ARGENT MINERALS
ANNUAL REPORT 2016
CORPORATE DIRECTORY
DIRECTORS
Stephen Gemell - Non-Executive Chairman David Busch - Managing Director
Peter Nightingale - Non-Executive Director Peter Michael - Non-Executive Director
COMPANY SECRETARY
Vinod Manikandan
REGISTERED OFFICE
Level 2, 66 Hunter Street
SYDNEY NSW 2000
Phone: 61-2 9300 3390
Fax: 61-2 9221 6333
E-mail: [email protected] Website: www.argentminerals.com.au
PRINCIPAL ADMINISTRATION OFFICE
Suite 6, Level 6, 50 Clarence Street
Sydney NSW 2000
T: 02 9262 2211
F: 02 9475 5346
SHARE REGISTRY
Computershare Investor Services Pty Limited Level 4, 60 Carrington Street
SYDNEY NSW 2000
Phone: 1300 850 505
Fax: +61 3 9473 2500
AUDITORS
KPMG Level 16, Riparian Plaza 71 Eagle Street
BRISBANE QLD 4000
HOME EXCHANGE
ASX Limited Level 40, Central Park 152-158 St George's Terrace PERTH WA 6000
SOLICITORS
Sydney - Resources Legal Pty Ltd Perth - Jeremy Shervington
ABN: 89 124 780 276
ASX Code: ARD (ordinary shares)
Argent Minerals Limited, incorporated and domiciled in Australia, is a publicly listed company limited by shares.
FRONT COVER
A section of diamond drill core sample from where semi- massive sulphide mineralisation was intersected at the Kempfield project, NSW.
CONTENTS
2 COMPANY PROFILE
6 HIGHLIGHTS
8 CHAIRMAN'S LETTER
10 OPERATIONS REVIEW
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CORPORATE GOVERNANCE STATEMENT
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DIRECTORS' REPORT
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LEAD AUDITOR'S INDEPENDENCE DECLARATION
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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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CONSOLIDATED STATEMENT OF CASH FLOWS
38 NOTES TO THE FINANCIAL STATEMENTS
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DIRECTOR'S DECLARATION
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INDEPENDENT AUDITOR'S REPORT
68 ADDITIONAL STOCK EXCHANGE INFORMATION
71 SCHEDULE OF MINERAL TENEMENTS
ARGENT MINERALS LIMITED ANNUAL REPORT 2016 / 1
75 MINERAL RESOURCES AND ORE RESERVES STATEMENT
COMPANY PROFILE
Argent Minerals Limited (Argent Minerals, Argent or the Company) is an ASX-listed public company (ASX: ARD) focused on creating shareholder wealth through the discovery, extraction and marketing of precious and base metals. A key goal of the Company is to become a leading Australian polymetallic producer, producing 1.5 million tonnes per annum with a mine life of 20 years.
The Company's project assets are situated in the Lachlan Orogen in New South Wales, Australia, a richly mineralised geological terrane which extends from northern NSW and through Victoria into Tasmania. The first gold discovery in Australia was in 1851, at a location within the Lachlan Orogen. This important find led to the subsequent gold rushes, the discovery of the Holtermann Nugget in 1872, and the formation of nearby townships of Bathurst and Orange.
Today the Lachlan Orogen hosts world class deposits including one of the largest underground copper-gold mines in the southern hemisphere, Newcrest's Cadia Valley Operations.
NEW SOUTH WALES
LACHLAN OROGEN
Broken Hill
Wyoming
Holtermann Nugget
l Argent Minerals Projects
VHMS: Lead/zinc/silver +/-gold, copper
Peak Hill
Hill End 1872
Copper-gold
}World-class
NORTHPARKES
✩
Orange
n
SUNNY CORNER
Gold
>100 Million tonnes
COWALCADIA
WEST WYALONG
McPhillamys
Sydney
Hill End Trough basin margin
KEMPFELD
HILL END TROUGH
Woodlawn
Thalanga
Captains Flat
Australia
Rosebery Que River Hellyer Mt. Lyell
Strategically positioned within this world class neighbourhood are Argent Minerals' three projects - Kempfield, West Wyalong and Sunny Corner. The Company owns a controlling interest in all three projects.
KEMPFIELD (100% ARGENT)
Located just 41 kilometres from Cadia is Kempfield, the Company's flagship project, a registered New South Wales State Significant Development that belongs to a compelling peer group of volcanic-hosted massive sulphide (VHMS) deposits located at the margins of geological basins such as the Hill End Trough. This peer group is known as the Eastern Australian Palaeozoic VHMS Deposits, and includes well-known rich deposits such as Rosebery, Que River, Hellyer, Mt. Lyell, Sunny Corner, McPhillamys, Woodlawn, Captains Flat and Thalanga.
The Kempfield Polymetallic Project is 100% owned by Argent Minerals and has a substantial JORC 2012 Mineral Resource of 21.8 million tonnes and 52 million ounces of silver equivalent contained metal.
The Company's strategy for Kempfield is to focus on exploration for high grade base and precious metals. Argent drilling has intersected combined lead/zinc grades of up to 17.9% immediately to the west of the existing Mineral Resource, and numerous high grade gold intervals including a spectacular gold intersection during the year of 1 m @ 1,065 g/t from 97 m by hole AKDD181. The Company continues to drill-test a model developed for the deposit that suggests the potential for multiple additional VHMS zones, a feeder zone associated with a VHMS footwall position, and an emerging overprint gold system within the Kempfield, Trunkey Creek and Pine Ridge gold fields.
2 / ARGENT MINERALS LIMITED ANNUAL REPORT 2016