Kempfield’s New Depth Extensions Raise Questions on Resource Expansion Risks

Record-Breaking Drill Results at Kempfield

Argent Minerals Limited (ASX, ARD) has announced a breakthrough in its exploration efforts at the Kempfield Silver-Polymetallic Project in New South Wales, delivering the highest silver grades recorded at the site to date. The standout diamond drillhole AKDD210 intersected an impressive 200.8 metres of continuous mineralisation, including a remarkable 99.8 metres grading 180.2 grams per tonne (g/t) silver equivalent (Ag Eq), and a high-grade zone of 11.9 metres at 491.7 g/t Ag Eq.

These results not only highlight the exceptional quality of the mineralisation but also reveal significant depth extensions, with mineralisation confirmed 110 vertical metres below previous drilling limits. This suggests a robust and vertically extensive ore body that remains open for further expansion, particularly to the east.

Geological Context and Mineralisation Characteristics

The mineralised zone at Kempfield is hosted predominantly within a barite-rich greywacke unit, characteristic of a volcanogenic massive sulphide (VMS) system. The mineralisation comprises fine disseminated pyrite with stringer zones of sphalerite (zinc) and galena (lead), with higher-grade zones associated with intense sericitic alteration and barite dominance. Notably, zinc grades increase with depth, adding to the polymetallic value of the deposit.

Exceptional individual samples from AKDD210 included grades as high as 1,030 g/t silver, 1.74 g/t gold, 3.8% lead, and 12.9% zinc, underscoring the deposit’s rich polymetallic nature. The mineralised zone starts near surface at approximately 33 metres depth, offering potential for early-stage mining and selective high-grade extraction.

Strategic Follow-Up Drilling and Project Outlook

Building on these promising results, Argent Minerals has outlined a comprehensive follow-up drilling program comprising approximately 3,200 metres of reverse circulation (RC) and diamond drilling. This campaign aims to test extensions of known mineralised trends, confirm lateral and depth continuity, and evaluate newly identified geophysical and geochemical targets across multiple zones within Kempfield, including Lode 200, Kempfield IP Zones, NW Zone, Henry Zone, Golden Wattle, and Sugarloaf Hill.

Additionally, a 30-hole RC drilling program is planned at the nearby Trunkey Creek Gold Project to explore high-grade gold targets beneath historical workings, leveraging the geological similarities to prolific gold districts such as Hill End and Lucknow.

Implications for Argent Minerals and Investors

Managing Director Pedro Kastellorizos emphasised the significance of these results, noting that the high-grade silver intersections materially enhance the project’s development potential. The combination of broad mineralised zones and exceptional grades positions Kempfield as a leading silver-polymetallic project in Australia, with a clear pathway toward early production through heap leach processing of oxide zones followed by carbon-in-leach and flotation for sulphides.

The company’s ongoing metallurgical testwork, including heap leach and CIL/flotation trials on recent drill samples, will be critical in refining processing strategies and confirming economic viability. The extensive resource base, combined with the new drilling results, supports future resource upgrades and development studies.