Sign up Australia
Proactive Investors - Run By Investors For Investors

Argonaut Resources issues 1 million shares after exercising options

The Torrens Copper Project has been a catalyst for improved share prices.
Australian currency
A drilling program is expected to begin by the end of this quarter

Argonaut Resources NL (ASX:ARE) has issued more than 1 million shares for a total value of $6000 after exercising options.

The shares were issued at $0.0055, a considerable discount to the trading price today of $0.022.

Argonaut reached a 12-month high of $0.036 in late December and traded at $0.030 and above for much of January.

Copper project a catalyst for share price

The Torrens Copper Project in South Australia has been a catalyst for the improved share prices.

Argonaut is a 30% partner in the Torrens Joint Venture with Aeris Resources Ltd (ASX:AIS) holding 70%.

The company’s subsidiary, Kelaray Pty Ltd, is managing the joint venture.

Airborne survey scheduled

An airborne gravity survey is scheduled to be flown this month over the large-scale Torrens anomaly that has been likened to the nearby Olympic Dam deposit.

This survey is expected to improve the targeting of drill holes.

The company also expects the third of three approvals required for drilling at Torrens to be granted this month.

Drilling is expected to begin around the end of the March 2018 quarter

READ: Argonaut Resources director exercises in-the-money options

The share issue follows independent, non-executive director Malcolm Richard exercising 3.2 million options in January.

Total consideration was $17,500 and the unlisted options also had a price of $0.0055.

View full ARE profile View Profile

Argonaut Resources NL Timeline

Related Articles

1533880895_Artemis-Super-Deep_Hole.jpg
August 10 2018
The company owns the only processing plant in the Karratha region and is exploring for gold, cobalt, copper and platinum.
Horse Hill drilling site under construction
March 14 2018
Sue Corrigan is a geologist and geoscientist with 40 years' industry experience in both exploration and development geology
1509542969_Lithium_381225958_58c8743f4a122.jpg
November 02 2017
Pan Asia Metals is building strength in depth in South East Asia

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use