Quarterly report
FOR THE PERIOD ENDING 31 DECEMBER 2014
Argonaut Resources NL (Argonaut or the Company) (ASX: ARE) is pleased to provide the following report on a progressive period for the Company in the three months to 31 December 2014 (the Quarter).
Highlights
Lumwana West, Zambia
Kabikupa prospect:
¬ Argonaut and its partner, Antofagasta, identified a new copper prospect named Kabikupa in the centre of the Lumwana West licence (Figure 2).
¬ The first drill hole at Kabikupa prospect, KBDD001, returned 17.4m at 1.18% copper from 102.6m within a broader intercept of 39m at 0.61% copper from 81m (Figure 3 and Figure 4).
¬ Four holes were completed at Kabikupa during the Quarter. Results for the three remaining holes are pending.
¬ The Kabikupa surface geochemistry anomaly measures approximately 1,000m by 500m and is the highest order copper-in-soil anomaly defined at Lumwana West to date.
Regional drilling program:
¬ 6,123m of Diamond core drilling for 25 holes was completed at the Lumwana West copper project during 2014.
¬ Holes were drilled at six prospect areas plus the Nyungu Deposit (Figure 2).
¬ Assays have been finalised for 22 of the 25 drill holes. Drilling results are summarised in Appendix 1.
¬ The drilling program was suspended on the commencement of wet season rains in November and will restart when rains abate in April/May 2015.
Geochemical sampling:
¬ Argonaut collected 11,919 soil samples from the Lumwana West area during the 2014 field season, predominantly over new, regional targets.
¬ This soil sampling defined promising targets in the Kabikupa and Kamafamba areas, significantly extended the known strike of the Mufuka target (Figure 2) and generated other drill targets which may be tested by drilling commencing April/May 2015.
Alford, South Australia
• Argonaut expects to receive notification from its partner, Sandfire Resources NL, of a proposed Diamond core drilling program to be conducted the first quarter of 2015.
Outlook
Funding is in place for all of Argonaut's major projects.
• A comprehensive program of works is in progress at the Company's flagship Lumwana West project in Zambia.
• Shareholders can expect news flow from results of drilling at Lumwana West.
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