WEST WYALONG PROJECT
The West Wyalong Project is a farm-in joint venture agreement between Argent Minerals (as Operator) and Golden Cross Operation Pty Ltd, in which Argent has earned a 51% interest, and the right to earn a 70% interest is currently active.
The West Wyalong Project is located within the same geological setting that hosts world class porphyry copper-gold mines such as Newcrest’s Cadia, China Molybdenum’s Northparkes, as well as the Lake Cowal Gold Mine – which was acquired by Evolution Mining Limited in July 2015 and is located 37 kilometres to the north of West Wyalong.
Argent has identified two potentially significant copper-gold targets by means of a high resolution airborne magnetic survey and induced polarisation (IP) surveys. The co-location of each magnetic anomaly with an IP chargeability high anomaly, and strong copper-gold geochemistry intersected above by historical Newcrest shallow air core drilling, together confirm the two targets: Theia and Narragudgil.
Argent’s analysis of the geophysics indicates that the Theia target is a potentially significant porphyry copper-gold system with a strike length of up to 1.8 kilometres in the north-south direction. The Narragudgil target appears to be an epithermal gold offshoot related to the Theia system.
Argent is commencing a drilling program to begin in February 2017 to test both targets – six holes for a total of 2,300 metres.
This a significant development for the West Wyalong Project, which has the potential to become a major copper-gold discovery.
NSW GOVERNMENT CO-FUNDED, ARGENT TO EARN 70%
Under renegotiated joint venture terms, announced in February 2016, Argent is able to increase its current 51% interest in the joint venture agreement to 70% by investing a further $372,500 in exploration expenditure by 30 June 2017, of which includes $200,000 of in-ground expenditure. This will be achieved with the Theia and Narragudgil drill program.
The NSW Government is co-funding 50% of the direct per-metre drilling costs of the drilling program – awarded to the Company following a merit-based assessment by an independent expert advisory panel.
For more information regarding the NSW Cooperative Drilling Round 2 funding grant, click here.
The West Wyalong Project area is situated in the Macquarie Arc of the Lachlan Orogen – a geological setting of Ordovician volcanics that hosts world-class porphyry copper-gold mines such as Newcrest’s Cadia, China Molybdenum’s Northparkes, as well as Evolution Mining’s Cowal Gold Mine.
Exploration licence EL8430 of the West Wyalong Project is strategically located on the Narragudgil Volcanics, adjacent to a major crustal structure – the Gilmore Suture. Copper-gold porphyry deposits commonly occur in orogenic belts at convergent plate boundaries and are often associated with oceanic volcanic island arcs overlying oceanic crust, such as the Macquarie Arc. Deposits found in these settings are typically medium to large tonnage (30 to >300 Mt) with grades typically ranging from 0.4 to 2.5 g/t gold and 0.2 to 1.5% copper.
ABOUT THE THEIA AND NARRAGUDGIL TARGETS
In May 2016, Argent announced that two targets had been identified and delineated for drill testing at the West Wyalong Project – the Theia and Narragudgil targets. These targets were identified from high resolution magnetic surveys, two IP surveys, and a review of available historical aircore drilling results conducted by Newcrest from 1998 to 2000.
Both targets have a coincident magnetic low, an IP chargeability high, and anomalous gold geochemistry. These coincident geophysical and geochemical anomalies, shown in the figures below, are considered to be potential indicators of a broad alteration system resulting from intrusive-related hydrothermal activity consistent with a porphyry copper-gold stock and associated epithermal mineralisation.
The geophysical data is of sufficient resolution, therefore enabling efficient drill targeting of both the Theia and Narragudgil targets.
For information regarding the 2017 West Wyalong drilling plan, click here.