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Argent Minerals Secures $1.04 Million Placement to Advance Key Projects

11 December 2023 12:43
Argent Minerals Secures 1.04 Million Placement To Advance Key Projects

Argent Minerals Limited (ASX: ARD), a leading exploration company focused on precious and base metals, has successfully secured firm commitments from sophisticated investors and company directors in a strategic move to raise $1.04 million before costs through a Placement of 115,555,556 ordinary shares at an issue price of $0.009 per share.

Placement Details

The Placement will also include 38,518,519 attaching options exercisable at $0.02 and expiring in three years, with the issuance subject to shareholder approval.

This initiative is part of Argent’s ongoing efforts to fund exploration activities on its Kempfield Project in New South Wales and Copperhead Project in Western Australia.

The first tranche of the Placement shares, comprising 112,777,778 shares, is expected to be allotted around December 19, 2023, utilising the Company’s placement capacity under Listing Rule 7.1.

The remaining 2,777,778 shares will be issued to company directors who have committed to $25,000 of the placement, pending shareholder approval under Listing Rule 10.11.

Project Portfolio

Encompassing a vast expanse of 2,876 square kilometres across New South Wales, Western Australia, and Tasmania, Argent Minerals showcases a varied portfolio of projects, with the Kempfield Project in New South Wales emerging as its flagship venture.

Located 60km SSW of Cadia Newcrest Gold and Copper Mining Operations, Kempfield’s upgraded silver deposit mineral resource estimate of 38.9Mt @ 102 g/t silver equivalent includes 42.8Moz silver, 149,200 oz gold, 181,016t lead, and 426,900t zinc.

In Western Australia’s Gascoyne Region, the Copperhead Project has unveiled substantial copper mineralisation, confirmed through a helicopter rock-chip sample program.

This Project is also recognised for its potential ironstone/carbonatite rare earth mineralisation, with ongoing assessments of over fifty high-priority targets.

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Figure 1: Location of Copperhead Project

Additionally, Argent Minerals is actively engaged in projects in Trunkey Creek (NSW), Pine Ridge (NSW), Mt Dudley (NSW), and Ringville (TAS), illustrating the Company’s unwavering commitment to exploration and development of mineral resources across Australia.

ARD’s Australian Stock Exchange-listed share price is currently trading at $0.01 (12:45pm UTC+ 8 hours).

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