Argent plots delineating Kempfield targets

Argent Minerals (ASX:ARD) plans to launch further reconnaissance geochemical sampling over the Henry Zone, as part of its Kempfield Polymetallic Project in New South Wales. 

Managing Director Pedro Kastellorizos says the reconnaissance work will begin between late February and early March 2024, with a view to delineate drill targets based on the surface geochemistry. 

The $10.33 million market capitalisation company reports a recent rock chip sampling program over the Henry Zone has validated the outcropping gold-silver-copper-lead-zinc (Au-Ag-Cu-Pb-Zn) mineralisation outside the defined resource. 

‘High-grade’ polymetallic assays returned up to 14.05 grams per tonne (g/t) Au, 85.2g/t Ag, 0.5% Cu, 0.41% Pb, and 0.28% Zn.

Kastellorizos says: “The high-grade rock chips are hosted within metasedimentary and volcanic rocks which lies approximately 2km east from the current Kempfield deposit. The Au-Ag-Cu-Pb-Zn mineralisation now extends over 1,000m in length by 350m in width based on the 2024 geochemical assay results.”

Today (21 February 2024), Argent Minerals’ share price had climbed 12.50% to $0.009 as of 11.45am AEDT. 

The Henry prospect lies 2km east from the main Kempfield deposit, within a mineralised 1,000m by 350m zone. The company says this area remains open to the northeast and southwest. 

Argent Minerals is an Australian mineral explorer focused on the discovery, extraction, and marketing of precious and base metals. 

As of 31 December 2023, the company had $1.976 million cash at hand, according to its latest quarterly report.

Write to Aaliyah Rogan at Mining.com.au       

Images: Argent Minerals
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

MTM launches new REE exploration in WA

After snapping up a new niobium and rare earth elements (REE) project and bolstering its balance sheet by $7 million, MTM Critical Minerals (ASX:MTM) has launched fresh exploration in Western Australia. 

The $9.19 million market capitalisation company has started reprocessing available geophysical survey data over the new project area and assessing options for the collection of new magnetic and gravity geophysical data to help generate drill targets. 

At the same time, MTM is launching negotiations around heritage agreements with local Native Title holders to obtain access to its new tenements. 

The exploration and negotiation work follows MTM’s acquisition of privately held Flash Metals, which holds an option to exclusively negotiate the rights to the Flash Joule Heating technology developed by Rice University. 

As part of the acquisition deal, MTM paid Flash 100 million MTM shares and 50 million quoted options, as well as 37 million performance rights and 15 million unquoted options exercisable at $0.15 and expiring on 30 December 2026. 

The performance rights will vest equally across 3 milestones relating to drilling intercepts and resource definition across the new tenements. 

MTM says the new project lies in the West Arunta region of WA, immediately adjacent to ground held by fellow ASX-listed explorers WA1 Resources (ASX:WA1) and Encounter Resources (ASX:ENR).

According to MTM Managing Director Lachlan Reynolds, the new project provides the company with ‘compelling’ exploration opportunities in an under-explored terrane.

“We are very pleased to start exploration on our ground in the West Arunta province, where there is an opportunity to discover new niobium-rare earth deposits associated with carbonatites. 

There has been limited exploration in the area, so collection of basic exploration datasets like detailed geophysics could reveal quality targets near to the emerging mineralised carbonatite projects identified by both WA1 and Encounter.”

He adds that WA1’s exploration success in the region bodes well for the potential of the new project.

For reference, WA1’s share price has exploded from around $0.15 in October 2022 to nearly $11 on 19 February 2024 following its success in the West Arunta region. 

“The West Arunta region is one of Australia’s critical metal exploration hotspots, with over $60m in exploration expenditure collectively invested in the district by a number of ASX companies,” Reynolds says. 

MTM’s new licences in the West Arunta area cover 140km-square in an area of ‘very limited’ historical exploration. The company says its recent compilation of exploration data for the area shows that there has been no drilling on the ground in the area. 

MTM launched a $7 million capital raise in January 2024 to fund its REE exploration work.

Images: MTM Critical Minerals
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Written By Joshua Smith
Joshua Smith has years of experience in the media sector, having worked as a markets reporter, features writer, and editor since completing a Communications and Journalism degree and a Creative Writing degree. Josh is an avid board game fan and a self-professed coffee snob.

Future Metals looking ahead at Panton targets

Future Metals (ASX:FME) has identified multiple magmatic sulphide drilling targets at the Alice Downs Corridor, within the wholly owned Panton Project in Western Australia. 

These targets uncovered include the Eileen Bore, Palamino, and Salk drill targets — all of which show ultramafic host rocks with in situ mineralisation and structurally analogous to the nearby Copernicus nickel-copper mine. 

Future, which has a market capitalisation of $14.15 million, has planned a drilling campaign for early Q2 2024, aimed to test the down plunge extension of the Eileen Bore target, as well as confirm adjacent near-surface economic mineralisation at targets 2 and 3. 

Follow-up stages will occur if initial drilling determines the potential for a material amount of economic mineralisation. 

The company also plans to conduct field mapping and sampling along the Alice Springs Corridor focusing on confirming the current geological model and refine Palamino and Salk. 

The Eileen Bore prospect is considered an advanced exploration target. Mineralisation remains open down plunge and at depth, with mineralisation only tested to 96m. 

Future Metals is an Australian-based mineral explorer focused on advancing its Panton Project in the eastern Kimberley region of Western Australia. 

As of 31 December 2023, the company had $607,000 cash and cash equivalents at hand, according to its latest quarterly report. Post-quarter-end, Future Metals raised $3 million via a capital raising.

Write to Aaliyah Rogan at Mining.com.au      

Images: Future Metals 
Author Image
Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.