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Argosy Minerals (ASX:AGY) - Non Executive Chairman, Alex Molyneux
Non Executive Chairman, Alex Molyneux
Source: Mining News
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  • Argosy Minerals (AGY) is preparing to commence resource development drilling at the Rincon Lithium Project in Argentina’s Salta Province
  • The diamond drilling program will test a JORC-compliant exploration target, which underlines the current indicated resource estimate
  • Argosy believes the program could materially increase the resource estimate and subsequently the mine life and future production capacity
  • Shares last traded at 11 cents

Argosy Minerals (AGY) is preparing to commence resource development drilling at the Rincon Lithium Project in Argentina’s Salta Province.

The program will test a JORC-compliant exploration target, which underlines the current JORC indicated resource estimate.

The exploration target suggests there are 262,000 tonnes to 479,000 tonnes of lithium carbonate, based on a grade of 315 milligrams per litre and 327 milligrams, between 102.5 metres and 300 metres below ground level.

Argosy will drill six diamond holes to a depth of up to 300 metres and another hole up to 150 metres with the aim of confirming the hydrogeological and lithium mineral prospectivity.

Argosy believes the drilling program could materially increase the resource estimate and subsequently the mine life and future production capacity.

“We expect the drilling results will outline the substantial upside that exists below the shallow- depth current JORC Indicated Mineral Resource estimate and provide further support for our planned 10,000-tonnes-per-annum commercial scale development at Rincon,” said Managing Director Jerko Zuvela.

“We are excited with the increasing development activities occurring at the Rincon Lithium Project and look forward to an exciting near-term growth phase.”

Argosy currently has a 77.5 per cent interest in Puna Mining SA, the joint venture entity which holds the project and can earn up to a 90 per cent interest.

Shares last traded at 11 cents.

AGY by the numbers
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