Aeris Resources Ltd (ASX:AIS) has welcomed the restart of drilling at the Torrens copper-gold anomaly at Lake Torrens in South Australia, of which it controls a 70% share with joint venture partner Argonaut Resources NL (ASX:ARE).
The JV is exploring for iron oxide-copper-gold systems in the highly-prospective Stuart Shelf region in SA with a heli-portable drilling rig drilling from custom-made pontoons to depths of 800-1,500 metres.
The JV has committed to an initial 8-10 hole, $5 million program which is part of an extensive 25 – 30 hole, $15 million program expected to take between 18-24 months.
The drilling rig has moved from drill hole TD8 to drill hole TD9 following the intersection of artesian groundwater at a depth of 100 metres in TD8.
Drill hole TD7 was also recently drilled to a depth of 858 metres with assays expected to be released soon.
In its role as manager, Agronaut’s wholly owned subsidiary Kelaray Pty Ltd secured access to the tenement in difficult circumstances for a drilling program to target areas that have been modelled as having the physical properties of large iron oxide-copper-gold deposits.
In September Agronaut’s partner, Aeris Resources took over as manager of the joint venture.