. "The scope and grade of the nickel mineralisation is a welcome development. It provides significant opportunity in Laos to build a complementary campaign to our gold initiatives there," Argonaut Managing Director, Mr Graeme Ellis, said.
The discovery was confirmed after regional geochemical sampling at Century delineated three principle nickel targets at Nam Hone East, Houai Khouay and Vang Ma. Each of the anomalies was coincident with outcropping mafic intrusive rocks (gabbros).
Early high grade indicators
Argonaut geologists initially recognised the potential for an economic nickel deposit at Nam Hone East when ridge and spur soil samples, targeting gold at the nearby Nam Hone gold deposit, returned nickel values up to 0.68% in a gabbro intrusive body.
The Company proceeded to delineate this target with further soil samples, hand auger, rock chip sampling and channel sampling of outcropping gabbro.
Results include:
- Six soil samples greater than 0.5% Ni
- Six hand auger samples greater than 0.5% Ni
- Peak bedrock channel sample: NHRL10: 4m at 0.51% Ni
The north-south oriented nickel anomalism is seen over a strike length of 2.8km at Nam Hone East, with higher grade surface samples prevalent over 700m of strike length. Disseminated nickel sulphide mineralisation was observed in bedrock exposures.
"The mineralisation at Nam Hone East appears to be similar to some of the new generation of disseminated nickel sulphide deposits in gabbroic rocks, such as Mirabela's Santa Rita deposit in Brazil and Allegiance's Avesbury deposit in Tasmania," Mr Ellis said.
"Disseminated deposits with a high nickel to sulphide ratio produce a higher grade Ni concentrate. "This is a significant commercial advantage and we will now proceed rapidly to testwork to further define the Nam Hone discovery."
Contact
Graeme Ellis
Managing Director
TEL: +61-2-9239-8787
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