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Argonaut Resources Increases Global Exploration Target For Lumwana West Copper Project

Argonaut Resources (ASX: ARE) has updated the global exploration target for its Lumwana West project in Zambia to 1,090 million tonnes to 1,560Mt at 0.45 to 0.65% copper.

This includes a revised target for the Kavipopo anomaly and a maiden explorationtTarget for the West Mwombezhi anomaly.

"The company has received some very promising early stage exploration results from our project in Zambia," director Lindsay Owler said.

"Recent surveys have delivered substantial improvements in several related areas and the Company has translated these improvements into an upgraded global Exploration Target.

"Using copper mineralisation at Nyungu Central as an analogy, we set about outlining additional targets with the necessary scale to host commercial mining operations. The stand-out drill targets are at the West Mwombezhi and Kavipopo areas.

"The updated Exploration Target speaks for itself - the potential is considerable - which is consistent with a large licence area covering the geological extensions to a major operating mine. The drilling program scheduled for the start of dry season in May 2014 will be an exciting time for the company and its shareholders."

Argonaut is currently considering the merits of funding the 2014 exploration program by entering a joint venture with a major company. Discussions have already commenced with a number of suitable parties.

Drilling Plans

The company plans to start from May 2014 drilling over the West Mwombezhi and Kavipopo targets as well as carry out extensional and follow-up drilling on the Nyungu area.

At West Mwombezhi, 10 reverse circulation and diamond holes totalling 2,500 metres will test a coincident IP chargeability and soil geochemistry anomaly at 400 metre drill traverse spacing.

Holes will be drilled to the east, assuming potential mineralisation dips moderately to the west.

A further 8 reverse circulation and diamond holes totalling 2,400 metres will test coincident IP chargeability and soil geochemistry anomaly at Kavipopo.

These will be drilled to the south, assuming potential mineralisation dips steeply to the north.

At least one hole will be drilled to the north to confirm the geometry of potential mineralisation.

At Nyungu, the company will drill 9 reverse circulation and diamond holes totalling 3,000 metres.

These will be drilled to the east at Nyungu Central, Nyungu South, Nyungu North as well as a discrete anomaly west of Nyungu Central to test strike extensions plus two previously undrilled chargeability anomalies.

Exploration Target

The Exploration Target ranges for West Mwombezhi and Kavipopo were estimated using IP chargeability data collected by Argonaut over the target areas during 2012 and 2013.

Large, coincident soil geochemistry anomalies over the subsurface IP anomalism support the concept of mineralisation at depth.

The estimates were made on the assumption that the measured chargeability response at West Mwombezhi and Kavipopo is derived from copper-bearing disseminated sulphide mineralisation plus graphite, as found at Nyungu and nearby at the Chimiwungo deposit at Barrick's Lumwana mine.

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