During the program 16 RC drillholes were completed for a total of 1,918m. The Company has received all of RC down hole assays results from
The remaining 5 drill holes will be drilled in September and
Argent Minerals Limited Managing Director
'Pine Ridge gold mineralization is open at depth and in most directions whilst the grade increases as we drill west, northwest and extend drilling at depth'. 'High grade gold has been intersected in drill holes such as APRC048 with 6-meter interval of 10.5 gram gold from 60 meters and drillhole APRC040 a further 7- metre interval of 3.1 gram gold from 70m'.
'Pine Ridge continues to prove itself as an exciting exploration target. We are confident the project will deliver more gold mineralisation with the view of commencing the first independent Maidan JORC Resource estimation on the remaining drilling program is completed in September
Pine Ridge Prospect 100% Argent
The Pine Ridge Exploration License (EL) 8213 is 100% owned and operated by
Mining was originally conducted by open cut workings and then subsequently by underground workings which consisted of 2 shafts up to 20m deep, small open cut pits, an adit and underground drives in a zone that extended over 300m. The mineralisation has been described as two zones of highly weathered porphyrite separated by phyllite up to 75m wide that contained gold bearing quartz veins. The drilling programs conducted by Rimfire in the late 1990's and the Company in 2019 has revealed some potential similarities with the McPhillamy's gold deposit which host over 2.31Moz of Gold. The McPhillamys gold deposit lies along one of series of north-south trending splays/horsetail structures that occur at the inflection of the
The gold mineralisation trends roughly N-S over a strike distance of 900m and dips steeply at 70 o to 80o to the east.
An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade, relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. The potential quantity and grade of the Exploration Target is conceptual in nature, there has been insufficient exploration to estimate an additional Mineral Resource and it uncertain if further exploration will result in the estimation of an additional Mineral Resource.
Contact:
Tel: +61 8 9481 0389
Email: George.karageorge@argentminerals.com.au
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Forward Statement
This news release contains 'forward-looking information' within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget' 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or indicates that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be' taken, 'occur' or 'be achieved.' Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, commodity prices, the estimation of initial and sustaining capital requirements, the estimation of labour costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the project, permitting and such other assumptions and factors as set out herein
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in commodity prices; sources and cost of power and water for the Project; the estimation of initial capital requirements; the lack of historical operations; the estimation of labour costs; general global markets and economic conditions; risks associated with exploration of mineral deposits; the estimation of initial targeted mineral resource tonnage and grade for the project; risks associated with uninsurable risks arising during the course of exploration; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support exploration activities; risks associated with changes in the mining regulatory regime governing the Company and the Project; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalisation and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at the project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation.
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