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Argonaut Resources identifies iron oxide copper-gold targets at Torrens project

The targets have similar geophysical features to Olympic Dam, Prominent Hill, Carrapateena and Hillside.
view of salt lake
The Lake Torrens shore as seen from Andamooka Island

Argonaut Resources NL (ASX:ARE) has identified 28 large volume iron oxide copper-gold (IOCG) drilling targets from airborne gravity and magnetic survey data of the Torrens exploration licence in South Australia.

The survey aimed to improve the probability of drilling success through better targeting of known anomalies in the company’s upcoming drill program.

Torrens is a joint venture between manager Argonaut and majority owner Aeris Resources Ltd (ASX:AIS), which owns 70% of the licence.

Gravity anomalies abound

Of the 28 targets identified, 19 of them are either coincident gravity and magnetic anomalies, or gravity only anomalies.

A further four targets were identified as deeper gravity anomalies.

Rocks with high concentrations of subsurface iron, which can be distinguished via gravity and magnetic surveys, are often associated with economic concentrations of copper and gold.

Argonaut used unconstrained inversion modelling to create three-dimensional, mathematical models, which were then populated with downhole geophysical measurements available from existing drill holes.

READ: Argonaut Resources raises $5.5 million to progress Torrens iron oxide copper-gold project

An airborne geophysical survey across the entire licence area was completed in March, recording gravity with a FALCON airborne gravity gradiometer system and magnetics with a high resolution, high sensitivity Scintrex magnetometer.

The Torrens JV technical committee has completed a thorough review of Eastern Gawler Craton geology with specific regard to IOCG mineralisation, and the most prospective targets will be drilled early in the program commencing next quarter.

Fabrication of specialist heli-portable equipment for environmentally sensitive drilling on a salt lake crust will commence this week.

READ: Argonaut Resources has market’s attention with Olympic Dam style target

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

Drilling of the Torrens anomaly by Western Mining Corporation in the late 1970s and by the Torrens JV in 2007/08 confirmed the existence of a major IOCG mineralising system beneath several hundred metres of sedimentary cover.

Further drilling is required to intercept the deposit, and the company believes that in the event of a discovery, the Torrens anomaly has the scale to host a world-class copper-gold deposit.

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