- Argent Minerals (ARD) is acquiring a prospective project in WA’s underexplored Gascoyne region through a binding agreement with Copperhead Resources
- Argent will acquire 100 per cent of the Copperhead project, which covers 1038 square kilometres and lies close to the Yangibana REE and Mangaroon nickel-copper-PGE projects
- The company has already identified 26 targets with the potential for copper, rare earths, lithium, nickel and platinum group elements and will follow them up with exploration work
- Alongside this buy, Argent is raising up to $3 million through a placement to support exploration at Copperhead and its existing projects and to cover acquisition expenses
- ARD shares ended the day 11.8 per cent in the green to close at 1.9 cents
Argent Minerals (ARD) is set to make its mark in Western Australia’s underexplored yet highly prospective Gascoyne region through a new project acquisition.
The company entered a binding agreement with Copperhead Resources to acquire a 100 per cent interest in the Copperhead project via the issue of 87 million shares ARD shares.
The Copperhead project is made up of eight granted exploration licences and one exploration licence application which cover a combined area of 1038 square kilometres.
Importantly, Copperhead is located near significant projects such as the Yangibana REE project, which lies just 7.5 kilometres away, and the Mangaroon nickel-copper-platinum group element (PGE) project, which can be found 30 kilometres from the Copperhead project.
Over the last couple of months, Argent had Core Geophysics review the project in detail, which led to the identification of 26 target areas, including 21 base metal and five rare earth element (REE) targets over known mineralised trends.
Key findings from this work were historical rock chip samples of up to 14.2 per cent copper and trench samples returning 13 metres at 3.35 per cent copper over the Mt Palgrave prospect in conjunction with drilling intersecting 8.7 metres at 2.44 per cent copper from 10.4 metres.
Furthermore, it’s estimated that copper-zinc mineralisation hosted within the Discovery Formation extends for 84 kilometres of strike and that layered mafic nickel-copper-PGE potential within the gabbro/dolerite lithology has a strike length of over 76 kilometres.
“These high-quality assets have the potential to yield several mineral discoveries over several commodities which are currently listed under the critical minerals list,” Managing Director Pedro Kastellorizos said.
“The project represents a great opportunity for Argent Minerals and our shareholders as this area has the potential for major world-class mineral discoveries with ground confirmation of base metal mineralisation from surface and depth,” he said.
Alongside the acquisition, Argent Minerals is raising up to $3 million through a placement of 200 million shares at 1.5 cents to sophisticated and professional investors
For every two placement shares subscribed for, investors will be issued with one free-attaching option exercisable at 4 cents within two years of the issue date.
The options will be issued subject to the company gaining shareholder approval at its upcoming annual general meeting.
Argent will use the money for exploration at the Copperhead project and its existing projects and for rent and rates at Copperhead, as well as to cover the acquisition expenses.
ARD shares ended the day 11.8 per cent in the green to close at 1.9 cents.