Nyungu copper-cobalt deposit in Zambia

Argonaut Resources highlights potential eastern extension to Nyungu copper-cobalt deposit in Zambia

“Shareholders can expect some exciting times over the next few months with the potential for a new copper discovery at Nyungu East, in addition to resource and extensional drilling results from Nyungu Central,” says CEO.

Argonaut Resources NL (ASX:ARE) has highlighted a potential eastern extension to the Nyungu copper-cobalt deposit in Zambia with Nyungu East defined by an intense copper in soil anomaly revealed in recent soil sampling.

The Nyungu East anomaly is in three lobes over 900 metres and has the potential to expand the currently defined conceptual exploration target of 580,000 tonnes to 1.15 million tonnes of contained copper. 

A reverse circulation (RC) drilling program will commence within one week to test the Nyungu East anomaly. 

This drilling program supplements a partially complete, 2,800 metres diamond drilling program at the Nyungu copper-cobalt deposit.

Exciting times over next few months

Argonaut chief executive officer and director Lindsay Owler said: “Argonaut is drilling for copper on two fronts at its 90%-held Lumwana West project in Zambia at a time of record copper prices.

“Shareholders can expect some exciting times over the next few months with the potential for a new copper discovery at Nyungu East, in addition to resource and extensional drilling results from Nyungu Central.”

Supplementary drilling program

At Nyungu East, the peak copper in recently acquired soil samples is 0.21% copper. The peak of the southern lobe is 2,100ppm (0.21%) copper and the peak of the central lobe is 840ppm copper.

The Nyungu East copper anomaly is higher in intensity than the Nyungu Central soil anomaly.

Argonaut has engaged a contractor to drill up to 1,500 metres of RC drilling at Nyungu East to test the three lobes of Nyungu East.

Mobilisation of the RC drilling rig to site is imminent. Access tracks and drilling pads have been constructed in preparation for the rig’s arrival.

Around 15 holes ranging in depth from 80 metres to 130 metres are planned.

The program will be completed prior to mid-November 2021.

A commercial copper discovery at Nyungu East will have a positive impact on the value of the Lumwana West project.

Diamond drilling program

The 2021 drilling program is budgeted to cost A$2 million for a total of 2,800 metres of varying diameter drill core.

This program is being jointly managed by African Mining Consultants (AMC) and Argonaut Resources’ staff based in Adelaide.

Since the commencement of drilling in late July 2021, Argonaut has completed eight diamond drill holes for 1,700 metres with the remaining 1,100 metres expected to take five to six weeks to complete.

Argonaut is cutting drill core and expects to report initial assay results in December 2021.

Nyungu Central

The Nyungu deposit is confirmed by 50+ drill holes, with a 1,700 metres strike length and open to the north and south.

Shallower portions of the Nyungu deposit offer potential for low cap-ex, near-term, heap leach operation followed by the long-term production of copper concentrate.

Argonaut is testing these potential extensions to known mineralisation with a view to increasing tonnages for future resource estimation.

Nyungu East

Nyungu East is about one kilometre east of the Nyungu Central copper-cobalt deposit.

The Nyungu copper-cobalt deposit is part of Argonaut’s 90%-held Lumwana West project between two world-class copper operations, Barrick Gold’s Lumwana mine and First Quantum Mineral’s Sentinel mine in Northwestern Zambia.