Argent hits massive sulphides at Iron Lake (February 28, 2005)

Vancouver — A modest 500-metre program of four drill holes by Argent Resources (AOU-V) has tied into significant massive sulphide mineralization on the Iron Lake project, 45 km northeast of 100 Mile House in central British Columbia.

Hole 2 intersected 1.3 metres of massive sulphides at a down-hole depth of 78 metres, which occurred in a 3-metre section of sulphide veinlets. Hole 3 cut a thicker massive sulphide sequence of about 6 metres in a 17-metre interval (starting at a depth of 33 metres) of sulphide veinlets. Results are anticipated by mid-March.

The holes, spaced about 80 metres apart, were testing an electromagnetic anomaly defined in an airborne survey.

Iron Lake is in the ultramafic complex of the same name, and the mineralization is believed to be magmatic. Cumulate textures have been observed in the host rocks to the sulphides. The claim group covers a mafic-to-ultramafic intrusive complex containing pyroxenite, olivine pyroxenite, gabbro and sodic pegmatite.

Recent surface “rubble” sampling has returned values of copper, gold, palladium and platinum mineralization from an olivine pyroxenite with 3-5% disseminated sulphides. Copper grades were between 0.55% and 1.15%, with precious metal values under 1 gram per tonne.

Argent is earning a 55% interest from Eastfield Resources (ETF-V) in return for 300,000 shares, $85,000 in payments, and $1 million in exploration expenditures by mid-2007. An additional 15% can be acquired in return for an additional exploration expenditure of $1 million.

The drill results pushed Argent’s shares up 60%, to 16, on a volume of 1.2 million shares. Eastfield’s stock jumped 34%, to 21.5, on moderate volume of 70,000 shares.