Argent Minerals : Pine Ridge Inferred Resource

20th April 2022

ASX Release

MAIDEN JORC RESOURCE OF 22,122 oz GOLD

OVER PINE RIDGE PROSPECT

Drilling Program is current been designed to increase the current Resource - Targeting Northern Zone from the Main Central Mineralised Zone

HIGHLIGHTS

• • Independent Maiden JORC 2012 Inferred Mineral Resource for the Pine Ridge Deposit has yielded 419,887t @ 1.65 g/t Au containing 22,122 oz Gold.

• • Pine Ridge Gold Deposit current mineralised model has a strike length over 200m by 85m in width and extending down 145 vertical metres with mineralisation remaining open to the north and at depth. All mineralisation is hosted within the Box Ridge Volcanic Member, particularly within the basalt lithology.

• • Project is situated within the world class province of the Lachlan Fold Belt in NSW.

• • In the last phase of drilling, Argent has completed 5 RC holes totalling 656m concentrating on the eastern and central flank of the known gold mineralised lodes. These results have been included within the JORC Resource calculation presented within the announcement.

• • Mineralisation envelopes of gold vary from 1m up to 17m true thickness with the gold mineralisation striking in NNE/SSW direction.

• • Significant gold intersections include:

  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

• • Follow-up extensional resource drilling is planned in the north portion of the main gold mineralisation zone over the historical mine workings with the aim of increasing the current resource tonnage and grade.

• • Strong extensive anticlinal faulted structural zone striking over 1.5km is associated with the high-grade gold mineralisation over Pine Ridge and Wood Gully Gossan Prospect area. This zone has been identified along strike and at depth of the main gold mineralisation and will be systematically tested through further RC drilling.

Argent Minerals Limited (ASX: ARD) ("Argent" or "the Company") is pleased to announce a maiden JORC 2012 Resource at its Queenslander Gold Prospect ("Pine Ridge Prospect") within the Company's Pine Ridge Gold Project on the eastern Lachlan Fold Belt, NSW.

Argent Minerals Limited Chief Executive Officer Mr Kastellorizos commented:

"We are pleased to have completed Argents' first maiden JORC Resource over the Pine Ridge Gold Prospect. We are confident of increase the current Pine Ridge resource during this year. Furthermore, our technical team believe the deposit has substantial potential for more resource growth along the northern portion proximal the old historical mine area as this highly prospective zone remains completely untested by drilling. Based on review of current aerial magnetics, we have determined the strong faulted anticlinal structure has a direct correlation with the gold mineralisation over the Pine Ridge Deposit. This structure hosts the PineRidge and Wood Gully Gossan mineralisation over 1.5km strike length with 95% of the total length remaining completely untested with excellent potential to delineate further mineralisation".

Mineral Resource Estimate

The Resource has been independently estimated by Odessa Resources Pty Ltd (Perth). The estimate has been produced by using Leapfrog Edge software to produce wireframes of the various mineralised lode systems and block grade estimation using an ordinary kriging interpolation. Top cuts were applied to individual lodes as necessary to limit the effect of high-grade outliers.

The Resource has been classified as a global Inferred based on historical drill results. The future infill drilling will support further increase in the resource classification.

The database includes both historic and recent drilling completed in 1993 by Gold Rim Exploration Pty Ltd and from 2019-21 by Argent respectively totalling 5,412.5m in 54 holes:

• • 6 NQ diameter diamond holes for 812.5m

• • 48 reverse circulation holes for 4,600m

• • 5,227 drill assay results

Geological models of the footwall and hanging wall Box Ridge Volcanics were created to aid the interpretation of the mineralised domains.

Resource constraints were interpreted using a nominal 0.30 g/t Au lower cut off. Two separate stacked south-west dipping envelopes were created (Refer to Global Mineral Resource Estimates - Table 1 and 3D Image highlighting mineralised Lodes Figure 1). The Pine Ridge estimate is reported above a cut off 0.30 g/t Au as a global resource that is not constrained by an optimised pit shell.

Table 1: Pine Ridge Global Mineral Resource Estimate *

Classification	Tonnage	Average Grade g/t Au	Contained Metal oz Au
Total	Inferred	419,887	1.65	22,122

* numbers may not sum due to rounding

About the Pine Ridge Prospect 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 actual 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 workings which 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 a series of mineralised zones (sub-parallel) of highly weathered porphyrite separated by phyllite up to 75m wide that contained gold bearing quartz veins. Gold mineralisation is associated with strongly sheared volcaniclastics and strong quartz-carbonate-sericite-pyrite alteration. The gold mineralisation trends roughly N-S over a strike distance of 200m by 85m in width and dips steeply at 80o to the west. To date, all holes encountered quartz veining hosted within a volcanic unit (basalt).

Figure 1: 3D Model highlighting the Mineralised Lodes within Pine Ridge Deposit looking NE Direction

Figure 2: Pine Ridge - typical longitudinal section looking east (purple/red colours show high grade gold zones)

Figure 3: Drill Plan highlighting all Historic and Current Drillholes with significant Gold Intercepts

Table 2: Significant Intercepts - Argent Minerals Ltd 2021

(0.5 g/t Au lower cut off, max 2m internal dilution - True Widths)

Hole ID	From (m)	To (m)	Interval (m)	Grade (g/t Au)	gram-metres
PR006	43	48	3.49	3.2	11.2
PR009	32	38	2.49	3.9	9.6
PR009	51	61	4.14	6.4	26.6
PR010	54	70	7.28	10.3	74.8
PR011	75	80	2.70	2.5	6.8
PR012	71	81	3.66	5.0	18.4
PR013	90	95	4.54	2.5	11.4
PR016	45	49	1.59	2.5	3.9
PR018	56	63	1.92	4.5	8.6
PR022	44	49	2.32	2.9	6.7

Hole ID	From (m)	To (m)	Interval (m)	Grade (g/t Au)	gram-metres
APDD030	131	136	1.14	2.6	3.0
APDD031	98.4	110	4.79	7.3	34.8
APDD031	112	117.4	1.48	3.4	5.0
APRC034	70	75	1.68	4.0	6.7
APRC034	94	99	2.44	4.2	10.2
APRC034	103	107	0.53	3.4	1.8
APRC035	12	21	3.46	3.9	13.5
APRC035	93	110	2.23	7.2	16.0
APRC035	111	126	2.03	6.6	13.3
APRC035	127	136	1.07	4.1	4.4
APRC036	66	69	1.72	2.1	3.7
APRC037	83	99	1.56	7.6	11.8
APRC038	98	114	1.26	6.3	8.0
APRC039	56	69	3.22	8.2	26.2
APRC040	11	20	1.39	2.4	3.4
APRC040	70	77	4.20	2.1	8.8
APRC040	102	110	0.80	2.6	2.1
APRC041	99	108	1.87	3.0	5.6
APRC041	110	128	0.84	6.0	5.0
APRC042	78	95	1.69	5.6	9.6
APRC043	41	44	1.14	2.3	2.7
APRC044	61	71	2.76	4.7	13.0
APRC048	58	73	4.56	6.5	29.4
APRC048	75	81	1.00	2.6	2.6
APRC053	133	147	2.31	10.2	23.5

Table 3 Significant Intercepts - Historic Gold Rim Mining Drilling (1993-1994)

(0.5 g/t Au lower cut off, max internal dilution - True Widths)