A1M has delivered an updated Reserve for the Jericho deposit with contained metal improved by 86%. While Argonaut had hoped for a higher MRE-Reserve conversion rate, we remain confident that future drilling programs will expand the mineable Reserve to backfill our inventory of 7Mt grading 1.9% Cu, 0.4g/t Au.
New drilling at Swagman scheduled to begin in April should improve understanding of the area. A1M is currently assessing the merits of accessing Jericho deposit ore directly from the Eloise underground via Swagman and then south along the Jericho trend. This would significantly reduce surface disturbance required for infrastructure and streamline permitting. Strong spot copper and gold prices underpin our Price Target.
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