Argonaut Resources NL (ASX:ARE) and joint venture partner Aeris Resources Ltd (ASX:AIS) have completed the first drill hole in their phase I drilling program at Lake Torrens within the Torrens Exploration Project in South Australia.
Argonaut owns 30% of the Torrens project through its subsidiary Kelaray Pty Ltd with Aeris owning the other 70%.
Preliminary geology observations from the first drill hole include a 60-metre wide intersection with hematite, potassium feldspar, and sericite altered non-magnetic interval.
Core photo showing dark grey hematite bands within a potassium feldspar and sericite dominant alteration assemblage
Notably, hematite is recognised as an accessory mineral associated with iron oxide copper gold mineralisation within the Gawler Craton.
Aeris executive chairman Andre Labuschagne said: “Whilst it is early days and logging and assays are still pending, we are very encouraged with what we have seen from this first hole.
“It is also pleasing that we have safely completed this first hole using the unique drill rig configuration.”