Argonaut holds a 100% interest in the Kroombit deposit in Central Queensland. The company reported a zinc – copper resource to JORC standards on 11 June 2009

The Inferred and Indicated Resources comprise:

  • A Zinc Resource of 5.2 million tonnes grading at 1.9% zinc and 0.15% copper at a cut-off of 1.0% Zn, for 98,800 tonnes of zinc and 7,800 tonnes of copper
  • A Copper Resource of 0.9 million tonnes at 1.0% copper at a cut-off of 0.5% Cu for 9,000 tonnes of copper
  • A total of 16,800 tonnes of copper from the Zinc Resource model and the Copper Resource model.
  • The resource estimates, announced in June 2009, were completed by independent geological consultants, Hellman & Schofield Pty Ltd.

In addition, Exploration Results are reported comprising a defined Exploration Potential of between:

  • 1 million and 1.5 million tonnes at 1.5% to 2.0% zinc, and between
  • 0.5 million and 1 million tonnes at 0.7% to 1.3% copper.
Results from zinc sulphide flotation tests produced a zinc concentrate grading 58% zinc with an 87% recovery rate.
Argonaut holds a 100% interest in ML 5631 and the surrounding Mineral Development Licence MDL 2002.