Exploration Success at Argent Minerals Raises Questions on Resource Expansion Risks

Exploration Breakthroughs at Kempfield NW

Argent Minerals Limited (ASX: ARD) has delivered a compelling update on its December 2024 quarter exploration activities, with significant drilling success at its flagship Kempfield Project in New South Wales. The company completed seven Reverse Circulation (RC) drill holes at the Kempfield NW Zone, intersecting broad, shallow zones of high-grade silver, gold, copper, lead, and zinc mineralisation up to 47 metres thick from surface. Notably, drillhole AKRC244 returned an impressive 47m at 10.18 g/t silver and 0.30% combined base metals starting from just 1m depth, including high-grade intervals such as 4m at 57.45 g/t silver.

These results confirm the continuity of mineralisation along strike and at depth, with the system remaining open for expansion. The presence of gold within the mineralised zones, such as 4m at 3.40 g/t Au in AKRC245, adds further value to the polymetallic potential of the deposit. The Kempfield NW Zone now extends over a 1.97km strike length with an average width of 100m, underscoring its significance within Argent's portfolio.

Advancing Targets at Sugarloaf Hill and Golden Wattle

Further drilling at the Sugarloaf Hill Prospect has delineated a substantial 56m thick Volcanogenic Massive Sulphide (VMS) style mineralisation near surface, confirming a new lode proximal to the existing Lode 200 Mineralised Block. While all drillholes terminated within oxide material, indicating the need for deeper diamond drilling to reach sulphide zones, the results provide a promising foundation for future exploration.

At the Golden Wattle Prospect, located approximately 2.6km east of Kempfield Deposit, scout RC drilling has intersected high-grade base metal mineralisation, with drillhole AKRC280 returning 19m at 0.84% combined copper, lead, and zinc, including 7m at 1.45%. These discoveries highlight the prospectivity of Argent's broader landholding and the potential for new resource additions.

Gold Potential Emerges at Trunkey Creek

Argent's first rock chip reconnaissance program at the Trunkey Creek Gold Project, situated 9km southeast of Kempfield, has confirmed gold mineralisation with assays up to 24 g/t Au. The sampling targeted quartz veins and historic workings within a mineral field with a rich mining history dating back to the 19th century. The presence of high-grade gold alongside silver and base metals opens a new avenue for exploration in this underexplored region.

Financial Position and Capital Raising

Supporting its exploration momentum, Argent Minerals concluded the quarter with a healthy cash balance of $1.804 million. This follows a successful pro-rata non-renounceable Entitlement Offer and Priority Option Offer completed in December 2024, which raised approximately $124,664 before costs. The capital raise strengthens the company's capacity to fund ongoing and planned drilling campaigns across its NSW projects.

Exploration expenditure for the quarter totaled approximately $640,000, predominantly focused on field activities in New South Wales. The company reported no substantive mining production or development activities during the period, consistent with its exploration stage status.

Outlook and Next Steps

Argent Minerals is poised to advance its exploration programs with an additional 3,000m of drilling planned at Sugarloaf Hill, Henry's, and Golden Wattle prospects. The promising results from the Kempfield NW Zone and new discoveries at Golden Wattle and Trunkey Creek set the stage for potential resource upgrades and further delineation of high-grade mineralisation. Investors and analysts will be watching closely for upcoming assay results and the company's progress in converting exploration success into defined resources.