Phase two drilling at Pine Ridge gold project delivers high-grade results for Argent Minerals
Argent managing director George Karageorge says Pine Ridge continues to be an “exciting” exploration target.
A second round of drilling at Argent Minerals’ (ASX: ARD) Pine Ridge gold project in the Central Tablelands of New South Wales has returned significant mineralisation over extensive intervals along the central mineralised zone.
Assays from 16 holes for a total 1,918m have been received and featured a high-grade intersection of 6m at 10.52 grams per tonne gold from 60m, including 2m at 27.94g/t from 62m.
Other highlights were 6m at 3.67g/t gold from 64m, including 1m at 12.50g/t from 68m; 6m at 1.99g/t from 64m; 11m at 1.93g/t from 136m; 5m at 2.44g/t from 94m, including 1m at 9.55g/t from 94m; 5m at 3.26g/t from 16m, including 1m at 10.93g/t from 17m; and 34m at 2.03g/t from 99m.
Another five holes will be drilled before end October.
Exciting target
Managing director George Karageorge said Pine Ridge continues to prove itself as an “exciting” exploration target.
“This second round of assays indicate the gold mineralisation at Pine Ridge is open at depth and in most directions while the grade increases as we drill west, northwest and extend drilling at depth,” he said.
“We are confident this project will deliver more gold mineralisation with a view to commencing maiden resource estimation once the remaining holes have been completed.”
Historic project
The historic Pine Ridge project is located in an undulating region of the Central Tablelands, approximately 65km south of Bathurst.
Alluvial gold was discovered in 1851 along the Abercrombie River and its tributaries and after the initial gold rush, small scale alluvial and deep-lead prospecting and mining continued until the 1940s.
Exploration by Rimfire Pacific Mining (ASX: RIM) in the 1990s and by Argent in 2019 has revealed potential similarities with the giant McPhillamy’s gold project owned by Regis Resources (ASX: RRL) which hosts over 2.31 million ounces.
McPhillamys lies along one of series of north-south trending splays at the inflection of the Godolphin-Copperhania fault zone, which is defined by strong shearing and faulting and continues to the south over 6km.
Gold mineralisation is associated with strongly sheared volcaniclastics and strong quartz-carbonate-sericite-pyrite alteration.
It trends north to south over a strike distance of 900m and dips up to 80 degrees to the east.