Argonaut Resources NL

Published : October 30th, 2015

Quarterly Report and Appendix 5B - including Tenement list

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Quarterly Report and Appendix 5B - including Tenement list

03afe4fd-607f-41f3-92f9-c1ef92f097dd.pdf


ARGONAUT RESOURCES NL

ABN 97 008 084 848


argonautresources.com


ASX: ARE

CAPITAL STRUCTURE:

Issued shares: 443,791,701

Listed options: 38,004,957

(6c, Mar 2017)

Unlisted options: 10,000,000

(15c, Dec 2015)

Unlisted options: 7,000,000

(10c, Dec 2015)

Cash on hand: $690,000


DIRECTORS:

Patrick Elliott,

Non-Exec Chairman

Lindsay Owler,

Director/CEO

Andrew Bursill,

Director/Secretary

Malcolm Richmond,

Non-Exec Director


COPPER FOCUS

Lumwana West, Zambia

  • Copper, cobalt (bulk tonnage)

  • Advanced exploration stage

  • Funding by option agreement

  • Antofagasta earning 70%

  • Argonaut operator


    Torrens, South Australia

  • Copper, gold (large IOCG)

  • Access negotiation/ exploration stage

  • Pro-rata funding under JV

  • Straits Resources Ltd 70%, Argonaut 30%

  • Argonaut operator


    Alford, South Australia

  • Copper (IOCG)

  • Exploration stage

  • Funding via farm-out

  • Sandfire Resources NL earning 70%

  • Sandfire operator


    Quarterly report

    FOR THE PERIOD ENDING 30 SEPTEMBER 2015


    Argonaut Resources NL (Argonaut or the Company) (ASX: ARE) is pleased to provide the following report for the three months to 30 September 2015 (the Quarter).


    Highlights

    Lumwana West, Zambia

    Exploration program:

    • An 11 hole Diamond core drilling program for a total of 2,006m was completed in July 2015 at five prioritised copper targets.

    • The collection and analysis of over 1,000 new soil samples was completed in the Quarter.

    • This program substantially completed the first phase of an option agreement with Antofagasta. The results of this program are being assessed.


      Kabikupa prospect:

    • 2015 drilling at Kabikupa prospect sought to extend the mineralised strike extent to 1,800m.

    • Significant copper mineralisation was not intercepted by drilling outside of the main surface anomaly, meaning subsurface copper mineralisation is likely to be confined to a strike length of approximately 1,000m.


      Kamafamba prospect:

    • Three drill holes for 409m were drilled at the Kamafamba prospect. Highlights from this drilling included:

      ¬ KMDD001: 15.85m at 0.30% copper from 41m

      ¬ KMDD003: 17.6m at 0.40% copper from 134.5m, including 5.6m at 0.67% copper from 146.5m

      Regional drilling program:

    • Three additional targets known as Sharamba, Luamvunda and Mufuka that were defined by soil sampling and structural geology interpretation were drill tested between May and July 2015.

    • No significant mineralised intercepts were returned from these targets.


      Outlook

    • Argonaut's major projects benefit from farm-in or joint venture arrangements with funding partners.

    • Current low asset valuations is providing a unique opportunity to secure additional high quality exploration projects.

    • Argonaut is evaluating numerous opportunities with a view to adding new assets to the Company's portfolio.


Registered Office

Suite 4, Level 9, 341 George Street Sydney, NSW, 2000, Australia

T +61 2 9299 9690

F +61 2 9299 9629

E [email protected]

Adelaide Office

Level 1, 63 Waymouth Street Adelaide, SA, 5000, Australia T +61 8 8231 0381

F +61 8 8231 6092

E [email protected] 1

Zambia

Lumwana West (Argonaut 90%)

The Lumwana West project is located in the Central African Copperbelt, North-Western Province, Zambia (Figure 1). The area is prospective for large tonnage, low to medium grade copper deposits. There are several major mines nearby to Lumwana West that are hosted in similar geological settings.

Argonaut, via its 90% held subsidiary, Mwombezhi Resources Ltd, has been successful in intercepting broad copper intercepts at the Nyungu deposit and has defined a series of large, prospective targets that have now undergone first- pass drill testing.



350,000 mE 400,000 mE


DEMOCRATIC REPUBLIC OF CONGO


Location


ZAMBIA


Argonaut

LUMWANA WEST

Nyungu Deposit and target areas


First Quantum

KANSANSHI

  1. Bt at 0.81% Cu

    Under expansion to 400,000tpa copper



    8,650,000 mN


    ZAMBIA


    First Quantum

    SENTINEL

  2. Bt at 0.50% Cu

300,000tpa copper from 2015


16121-HQ-LPL


Barrick

LUMWANA


0 25

kilometres


Road

Nyungu Deposit and targets

1.1Bt at 0.50% Cu

170,000tpa copper - nameplate

Tenement boundary

Mineral deposit projected to surface

Target areas


Lumwana11


Figure 1: The Domes Region has an international scale copper endowment and is host to the new generation of mines in the Central African Copperbelt


Exploration Program

Key points

  • The drilling program completed in early July 2015 was designed to test large footprint copper targets defined by surface geochemistry, geological mapping and structural geology interpretation.

