Acquisitions in World Class Mt Read Volcanics Belt Tasmania
Sydney, Jan 29, 2018 AEST (ABN Newswire) - Argent Minerals Limited (
ASX:ARD) (Argent, or the Company) is pleased to report strategic acquisitions in the highly productive Mount Read Volcanics belt of Western Tasmania.
Highlights:
- Strategically positioned tenements acquired between world class mines Rosebery (high grade polymetallic, owned by MMG) and Renison Bell Tin Mine (one of the world's largest and highest grade tin mines, owned 50% by Metals X), and near Mt Lyell Copper Mine.
- Pre-JORC historical mineralisation estimates for four deposits within the tenements offer a rapid kick start - featuring tin, lead, zinc, copper, silver and nickel.
- Established access, mining infrastructure, nearby processing facilities and offtake potential within favourable regulatory regime that has supported more than 100 years of mining.
- The strategic Mt Read Volcanics acquisitions further boost and complement Argent's position in the Australian base and precious metals space to take advantage of strengthening commodity prices as global growth outperforms most expectations.
The Ringville and Queensberry tenements have been granted by the Tasmanian Government to Argent following merit-based assessment processes in which the Company's proposed exploration plans and capabilities were evaluated in separate competitive bidding environments.
About the Ringville tenement position
Ringville tenement EL12/2017 is strategically situated between two world class mines - 300 metres west of Mine Lease 28M/1993 containing the Rosebery high grade polymetallic mine owned by MMG Ltd (HKG:1208), and immediately to the east of (and partially overlain by) Mine Lease 12M/1995 containing the Renison Bell Tin Mine.
The Renison Bell Tin Mine is one of the world's largest and highest grade tin mines, and is considered to hold more than 85% of Australia's economic tin resources.
Metals X Limited (ASX:MLX), which owns 50% of the project, via Bluestone Mines Tasmania Pty Ltd, has reported a prevailing tin sales price of approximately A$26,500/tonne.
The tenement contains 52 recorded mineral occurrences, including three deposits to which pre-JORC historical mineralisation estimates have been attributed, featuring tin, copper, zinc, lead and silver (see Table A in link below).
The geology in the area comprises Early Cambrian to Devonian elements with identified potential for mineral deposits similar to Mt Read polymetallic volcanic-hosted massive sulphide (VHMS), Renison intrusion related skarn tin and vein lode, and Avebury nickel sulphide.
About the Queensberry tenement position
Queensberry tenement EL9/2016 is located 11 kilometres northwest of the world class Mount Lyell copper mine. Considered to be Australia's oldest continually operating mining field, Mount Lyell produced more than 1.8 million tonnes of copper, 2 million ounces of gold, and 41 million ounces of silver over approximately 120 years.
The 82 square kilometre Queensberry tenement area is heavily populated with old mine workings and 10 recorded mineral occurrences. Four of these comprise the historic Queensberry Mine, which according to government records, achieved grades of up to 40-56% lead, and 6-7 ounces/tonne silver.
The Queensberry tenement position covers highly prospective parts of a Tyndall Group correlate, host to the Henty- Mt Julia gold deposit, and the White Spur Formation directly overlying the Rosebery-Hercules VHMS Deposits.
Historical mineralisation estimates for Pieman, Salmons, Godkin and Queensberry Mine are summarised in the following table (see link below).
High-grade assay results for rock chip samples collected at Queensberry
Rock chip samples collected from in situ and mullock heap locations at the site of the historic Queensberry Mine site indicated in Figure 1 (see link below) yielded the following high-grade assay results (see link below).
The geological setting of Queensberry is complex, and is composed of units contained within the Mount Read Volcanics, shelf sediments of the Denison Group, and Devonian sediments.
Established mining infrastructure including nearby processing facilities and offtake potential
The Argent tenements are strategically located in areas well served with roads and railway lines for transporting mined material to processing facilities and to port for shipping to smelters.
The Ringville tenement is also located adjacent to two world class operations with processing facilities for the extraction of tin (Renison Bell) and zinc/lead/copper/silver/gold (Rosebery).
The Company notes that on page 9 of Metals X's 2017 AGM presentation, the Renison Bell project is considered to be a 'Massive system, with more to come....', that is 'still open in all directions', which according to the long section graphic, includes specifically toward the northeast - approximately 3 kilometres along strike from which is the Company's Pieman tin deposit (see the red 'Open' arrow illustration in Figure 1 of this announcement) (see link below).
The Company also notes that Renison Bell, as part of its potentially significant expansion of its operations, is considering extraction of tin from mineral resources with lower grades (as low as 0.44% Sn) than the pre-JORC historical mineralisation estimate reported in this announcement for the Pieman and Godkin deposits.
Rapid kick start and strategic complement to Argent's asset portfolio
The strategically located Mount Read Volcanics belt tenements, together with the included pre-JORC Code historical mineralisation estimates, provide a rapid kick start to Argent's entry to this highly sought after area.
Exploration licence application grants are not automatic - being granted on a merit-based assessment conducted by the Tasmanian Government. Applicants' capabilities and proposed exploration plans are assessed for each specific tenement. This was a competitive process for both the Queensberry and Ringville tenements.
Both Argent's full time Exploration Manager and Senior Exploration Geologist are VHMS experts that are wellacquainted with the Mount Read Volcanics belt, having specific direct experience in the area that includes exploration related to the Rosebery project.
The Mount Read Volcanics acquisitions further boost and complement Argent's position in the Australian base and precious metals space to take advantage of strengthening commodity prices as global growth outperforms most predictions.
To view the full release with tables and figures, please visit:
http://abnnewswire.net/lnk/893MY40C
About Argent Minerals Limited
Argent Minerals Limited (
ASX:ARD) is an Australian publicly listed company with a 100% interest in a silver/gold project at Kempfield NSW. Work is underway on the preparation of an EIS and a feasibility study for the first stage of the project which will involve heap leaching some 8.8 million tonnes of mainly oxide and transitional material to produce over 9.5 million ounces of silver and 15,000 ounces of gold over a 5 year mine life. Argent is also earning up to a 70% interest in two other NSW projects - gold at West Wyalong and base metals at Sunny Corner.
| ||
|
