06cc7a9d-7bd1-4415-b8e0-e18fbef33fbe.pdf
ASX announcement
11 JU LY 2016
Crescent Lake Drilling Intercepts Thick Spodumene Pegmatites
Argonaut Resources NL (ASX: ARE) (Argonaut or the Company) is pleased to announce the completion of the initial drilling program at its Crescent Lake project in Ontario, Canada.
Highlights
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A six-hole program of drilling at the Falcon Lake West deposit (Figure 1) has been completed.
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Drilling has succeeded in intercepting two adjacent spodumene bearing pegmatite units with thicknesses of up to 24m and 11m.
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Spodumene mineralisation is found throughout the drill core and varies in concentration from moderate to intense.
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All drill core has been cut and submitted for assay. Argonaut expects to report analytical results in three weeks.
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Visual assessment of mineralisation and thickness provides encouragement for further exploration in the Crescent Lake area.
400,000m E 410,000m E 420,000m E
Falcon Lake Discovery
Falcon Lake West
Falcon Lake Far West
Dempster East Falcon Lake East
5,590,000m N
North Aubry
Seymour Lake (Pye)
Tebishogeshik Dempster L28
Zigzag
Falcon Lake
Granitoids Metasediments Metavolcanics Diabase
South Aubry
5,580,000m N
Crescent Lake 11
0 5
kilometres
Unmapped area Water bodies/lakes
Recorded Lithium Pegmatites Tracks/trails
Geological boundary Fault
Argonaut Option Claims Argonaut Claims 100% Ardiden (ADV) Claims
Figure 1 Crescent Lake claim locations, spodumene pegmatite occurrences and geology.
Argonaut Resources NL ABN 97 008 084 848
Registered Office
Suite 4, Level 9
341 George Street
Sydney, NSW, 2000, Australia T +61 2 9299 9690
F +61 2 9299 9629
E [email protected]
Adelaide Office
Level 1
63 Waymouth Street Adelaide, SA, 5000, Australia T +61 8 8231 0381
F +61 8 8231 6092
E [email protected]
Crescent Lake Drilling
Crescent Lake is located 250km NNE of Thunder Bay in Ontario, Canada (Figure 2).
Following the grant of a required permit for the conduct of drilling at the Crescent Lake project area, Argonaut commenced a six-hole program of diamond core drilling at the Falcon Lake West deposit. The program targeted two pegmatite units, one of which outcrops boldly (Plate 1). Spodumene mineralisation is clearly evident in outcrop (Plate 2).
The program confirmed the presence of the two targeted spodumene bearing pegmatites. The lower pegmatite unit is up to 24m thick (Plate 3) and the upper pegmatite unit is up to 11m thick. Spodumene mineralisation was logged throughout the pegmatite intervals. Spodumene concentrations vary from moderate to intense (Plate 4).
The drilling program has now been completed and all mineralised core has been cut. Samples have been submitted for analysis and Argonaut expects to report analytical results in three weeks.
High grade metamorphic complex Metavolcanic dominant
Granitic dominant Metasedimentary dominant Proterozoic and Phanerozoic cover International border
Provincial boundary Coast/lake
Major city
Geological subprovince boundary Superior Province geological boundary Lithium mine/resource
Lithium occurence
Hudson Bay
Labrador Trough
Thompson Belt
MANITOBA
ONTARIO
Trans Hudson
Sachigo
Pakeagama
CANADA
Greenbush Lake Project
James Bay
James Bay
Opinaca
Rose
Whabouchi
Lake
Berens
East Pashkokogan
Uchi ER
Crescent Lake Project
Seymour Lake
Moblan
Tanco BR
WR
Quetico Abitibi
Grenville Province
Separation
Rapids
Wawa
Lake Nipigon
Wabigoon
Georgia Lake
Thunder Bay
Lake Superior
Lacorne/Quebec Lithium
QUEBEC ONTARIO
Subprovince names ER English River BR Bird River
WR Winnipeg River
Southern Province
Lake Michigan
Toronto
0 200
kilometres
UNITED STATES OF AMERICA
Canada 01
Figure 2 Geology of the Superior Province, Canada, showing Greenbush Lake, Crescent Lake and regional lithium occurrences.
2 Argonaut Resources NL | ASX ANNOUNCEMENT
Structural Geology
Pegmatite emplacement and geometry is strongly influenced by structural geology. Argonaut engaged an international structural geology expert to consider the spodumene pegmatites at Crescent Lake. The resultant report has outlined two elongate zones that warrant detailed exploration for undiscovered pegmatites.
Argonaut is planning an exploration program to investigate these target zones with a view to adding to the inventory of lithium mineralisation already outlined at the Crescent lake project. Contingent drilling to define pegmatite thicknesses and grades is intended to follow this near-term program.
Plate 1 Outcropping spodumene bearing pegmatite at the Falcon Lake West deposit.
Argonaut Resources NL | ASX ANNOUNCEMENT 3
Plate 2 Large laths of spodumene (parallel and oblique to image) in Falcon Lake West outcrop.
Plate 3 Spodumene bearing pegmatite core from the Falcon Lake West deposit. Core trays 1.5m in length.
Plate 4 Intense spodumene mineralisation (white mineral oblique to core axis) in Falcon Lake West core.
4 Argonaut Resources NL | ASX ANNOUNCEMENT