Vancouver – A modest 500-metre drill program of four holes by Argent Resources (AOU-V) has tied into significant massive sulphide mineralization on the Iron Lake project, located 45 km northeast of 100 Mile House in central British Columbia.
Hole 05-IL-02 intersected 1.3 metres of massive sulphides, at a down hole depth of 78 metres, that occurred within a 3-metre section of sulphide veinlets. Hole 05-IL-03 cut a thicker massive sulphide sequence of about 6 metres occurring within a 17-metre interval (starting at a hole depth of 33 metres) of sulphide veinlets. Assay results are anticipated by mid-March.
The holes, spaced about 80 metres apart, were testing an electromagnetic anomaly defined in an airborne survey conducted in mid-2004.
The project is situated in the Iron Lake Ultramafic Complex, with mineralization believed to have a magmatic origin. Cumulate textures have been observed in the host rocks to the sulphides.
Recent surface "rubble" sampling has returned values of copper, gold, palladium and platinum mineralization from an olivine pyroxenite with 3-5% disseminated sulphides.
Argent is earning a 55% interest from Eastfield Resources (ETF-V) for 300,000 shares, $85,000 in payments and $1.01 million in exploration expenditures by mid-2007. An additional 15% can be acquired through a further $1 million in exploration expenditures.
The market was bullish on the news, pushing Argent’s shares up 60% to 16 per share on over 1.2 million shares of volume. Eastfield saw its stock jump 34% to 21.5 per share on moderate volume of 70,000 shares.
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