Argent Minerals and MinRex Resources team up to identify potential synergies in Lachlan Fold Belt
Argent and MinRex will share an all-terrain reverse circulation rig throughout 2021.
Argent Minerals (ASX: ARD) has collared a strategic agreement with MinRex Resources (ASX: MRR) to identify opportunities for potential synergies across their businesses.
MinRex is acquiring a number of gold and base metal projects only 60km from Argent’s 100 million ounce silver Kempfield deposit in New South Wales’ East Lachlan Fold Belt.
As part of the strategic agreement, the companies have secured a 12-month contract for an all-terrain reverse circulation rig from Strike Drilling.
The rig will be used for both companies’ exploration programs in the region during 2021.
Argent managing director George Karageorge said the co-operation agreement would provide both companies with “unique opportunities” such as sharing the RC rig.
“Argent and MinRex’s success in securing a drill rig for 2021 operation is a fantastic achievement given the lack of available and suitable rigs in NSW,” Mr Karageorge added.
The RC rig is based in WA and both companies will split the mobilisation costs to the East Lachlan Fold Belt.
Argent’s upcoming exploration plans
It is anticipated the rig will arrive in the region in February next year and will initially be used on Argent’s tenements.
The Strike rig will be used for a 2,300m stage two program at Pine Ridge gold mine which is scheduled to begin in March.
It is then planned for the rig to be moved 10km to Kempfield where it will be used for extension and infill drilling from April.
A stage three program at Pine Ridge has been planned for mid-2021.
Drilling has also been planned for West Wyalong which is believed prospective for copper and gold.
Building Lachlan Fold Belt landholding
Argent has also added to its tenements in the belt after applying for Sunny Corner South which is prospective for molybdenum and located south of Sunny Corner.
The company has also applied for Kempfield North, which may host extensions to the Henry zone at Kempfield.
This zone is prospective for silver, lead, zinc and barite.
Initial assays from infill drilling at Kempfield have returned 18m at 72.73 grams per tonne silver, including 8m at 126.14g/t silver from 9m; 36m at 96.05g/t silver from 64m, including 1m at 338g/t silver.
Other highlights comprised 42m at 1.75% lead from 55m, including 10m at 2.63% lead from 85m; and 25m at 2.59% zinc from 73m, including 11m at 4.6% zinc from 86m.