Early results from a second round of drilling at Argent Minerals’ (ASX: ARD) historic Pine Ridge gold project in the Central Tablelands of New South Wales have delineated extensive gold-hosted mineralised zones and strengthened high-grade sections along strike and at depth.
The campaign comprised 16 reverse circulation holes for a total 1,913m, and assays for eight holes have been received to date.
The first seven holes returned economic-grade mineralisation over extensive intervals along the project’s central mineralised zone.
All holes encountered quartz veining hosted with volcanic unit (basalt) with best results of 5m at 1.68 grams per tonne gold from 70m; 5m at 2.44g/t from 94m including 1m at 9.55 g/t from 94m; 2m at 5.66g/t from 12m; and 5m at 3.26g/t from 16m including 1m at 10.93g/t from 17m (visible gold).
Also reported were assays of 2m at 1.72g/t gold from 66m; 14m at 1.5g/t from 83m; 17m at 1.1g/t from 103m; 13m at 3.2g/t from 56m; and 23m at 1.64g/t from 78m.
Drill results to be included in maiden resource estimate
Argent managing director George Karageorge said once all results have been received, they will be incorporated into the preparation of a maiden resource estimation for Pine Ridge.
“Pine Ridge continues to prove itself as an exciting exploration target,” he added.
“We have been encouraged by visible gold observed in the drill chips and are confident the project will deliver more gold mineralisation as we move towards the first independent resource estimation.”
Core Geophysics is currently re-processing detailed airborne magnetic data captured in 2019 with a view to defining further exploration targets to the north and west part of the anticlinal structural extension hosting the Pine Ridge mineralisation.
“We expect the ore body may extend to the current known footprint that remains open along strike; however, we know the [historic] surveys identified three targets further north, west and south-west of the current and historical drilling,” Mr Karageorge said.
Results from Core’s final report will be released to the market in due course.
The historic Pine Ridge project is located in an undulating region of the Central Tablelands, approximately 65km south of Bathurst, NSW.
Alluvial gold was first discovered through the area in 1851 near the Abercrombie River and its tributaries.
After an initial gold rush in the early 1850s, small-scale alluvial mining and deep-lead prospecting continued until the 1940s.
The Pine Ridge gold mine commenced operating in 1877 and continued sporadically until 1948, producing a total of 6,864 tonnes ore with variable gold grades.
Mining was originally conducted from an open pit and then by underground workings comprising two shafts up to 20m deep across a zone of 300m.
The mineralisation discovered during that period has been described as highly-weathered porphyrite separated by phyllite up to 75m wide, containing gold-bearing quartz veins.