  • The 2014/15 program now comprises over 8,100m of drilling, plus geological mapping and soil sampling. To date, 36 Diamond core drill holes have been completed and 12,947 soil samples collected and analysed.

  • 2,006m of additional Diamond core drilling was completed between May and July 2015.

  • The 2015 exploration program completes the first phase of an option agreement with Antofagasta.

  • Antofagasta can earn a 25% interest in the Lumwana West project at the completion of the first phase by funding US$3.9m of exploration.

The 2014/15 program was the first exploration phase under the option agreement between Argonaut and a wholly owned subsidiary of Antofagasta plc (Antofagasta), dated 28 April 2014 (the Overlying Agreement). According to the Overlying Agreement, exploration expenditure of US$3.9m in the first period earns Antofagasta a 25% interest in the project.

The 2014/2015 program was jointly planned by Argonaut and Antofagasta. The first phase exploration program was completed in July 2015 and included a total of 8,129m of Diamond core drilling plus the collection and analysis of 12,947 soil samples.

The focus of the program was on testing major target areas, previously defined by Argonaut, as well as new targets that were progressively generated by an extensive regional soil sampling program.


2 Argonaut Resources NL | QUARTERLY REPORT | For the period ending 30 September 2015


340,000 mE 350,000 mE 360,000 mE



Kavipopo Prospect


8,650,000 mN



West Mwombezhi Prospect

ZNS

Prospect

LMW

Prospect



Pr

Mufuka ospect


D o m e

8,640,000 mN


Sharamba Prospect

Kabikupa Prospect



wo M

Lua

Pro

m b e z h i

mvunda

spe

ct


kezhi spect

ro

Shi P



Nyu

ngu Deposit

Kamafamba Prospect

8,630,000 mN



16121-HQ-LPL


LumwanaW_13


0 5

kilometres


ZAMBIA

Location


ZAMBIA


ZAMBIA

Licence boundary Drainage path (Dambo)

Road Track

Prospect (+40ppm Cu soil sampling)


Figure 2: Lumwana West Large-scale Prospecting Licence and prospect locations.


Of the total drill meterage, 6,123m were drilled during the 2014 field season with holes targeting the following areas: West Mwombezhi, Kavipopo, ZNS, LMW, Mufuka, and Kabikupa prospects plus the Nyungu deposit (Figure 2).

An additional 2,006m were drilled between May and July 2015 targeting geochemical anomalies and structural targets at Kabikupa, Kamafamba, Mufuka, Sharamba and Luamvunda prospects (Figure 2).


Kamafamba

The Kamafamba target sits near the southern margin of a large granite body. The prospect is defined by a 1,100m soil geochemistry anomaly. Structural interpretation indicates the geochemical anomaly is coincident with a thrust system related to the granite margin. The presence of the thrust system is interpreted to enhance the prospectivity of the target due to increased scope for the emplacement of mineralised fluids.

Drill intercepts reported in the Quarter for the Kamafamba prospect are shown in Figures 3-5 and in Table 1.


Argonaut Resources NL | QUARTERLY REPORT | For the period ending 30 September 2015 3


348,500 mE 349,000 mE 349,500 mE



8,620,500 mN



0 200


metres


KMDD001

[email protected]% Cu from 41m

KMDD002

[email protected]% Cu from 41m


KMDD003


[email protected]% Cu from 134.5m including [email protected]% Cu from 146.5m


Soil geochemistry Cu (XRF) 200 ppm

100 ppm

40 ppm

Drilling

Drill collar with surface projection of drillhole

8,628,000 mN



KAMAFAMBA PROSPECT

Drillhole location plan

Kanafamba_03


Figure 3: Kamafamba soil anomaly contours and drill intercepts.



North


8,628,400mN 8,628,300mN 8,628,200mN 8,628,100mN


South


KMDD001

Surface geochemical peak (>100ppm)


Top of fresh rock

1,200mRL


[email protected]% Cu from 41m


TD

1,100mRL



,000mRL

Soil cover Biotite gneiss

Sulphide mineralised biotite kyanite schist

Biotite kyanite schist/gneiss

1 Amphibolite and biotite gneiss


KAMAFAMBA PROSPECT

KMDD001 Section

Looking east

Simplified interpretation

100 metres


Kamafamba_02


Figure 4: Kamafamba KMDD001 cross section.


4 Argonaut Resources NL | QUARTERLY REPORT | For the period ending 30 September 2015

Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Australia | Zambia | All
Gold and Silver Prices for these countries : Australia | Zambia | All

Argonaut Resources NL

DEVELOPMENT STAGE
CODE : ARE.AX
ISIN : AU000000ARE9
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Argonaut is a gold and copper exploration company based in Australia.

