Argent Minerals : Pine Ridge Geophysics Data Review

28th March 2022

ASX Release

NEWLY DEFINED MULTIPLE GEOPHYSICAL TARGETS UPGRADE PINE RIDGE

PROJECT

Reconnaissance Exploration will commence with ground verification over Newly Defined Geophysical

Target Areas

HIGHLIGHTS

• • Interpretation of the high-resolution magnetics by Core Geophysics has identified several potential Cu-Au porphyry targets.

• • Nine (9) target areas have been selected within the Pine Ridge Project based on the magnetic and radiometric responses. Exploration targets include:

  • o Possible undiscovered porphyry intrusive system.

  • o Thorium anomaly surrounded by a potassium halo presented as a possible intrusive.

  • o An uncharacteristically shaped unit in the centre of the syncline appears to be strongly deformed with potential for brittle deformation (potential site of hydrothermal fluid deposition).

  • o A prominent hill with an elevated potassium response presented as a possible porphyry intrusive core.

  • o Several zones of magnetic depletion align with faults indicating potential weathering, hydrothermal alteration or magnetite replacement.

• • An arcuate magnetic unit flexes along the northern margin of this intrusive and displays a loss of magnetism. This could indicate mineralising fluid flow into a unit that has been subject to brittle deformation, with resulting destruction of magnetite.

• • Broad zones of decreased magnetism appear constrained along some fault lines and are potential target zones representing magnetite destruction.

• • The defined target areas will be further investigated by ground follow up, including mapping, sampling and potentially ground geophysical methods.

Argent Minerals Limited (ASX: ARD) ("Argent" or "the Company") is pleased to announce the results from its high-level geophysics interpretation review over its 100% Pine Ridge Gold-Base Metal Project.

About the Pine Ridge Project Area

The Pine Ridge Exploration Licence (EL) 8213, located in an undulating region of the Central Tablelands in New South Wales (NSW), approximately 65 kilometres south of the township of Bathurst and 10 km south-west of Trunkey. The Exploration Licence 8213 is 100% owned and operated by Argent Pty Ltd a wholly owned subsidiary of Argent Minerals Limited.

Alluvial gold was discovered within the area of EL 8213 in 1851 on the Abercrombie River and its tributaries. After the initial gold rush of the early 1850's, small scale alluvial and deep-lead prospecting and mining continued until the Second World War.

The Pine Ridge Gold Mine commenced mining in 1877 and continued sporadically until 1948, producing a total of 6,864t ore with variable gold grades. Mining was originally conducted by open cut workings and then subsequently by underground workingswhich consisted of 2 shafts up to 20m deep, small open cut pits, an adit and underground drives in a zone that extended over 300m. The mineralisation has been described as two zones of highly weathered porphyrite separated by phyllite up to 75m wide that contained gold bearing quartz veins.

Jododex Australia Pty Ltd undertook exploration concentrating on volcanogenic base metal sulphide mineralisation. They identified the Wood Gully Gossan to the south of the Pine Ridge Mine. The gossan occurs in phyllites and along strike of the Pine Ridge Mine. Soil sampling and 13 shallow auger holes (max depth of 65m) gave anomalous metal values, with up to 1.7% Cu, 2.28% Pb and 134 ppm Ag. Little to no exploration has been conducted over this high prospective area.

Argent Minerals Limited announced the completed second phase RC Drilling results over the Pine Ridge Gold Prospect on the 19th August 2021, which highlighted thick high grade gold mineralisation over the Pine Ridge Gold deposit. To date, all holes encountered quartz veining hosted with volcanic unit (basalt). Some significant gold intersections included the following.

Drillhole APRC048: 6m @ 10.52 g/t Au from 60m

Drillhole APRC044: 6m @ 3.67 g/t Au from 64m

Drillhole APRC035: 34m @ 2.03 g/t Au from 99m

Drillhole APRC039: 13m @ 3.20 g/t Au from 56m

Drillhole APRC040: 9m @ 2.12 g/t Au from 11m

Argents Minerals Limited Chief Executive Officer Mr Kastellorizos commented:

"We are extremely pleased to have received an incredibly positive high level data review report from Core Geophysics as this represents a major leap forward in the companies systematic targeting process in defining new discoveries over the Pine Ridge Project. The high-resolution interpretation has delineated potential Gold-Copper Porphyry target areas previously unknown as these represent potentially large tonnage exploration target".

"We have now placed the company in a position to actively commence ground exploration over multiple geophysical, lithological, mineralised and structural targets and trends previously unknown. By completing this process, we have significantly advanced the company's exploration strategy by direct targeting priority exploration areas which have the potential for delineating undiscovered copper-gold mineralisation".

Heli-borne Magnetic and Radiometric Survey

In 2019, Argent Minerals Ltd completed a Heli-borne magnetic and radiometric survey which comprised of 645-line kilometres across the entire area of the Pine Ridge EL8213 at a line spacing of 100m and 30m height. Processing and modelling of the magnetic data have shown the exploration licence is dominated by a strong north striking linear feature which exhibits a high frequency north-easterly fracture pattern that follows the larger tectonic structural grain. These corridors appear to be magnetically destructive (Figure 2). An interpretation of structural and litho-magnetic boundaries is presented in Figure 1. This map outlines the major geological boundaries based on discernible susceptibility contrasts in magnetic data.

Targets Generated

Although the area has a long history of exploration and mining the area is relatively underexplored at depth. The only work thus conducted has always concentrated around the Pine Ridge Gold Mine area and a small portion of strike to the south (completed by Argent Minerals Ltd). Other areas also selected includes the following

Figure 1- Regional AMAG Interpretation with Newley Defined Exploration Targets

The interpretation of airborne geophysical data has identified several potential Cu-Au porphyry targets. Other target styles are also presented and are summarised in Table 1 and from Figures 2 to 7.

Table 1 - Priority Targets Requiring Ground Reconnaissance

Target T1 - An unusual ovoid-shaped body is a potential porphyry intrusive

This target is speculative as there is no other information other than what can be discerned from the airborne data. An ovoid-shaped, magnetic body has the potential to be a late-stage intrusive (Figure 1). An association between this body and a porphyry-style intrusive is implied mainly due to the surrounding prospective geological terrane. Other observations made include:

• • It is ovoid-shaped, which may correlate with a larger dilational jog setting

• • It doesn't "fit in" with the rest of the magnetic lithologies

• • Radiometric responses are subdued over the magnetic source; however, potassium is subtly elevated in the centre of this body

• • It bears some magnetic similarity to the geophysical setting of the Copper Hill porphyry

• • Mineralisation prospectivity is strong for Cu and Ag, but this may only be revealed at depth

T1

Figure 1 - T1 - An ovoid-shaped body is proposed as a late-stage intrusive porphyry.

T2, T3 - Twin thorium anomalies are enigmatic, with radiometric signatures potentially indicative of an intrusive: Approximately 500m and 900m north of T1 are two thorium anomalies. The furthermost, T2, is characterised by a small thorium+ uranium high surrounded by a potassium ring (Figure 2). Magnetic data indicates a zone of unusual folding or compression around the radiometric responses. Mineralisation prospectivity is moderate to good

Figure 2 - T2 - A potassium dominant halo surrounds a thorium rich anomaly.

Target T3 has a slightly different radiometric expression compared to T2 (Figure 3). This anomaly lacks the distinctive ring-like potassium halo of T2 but retains the elevated thorium +uranium anomalism. It also maintains proximity to the larger T1 body with complex structural influences.

T3

T3

Figure 3 - T3 - An elevated thorium+uranium anomaly situated between T1 and T3

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