THE BOURSE WHISPERER: Argent Minerals (ASX: ARD) announced two project acquisitions in the Mount Read Volcanics belt of Western Tasmania.
Argent Minerals has been granted the Ringville and Queensberry tenements by the Tasmanian Government having competed in a merit-based assessment processes, during which the company’s proposed exploration plans and capabilities were evaluated in separate competitive bidding environments.
Argent claimed the Ringville tenement (EL12/2017 ) position as being strategically situated between two world class mines.
It sits 300 metres west of Mine Lease 28M/1993 containing the Rosebery high-grade polymetallic mine owned by MMG, and immediately to the east of (and partially overlain by) Mine Lease 12M/1995 containing the Renison Bell Tin Mine.
“The tenement contains 52 recorded mineral occurrences, including three deposits to which pre-JORC historical mineralisation estimates have been attributed, featuring tin, copper, zinc, lead and silver,” Argent Minerals said in its ASX announcement.
“The geology in the area comprises Early Cambrian to Devonian elements with identified potential for mineral deposits similar to Mt Read polymetallic volcanic-hosted massive sulphide (VHMS), Renison intrusion related skarn tin and vein lode, and Avebury nickel sulphide.”
The Queensberry tenement (EL9/2016) is located 11km northwest of the Mount Lyell copper mine, which Argent described as Australia’s oldest continually operating mining field, having produced more than 1.8 million tonnes of copper, two million ounces of gold, and 41 million ounces of silver over approximately 120 years
“The 82 square kilometre Queensberry tenement area is heavily populated with old mine workings and 10 recorded mineral occurrences,” Argent said.
“Four of these comprise the historic Queensberry Mine, which according to government records, achieved grades of up to 40 to 56 per cent lead, and 6 to7 ounces per tonne silver
“The Queensberry tenement position covers highly prospective parts of a Tyndall Group correlate, host to the Henty-Mt Julia gold deposit, and the White Spur Formation directly overlying the Rosebery-Hercules VHMS deposits.”