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. Consent for further drilling at Nyungu has been granted by Zambian authorities. The Lumwana West Project is held 90% by Argonaut and 10% by Zambian National Shareholders.