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Argonaut Resources confirms favourable court decision for Lake Torrens title rights

Torrens joint venture is 30%-owned by Argonaut and 70% by Aeris Resources
project map
Native group's title rights over Lake Torrens dismissed by court

Argonaut Resources NL (ASX:ARE) is getting ready to resume drilling at the Torrens joint venture near Olympic Dam in South Australia, following a favourable decision by the full federal court.

WATCH: 'The shackles are off Torrens' as Argonaut Resources receives final approval for drill program

Torrens joint venture is 30%-owned by Argonaut, which is managing the project, and 70% by Aeris Resources Limited (ASX:AIS).

Torrens native title appeals dismissed

Historically, operators of the Torrens Project hadn’t been able to secure all required agreements with native title claimants.

The overlapping claims were eventually heard by the federal court between October 2015 and February 2016. In August 2016, the Federal Court dismissed all three native title claims over the Torrens anomaly.

All groups elected to appeal the decision to the full federal court.

The full court dismissed all three appeals by a two to one majority and this decision has been handed down on 16 March 2018.

Continued respectful engagement with native title groups

Argonaut chief executive officer Lindsay Owler said: “Native title trials involve a significant emotional investment by aboriginal communities, particularly by those who give evidence at trial.

“Argonaut empathises with the people affected by Friday’s judgement and confirms its commitment to continued respectful engagement.”

Potential for a world-class copper-gold deposit

The Torrens coincident magnetic and gravity anomaly has a footprint considerably larger than that of Olympic Dam.

In the event of a discovery, the Torrens anomaly has the scale to host a world-class copper-gold deposit.

READ: Argonaut Resources surges 28% on final approval for major Torrens drilling program

The Torrens joint venture between Argonaut and Aeris required three authorisations to resume drilling at the Torrens anomaly.

These authorisations relate to native title, operational approval and aboriginal heritage.

Importantly, Argonaut confirmed last month that all three approvals had been granted and that the Torrens joint venture is preparing to commence drilling in the September quarter, 2018.

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