In reply to: acd on Tuesday 14/03/06 01:55pm
excellent volume 4,073,000.
could be the nexr laos play.They are in the right area! Market cap of only 11.5 million atm. only 75 or so million shares on issue.
Head office
Suite 6501, Level 65, MLC Centre, 19-29 Martin Place, Sydney, NSW, 2000, Australia
Phone: +61 2 9239 8787, Fax: +61 2 9239 8788, Email: sydney@argonautresources.com
Laos
Unit 3, level 5, Vientiane Commercial Building, 33 Lane Xang Avenue, Vientiane, Laos
Phone: +856 21 222 731, Fax: +856 21 240 281, Email: laos@argonautresources.com
ASX Announcement
14 March 2006
Strong Gold Surface Intersections at Khokhe
Exploration Update
The Board of Directors of Argonaut
Resources NL is pleased to announce
encouraging exploration results from
the company’s two tenement areas in
Laos.
Highlights
Momentum continues to build in
Argonaut’s exploration of the Century
Area adjoining the Mekong River in
NW Laos with the return of numerous
ore-grade intersections from trenching
including 10m at 50.3g/t gold from
trench KHTR110 and 6m at 31.6g/t
from trench KHTR118 at Khokhe.
These results have escalated the
ranking of the Khohke gold
mineralised zone, given further
confirmation to the strength of
Argonaut’s evolving exploration
methods and given encouragement to
Argonaut’s campaign to discover a
medium sized gold deposit in the near
term, and a large deposit in the longer
time.
Last month Argonaut independent
consultant Jacob Rebek visited as
part of his ongoing assessment of the
Century and Sekong exploration
areas. He has reported that he
regards the current results as highly
encouraging and is refining the
prioritisation of targets for follow up.
He says the results are very positive
and that the tenor of trench and
drilling results are consistent with
early stage results from the major
discoveries in tropical Australasia and
Indochina. Mr Rebek is highly
regarded as a mineral explorer and
spent 34 years with CRA - Rio Tinto
in a senior exploration role.
Drilling at Khokhe is being conducted
within 100m of the best result quoted
above and follow-up drilling of the
target is planned. Drilling is ongoing
and results will be reported as they
come to hand over the coming weeks
Century Area
Trenching is being conducted at
northern Khokhe in an area with
previously reported high grade rock
chip results. Gold mineralisation is
associated with the contact between a
sedimentary package consisting of
conglomerate, siltstone and
sandstone and a body of diorite. It
concentrated in a stockwork of quartzcarbonate
veins in and around this
contact. ‘Character samples’ are
taken to assess specific structures
and features within the broader
zones.
Recent trenching results from the Khokhe veining systems include:
KHTR82: 4m at 1.2g/t Au
KHTR85: 5m at 5.1g/t Au plus character samples of 15.8g/t gold and 10.1g/t gold
KHTR89: 15m at 2.7g/t Au plus character sample of 17.7g/t gold
KHTR91: 7m at 1.9g/t Au
KHTR92: 7m at 0.8g/t Au plus character sample of 6.2g/t gold
KHTR93: 6m at 1.2g/t Au plus character sample of 14.1g/t gold
2m at 1.6g/t Au
4m at 0.4g/t Au
KHTR96: 10m at 0.4g/t Au
KHTR103: 6m at 1.3g/t Au
KHTR105: 4m at 0.5g/t Au
KHTR109: 10m at 1.7g/t Au
KHTR110: 10m at 50.3g/t Au
KHTR118: 6m at 31.6g/t Au
The depth of oxidation in the area is 20-30m and drilling of the KHT110 zone is
expected to intersect within the unoxidised zone. Experience from the district
suggests that oxidation will not have a major effect on the tenor of gold
mineralisation across the interface of oxidisation.
Reverse Circulation drilling at Khokhe commenced on 18 February 2006 and
samples have been submitted for analysis.
Orientation trenching at the Nam Hone prospect in the south west of the Century
tenement has been successful in identifying certain elements of the mineralizing
system. Trench intersections to date do not entirely account for the high levels of
gold in stream sediments and panned concentrates, however, the exploration team
is making solid progress towards delineating higher grade zones within this large
area of gold anomalism. Jacob Rebek has described the degree of surface gold
anomalism at Nam Hone, and in the Century Area generally, as ‘truly remarkable’.
Recent trenching results from Nam Hone include:
NHTR6: 51m at 0.44g/t Au
NHTR8: 6m at 0.58g/t Au
NHTR12: 15m at 3.6g/t Au
Elsewhere at Century follow-up surface sampling is continuing to find new drainage
and soil anomalies, to enhance known prospects and generate new targets of
interest. In the calendar year to date detailed stream sediment sampling at Nam
Ou and Houai Toleo has further outlined extensive zones of gold mineralisation.
These zones will now be systematically explored to resolve drilling targets.
Significant stream sediment anomalies in the north of Century at a newly defined
area known as Vang Ma will also be explored in greater detail. Stream sediment
values of between 1 and 4g/t over 11 sq km.
Sekong Area
Further reconnaissance exploration work undertaken at the Sekong tenement has
been highly successful. Of 155 stream sediment sample results received recently
21 were greater than 0.5g/t gold including 15 greater than 1g/t gold with a peak
result of 4.27g/t
A substantial area of gold anomalism in stream sediments, panned concentrates
and rock chips has defined a new prospect area called Ban Bak. At Ban Bak
several bodies of pyritic porphyry intrude excellent host lithologies such as silicified,
bioclastic limestone and calcareous, carbonaceous shale. This is regarded as an
ideal setting for the target style of mineralisation behind the modern discoveries of
Indochina.
The geochemisty at Ban Bak shows a strong association between gold, arsenic
and antimony (Au-As-Sb). This signature is associated with gold deposits at
Oxiana’s Sepon Mine, 150km north west of Sekong. Other robust gold anomalies
have also now been generated at Sekong and follow-up work is ongoing.
Argonaut has now been actively exploring its two flagship areas in Laos for
15 months. Its exploration effort is one the most active current programs in
Laos. Argonaut’s mineralised areas in Laos correlate stratigraphically and
genetically with the deposits hosting mainland South East Asia’s first
modern mines at Chatree in Thailand, Phu Bia in Laos and Sepon in Laos.
The Company is aiming to make a gold or gold-copper discovery that will
make it the next producer to emerge in Indochina.
GRAEME ELLIS
Managing Director
Enquiries contact:
02 9239 8787
This report was compiled by Mr Lindsay Owler of Argonaut Resources NL who is a corporate
member of the Australian Institute of Mining and Metallurgy and has in excess of 5 years experience
in this field of activity.
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