Brisbane, May 5, 2008 AEST (ABN Newswire) - Argo Exploration Ltd (ASX: 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 2.001003.5 - 1005.0 1.5 1.45 0.191083.0 - 1092.0 9.0 0.24 2.561083.0 - 1088.0 5 0.10 3.611087.0 - 1088.0 1 0.14 13.681091.0 - 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 multi-staged overprinting iron-oxide species, the presence of bornite plus chalcopyrite with variable gold, strong brecciation, pervasive chlorite alteration and gold-bornite-chalcopyrite zonation are all considered positive indicators of a large metalliferous system which warrants further drilling.
Compliance Statement
The information in this report that relates to exploration results, mineral resources and ore reserves is based on information compiled by Mr J I Stewart, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Stewart has sufficient experience which is relevant to the styles of mineralization and types of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' Mr Stewart consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Contact
For further information please contact:
Dr Hugh K Herbert
Managing Director
Tel: +61 7 4636 2788
Fax: +61 7 4635 6867 (Direct)
Mobile: 0412 367 937
E-mail: hugh.herbert@argoexploration.com.au
Website: www.argoexploration.com.au
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