Argent’s Kempfield drilling strengthens the case for a larger silver development

Kempfield drilling pushes beyond the existing resource

Argent Minerals Limited (ASX:ARD) is trying to turn Kempfield from a large undeveloped silver deposit into a credible development project, and its latest drilling has supplied useful evidence for the first half of that argument. Hole AKDD217 returned 18.2 metres at 187.3 grams per tonne silver from 168 metres beyond the existing Lode 100 Mineral Resource boundary, with individual silver assays reaching 705g/t and 442g/t.

“Kempfield drillhole location map showing MRE zones.”

“Cross Section 6,258,640mN showing current hole AKDD217.”

Caption and image © Argent Minerals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

The same hole also intersected 158.7 metres from surface grading 17.9g/t silver, 0.44% lead, 0.63% zinc and 0.09g/t gold, including higher-grade zones. The intervals are reported as downhole lengths, so they do not establish true widths. Still, the result adds to the exploration case around a Kempfield resource currently estimated at 142.8 million ounces of silver equivalent across 63.7 million tonnes.

The result was part of the September Kempfield drilling results that also extended known mineralisation at Lode 200 and identified polymetallic mineralisation in the Gap corridor between Lodes 100 and 300. At Lode 200, holes returned intervals including 29.8m at 34.6g/t silver and 21.5m at 18.9g/t silver, alongside lead and zinc mineralisation. Five further Kempfield holes were still awaiting assays at the end of September.

From resource growth to a possible mine plan

New CEO Mike McKevitt, who started on 1 July, is placing greater emphasis on what happens after the drilling. Argent says it is evaluating alternative processing and development pathways, including a staged operation that could initially target near-surface mineralisation before considering the larger primary polymetallic resource.

That work includes further metallurgical, engineering and environmental evaluation, with earlier programs examining heap leach and carbon-in-leach or flotation options. The stated objective is to define recovery assumptions, capital requirements and operating costs sufficiently to inform a future scoping study. A stronger silver price may improve the setting for that work: silver closed the quarter at US$60.40 an ounce, compared with an approximate 2025 average of US$38 an ounce, according to the report.

Trunkey Creek finds gold below historic workings

Argent’s second active thread is the nearby Trunkey Creek Gold Project, where maiden drilling has moved the 4.7-kilometre mineralised corridor beyond historical surface evidence. The first laboratory results from hole ATDD002 returned 0.4m at 6.35g/t gold and a second 0.4m interval at 15.84g/t gold beyond an interpreted historic underground void.

“Location of the Trunkey Creek Gold Project, approximately 9km from Kempfield, showing the 4.7km mineralised corridor and Argent’s Central West NSW projects.”

“Cross-section 6,257,940mN showing diamond hole ATDD002, the interpreted historic mined void (86.8m to 89.2m downhole) and the two gold-bearing quartz veins intersected below it.”

Caption and image © Argent Minerals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

The assays followed the , which were narrow and showed variability between original and duplicate samples consistent with coarse gold. The company is planning a deeper hole at about 200 metres vertical depth, while completing a Phase 1 program of roughly 10 diamond holes for 1,000 metres. The results are encouraging evidence of mineralisation beyond the old workings, but they do not yet establish continuity, scale or economic significance.

Cash position puts funding on the agenda

Argent finished the quarter with A$1.725 million in cash after using A$1.289 million in net operating cash flow. Exploration and evaluation expenditure was A$894,712, mostly in New South Wales, while the company reported no financing inflows during the quarter.

On the Appendix 5B calculation, that left an estimated 1.34 quarters of funding based on the reported outflow. Argent said operating cash flows will vary with planned exploration and corporate requirements, and that it continues to assess funding opportunities. The next quarter therefore combines several technical catalysts with a capital question: whether pending assays and development work can advance the project case before additional funding becomes necessary.