The Lumwana West project is located in the Central African Copperbelt, North-Western Province, Zambia. The area is prospective for large tonnage, low to medium grade copper/cobalt deposits. There are several major mines nearby to Lumwana West that are hosted in similar geological settings.
Argonaut, via its 90% held subsidiary, Mwombezhi Resources Ltd, has been successful in intercepting broad copper and cobalt intercepts at the Nyungu deposit and has defined a series of large, prospective targets that have now undergone first-pass drill testing.
Revised Exploration Target
The estimation of an Exploration Target including cobalt as well as copper was announced by Argonaut in March 2017. The revised Exploration Target is:
||Tonnage Range (Mt)
||Grade Range (%)
||Contained Metal Range (kt)
||130 to 180
||0.45 to 0.65
||580 to 1,150
||15 to 20
||0.08 to 0.12
||12 to 24
The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
* Copper Exploration Target announced to the ASX by Argonaut on 9 April 2013.
^ Cobalt Exploration Target announced to the ASX by Argonaut on 28 March 2017.
The March 2017 Exploration Target is estimated to JORC 2012 standards. Argonaut is planning to undertake a drilling program targeting cobalt of at least 3,000 metres as soon as possible.
The Lumwana West Project is held 90% by Argonaut and 10% by Zambian National Shareholders.