Argonaut Resources NL (ASX:ARE) has received initial ground gravity survey results from the Murdie Copper Project in South Australia which will assist the company in preparing a major exploration drilling program.
The drilling program, which will be set around the western shoreline of Lake Torrens and Andamooka Island, will target iron-oxide copper-gold (IOCG) mineralisation in the style of Olympic Dam, Carrapateena and BHP’s recent Oak Dam discovery.
Argonaut plans to begin drill testing in March 2021 and anticipates that the remaining gravity stations will be surveyed during March and April 2021.
Lake Torrens exploration licences.
Ground gravity survey
Geophysical crews have been working at the Murdie area since October 2020.
Crews are conducting a detailed ground gravity survey over selected areas to improve the accuracy of drill-target modelling.
Argonaut has completed the ground gravity survey over known gravity anomalies at Murdie, which has improved the accuracy compared to historic gravity data and is allowing better geological interpretation and more accurate modelling for drill targeting.
Argonaut is pleased with the results of the survey and the resolution of the data.
Rain in late January 2021 caused Argonaut to pause the gravity survey whilst the lake surface dries and the salt crust firms.
Once the lake surface is determined to be accessible under an approved management plan, work will continue.
Drilling targets
The Murdie exploration licences cover two large-scale, regional gravity anomalies – West Lake Torrens and Murdie.
These anomalies represent locations with significant volumes of high-density rock that could contain economic IOCG deposits.
Efforts are being focused on the West Lake Torrens anomaly.
Argonaut has identified seven excellent drilling targets near the shoreline of Lake Torrens.
Argonaut plans to drill test Smith Dam 1 and Smith Dam 2 first and other targets will be prioritised based on results.
Drilling equipment and mobilisation
A track-mounted Sandvik DE740 drilling rig capable of drilling cored holes to 1,800 metres has been contracted by Argonaut.
Recent geophysical modelling indicates that drill holes will be between 700 metres and 1,200 metres in depth.
Mobilisation to site is expected to occur around late February or early March 2021.
