Argonaut announces plans for a Zambian venture
Junior Argonaut Resources announced that it has placed 693.3-million shares, at a price of 0.75c a share, under its existing placement capacity to fund a drilling work in Zambia.
The firm has completed a A$5.2-million private placement to professional and sophisticated investors to fund the Zambian venture.
“The funds raised will allow Argonaut to resume drilling at the Nyungu copper/cobalt deposit in north-western Zambia. The Nyungu deposit is over 1 700 m in strike length and urgently requires infill drilling for resource estimation purposes as well as exploration drilling for strike extensions and repetitions of the mineralised package,” said Argonaut CEO Lindsay Owler.
“Argonaut will also use funds for continued deep drilling at the Murdie iron-oxide/copper/gold exploration programme in South Australia,” Owler added.
About Argonaut
Argonaut Resources is an Australian Security Exchange listed mineral exploration and development company with copper and zinc projects in South Australia, Queensland and Zambia. Argonaut is focused on development of the internationally recognised Torrens and Murdie iron-oxide copper/gold projects in South Australia.
The company’s other base metal interests include the Nyungu copper/cobalt deposit in Zambia and the Kroombit zinc/copper deposit in Central Queensland. In addition, Argonaut has a joint venture with Perilya targeting zinc silicates at Aroona, also in South Australia.
