Critical minerals explorer and developer Argent has now completed a $2.5m capital raise
The funds will be used to advance its Kempfield polymetallic project in NSW
The project’s 127.5Moz resource is set to grow after recent discoveries
Special Report: Polymetallic explorer and developer Argent Minerals (ASX:ARD) has pulled in $2.5 million to help advance its flagship, high-grade, silver-laden Kempfield project in NSW.
Argent Minerals (ASX:ARD) is having quite the year (ARD: +133% YTD), largely thanks to a booming silver price and news emanating from its flagship, high-grade polymetallic Kempfield project south of Dubbo in NSW.
Late last month, Argent’s RC drilling campaign at Kempfield intersected shallow, high-grade silver and base metals up to 88m thick, outside the current MRE.
The company believes these fresh discoveries could significantly boost the project’s already substantial 127.5Moz equivalent silver bounty.
Share placement
The company has today completed a share placement with heavily oversubscribed interest from participants.
The capital raise of $2.5m (before costs) came from a heavily oversubscribed share placement via the issue of 138,888,888 shares at $0.018/share.
Argent notes that strong interest came from a mix of existing shareholders and new investors, and allotment of the placement shares is expected to occur on or about 13 June 2024.
“With investors eager to increase their exposure to silver, we are delighted to receive strong support from existing shareholders and welcome new investors as shareholders of Argent Minerals,” Argent’s MD Pedro Kastellorizos said.
“This placement enables Argent to complete design and undertake a meaningful follow-up drilling program at Kempfield.”
Kempfield’s high-grade momentum
Kastellorizos pointed to Kempfield’s growing exploration narrative, with its recent “significant high-grade results from rock chip sampling and the maiden drilling program” outside of the existing Kempfield MRE.
Argent is one of only a handful of ASX stocks with decent exposure to the silver thematic, with its Kempfield already highly advanced and one of NSW’s largest silver deposits.
The project’s sizeable 38.9Mt at 102g/t silver equivalent resource for 127.5Moz deposit includes 42.8Moz silver, 149,200oz gold, 181,016t lead, and 426,900t zinc.
But the deposit remains open, which is why the company embarked on its recent 12-hole drill blitz to test a bunch of nearby targets.
All 12 drill holes recently completed over Kempfield intersected shallow, broad thick high-grade zones of silver-lead-zinc mineralisation up to 88m thick from surface from the Western Lode area, and 29m thick northeast of the Lode 200 resource area.
Highlights included:
23m @ 34.41 g/t Ag from 22m;
29m @ 34.09 g/t Ag, 0.14% Pb & 0.41% Zn (0.55% Pb+Zn) from 50m;
25m @ 31.09 g/t Ag & 0.25% Zn from 11m; and
88m @ 25.23 g/t Ag, 0.10% Pb & 0.08% Zn from 2m.
The new hits confirm what ARD had suspected – high grades over extensive intervals in a system that is open at depth and along strike.
This article was developed in collaboration with Argent Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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