Proactive Investors - Run By Investors For Investors

Argonaut Resources and partner have drill spinning at large Torrens copper-gold anomaly

Torrens is in the same IOCG trend as Olympic Dam, Carrapateena and BHP’s recent Oak Dam West discovery.
Drill rig on Lake Torrens in South Australia
Drilling is underway on the sensitive salt lake surface of Lake Torrens

Argonaut Resources NL (ASX:ARE) and joint venture partner Aeris Resources Ltd (ASX:AIS) have started drilling the large Torrens copper-gold anomaly on Lake Torrens in South Australia.

Drilling is underway at the first prioritised copper target of the anomaly, which has a footprint larger than the nearby Olympic Dam iron oxide-copper-gold (IOCG) project of BHP Group Ltd (ASX:BHP).

READ: Argonaut Resources’ Torrens JV to drill IOCG project after BHP identifies major system

In fact, Torrens is in the same trend that also hosts the Carrapateena copper-gold deposits of OZ Minerals Limited (ASX:OZL) and BHP’s recent Oak Dam West copper deposit, which is just 40 kilometres away.

Torrens anomaly is an extensive series of gravity and magnetic targets, most of which are under the large Lake Torrens salt lake.

READ: Argonaut Resources leveraged to potential exploration success as drill rig mobilises

This has necessitated the partners adopting a unique and environmentally sensitive drilling solution.

A heli-portable drilling rig capable of drilling deep, cored holes in remote locations is drilling from custom-made pontoons, designed to protect the salt crust and anchor the drilling rig.

Holes will be drilled to depths of between 800 and 1,500 metres into dense, iron-rich rocks, interpreted to contain copper and gold mineralisation.

“Milestone for Argonaut”

Argonaut CEO Lindsay Owler said “The commencement of drilling at Torrens is a huge milestone for Argonaut.

“Argonaut’s subsidiary, Kelaray Pty Ltd, was first granted the Torrens licence in 1998.

“The company resolutely pursued access approvals to this remarkable copper target in difficult circumstances over many years.”

READ: Aeris Resources prepares to drill within the week at Torrens

There are 28 distinct target zones within the broader Torrens anomaly and the JV has committed to an initial 8-10 hole program costing about $5 million.

Torrens project, copper mines and prospects on the Stuart Shelf in South Australia.

Part of more extensive program

This is part of an extensive 25-30 hole, $15 million, program which is expected to take 18 to 24 months.

The anomaly is located over the Torrens Hinge Zone, a continent-scale zone of crustal weakness that

appears to have been a conduit for mineralising fluids from the Earth’s mantle.

Drilling of the anomaly by Western Mining Corporation in the late 1970s and by the Torrens Joint Venture in 2007 and 2008 confirmed the existence of a major IOCG mineralising system beneath several hundred metres of sedimentary cover.

More drilling is required to intercept the modelled copper-gold mineralisation.

READ: Aeris Resources to adopt innovative helicopter method in upcoming Torrens drilling

Ten 6-metre by 2.8-metre raised work platforms were transported by helicopter onto the lake and bolted together to act as a stable platform on the lake surface.

The drill rig was then flown onto the platform in 16 sections and re-assembled.

Personnel, equipment, drill consumables and other materials are also being transported via helicopter from the exploration camp to the work platform.

Potential for world-class deposit

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

Argonaut has a 30% interest in the Torrens JV with Aeris holding 70%.

In September 2018, Aeris took over as manager of the joint venture.

Owler added: “Our supportive shareholders can enjoy this moment as much as the directors and management. Now the drill results can do the talking!”

View full ARE profile View Profile

Argonaut Resources NL Timeline

Related Articles

Out in the field in WA
October 31 2018
The company expects to make imminent works approval and licence applications to the WA Government.
dollar and gold
September 20 2018
Wishbone Gold's unique business model is now beginning to bear fruit
1540234517_shutterstock_562184023.jpg
October 23 2018
The company is the maker of the product Super Greensand - a multi -nutritional fertilzer, which contains 70 elements and trace minerals

© Proactive Investors 2019

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