Argonaut develops gold, copper and zinc in Australia, and holds various exploration projects in Australia and in Laos.

Its main asset in development is MT.KROOMBIT in Australia and its main exploration properties are CENTURY AREA and XEKONG in Laos and TORRENS PROJECT, LAKE TORRENS and MT PARRY in Australia.

Argonaut is listed in Australia. Its market capitalisation is AU$ 1.6 millions as of today (US$ 1.2 millions, € 1.0 millions).

Its stock quote reached its highest recent level on January 14, 2011 at AU$ 0.19, and its lowest recent point on November 04, 2022 at AU$ 0.00.

Argonaut has 813 849 984 shares outstanding.

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Corporate Presentations of Argonaut Resources NL
9/27/2007NEW REPORT SHOWS DOMESTIC GASES PRICES SET TO QUADRUPLE
Nominations of Argonaut Resources NL
4/16/2010Appointment of new director
Project news of Argonaut Resources NL
9/5/2016TORRENS PROJECT - EXPLORATION ACCESS UPDATE
2/24/2009(Century Area)launches drilling at promising Laos gold project
2/10/2009(Century Area) High grade gold results for Argonaut in Laos
11/24/2008(Mt.kroombit)announces further drill intersections from Kroombit
9/16/2008(Mt.kroombit)More strong drill results for Argonaut copper-zinc project
9/1/2008(Mt.kroombit)Copper boost for Qld project
7/9/2008(Xekong)Laos - Argonaut announces further high grade gold assays
5/13/2008(Mt.kroombit) DRILLING AT KROOMBIT TO START IN JUNE
12/14/2007Argonaut 'daughter drill hole' announcement released to the ...
10/5/2007Zinc assay results from first drill hole
Corporate news of Argonaut Resources NL
7/29/2016Quarterly Report & Appendix 5B
7/11/2016Crescent Lake Drilling Intercepts Thick Spodumene Pegmatites
6/13/2016Cleansing Notice
6/7/2016Argonaut Extends Crescent Lake Lithium Holding
6/6/2016Drilling to Commence at Crescent Lake Lithium Project
5/31/2016Results of General Meeting
4/28/2016Quarterly Report & Appendix 5B
4/19/2016Allotment of Shares Under Non-Renounceable Rights Issue
4/4/2016Dispatch of Offer Document and Acceptance Form
4/3/2016Lake Blanche Lithium Brine Target
3/23/2016Offer Document - Non-Renounceable Rights Issue
3/23/2016Non-Renounceable Rights Issue Offer
3/23/2016Cleansing Notice - Rights Issue
1/29/2016Quarterly Report and Appendix 5B
11/2/2015Lumwana West JV Update
10/30/2015Quarterly Report and Appendix 5B - including Tenement list
10/30/2015Quarterly Report and Appendix 5B
10/21/2015Notice of Annual General Meeting
10/21/2015Annual Report - including Shareholder Information
10/21/2015Notice of Annual General Meeting & Proxy Form
9/29/2015Date of Annual General Meeting
9/18/2015Corporate Governance Statement - Appendix 4G
8/20/2015Extension of Option Period - Lumwana West, Zambia
7/31/2015Quarterly Report and Appendix 5B
6/25/2015Exploration Update - Alford, South Australia
3/12/2015Half Year Accounts
1/30/2015Quarterly Report and Appendix 5B
2/26/2014Joint Venture Negotiations, Lumwana West, Zambia
9/13/2013Alta Vista Assigns Term of Exclusivity for Orofino to Argona...
3/2/2010Sydney firm wins exploration extensions in Laos
8/6/2009looks to expand Queensland zinc-copper project
7/31/2009debt free and cashed up for Qld, SA and Laos projects
7/17/2009sells Hillgrove shares
6/11/2009Maiden resource for Queensland zinc-copper project
2/13/2009NOT ASSOCIATED WITH TERRAIN MINERALS LIMITED ASSETS SALE ANN...
12/17/2008Dry Season gold exploration program underway in Laos
10/1/2008Delay in issuing audited results
7/23/2008New Laos nickel results for Argonaut
7/10/2008More Laos gold for Argonaut
4/9/2008 Bonanza grade gold hits at Argonaut's Xekong tenement in La...
11/29/2007 Final zinc-copper assays from Argonaut’s Kroombit deposit, ...
11/1/2007Drilling campaign under way at Torrens project
10/26/2007 strikes more zinc-copper at Qld project
10/17/2007New Argonaut drill results announced for Qld project
10/16/2007$12 million capital raising for Argonaut Resources (ASX: 'AR...
9/12/2007Visible zinc and copper sulphide mineralisation in Central Q...
8/9/2007Drilling starts today on zinc-copper deposit
7/30/2007Kroombit Zinc Copper Deposit
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