Argent Minerals Limited (ASX: ARD) announced on 19th March 2019, that the company has received approval of NSW regulator after the previous ministerial consent, for the Pine Ridge Gold Mine drilling programme. The ESF4 drilling work submitted to the NSW Government completed the regulatory approval as well as the access agreement processes, required for the proposed drilling programme of the Pine Ridge Gold Mine.
As per the company, the approval from the NSW Government marks a significant milestone as the approval allows the commencement of the first drilling in 20 years at the historic Pine Ridge Gold Mine. The maiden resource drilling programme approval at the Pine Ridge gold mine is the first drilling since 1998.
The company plans to initially evaluate the Pine Ridge gold mine by drilling 800 metres through four diamond holes. The evaluation by the company will allow it to test the potential depth and strike extension of the historical high-grade mineralisation, which was identified in 2016 in the Trunkey-Kings Gold Belt.
The previous historical high-grade results from different holes, which prompts the potential of the Pine Ridge Gold mine are;
The results from the hole identified as PR010 are 21 m @ 5.6 g/t of gold from 50 m including 1.0 m @ 62.9 g/t of gold from 59 m.
The results from the hole identified as PR009 are 10 m @ 4.1 g/t of gold from 51 m including 1.0 m @ 20.6 g/t Au from 52 m.
The results from the hole identified as PR012 are 10 m @ 3.7 g/t of gold from 71 m including 1.0 m @ 11.2 g/t Au from 76 m.
The results from the hole identified as PR023 are 18 m @ 2.4 g/t of gold from 68 m including 1.0 m @ 5.3 g/t Au from 77 m.
Before the approval from the NSW Government, the company successfully acquired the ministerial consent for the drilling in Pine Ridge gold mine. Combined with the Crown Lands access which the company announced previously on 6th March 2019, the ministerial concession added another feather in the cap of the company.
The company achieved all the significant regulatory and proceeding complexities such as the low-cost acquisition of the mine, cancellation of a 3rd party Assessment Lease Application (ALA) which provided respite to the gold area as the lease parties have been carving the gold mine for the last 15 years. The further complexities have been resolved by determining the Native Title Right to Negotiate (RTN), receiving the ministerial consent and now finally securing the approval from the NSW Government for the drilling programme.
As per the company, all the approvals also mark a significant development for the Kempfield project- applying to Crown Lands within the main Kempfield project area and additional high prospective surrounding provinces.
The company project is now relatively straightforward as all the regulatory approvals are now in place, which makes the company in a position to kick start the drilling programme in the historically tested Pine Ridge Gold mine.
During the time of writing this report, the shares of the company closed the day’s trading at A$0.015 (as on 19th March 2019), up by 7.143% as compared to its previous close.
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