The JV (Argonaut 30% and Aeris 70%) 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 current drill hole, TD10, commenced drilling on April 24 and intersected the artesian aquifer between 60 metres to 90 metres below the lake surface.
Drilling continued to 108 metres at which point casing was installed and cemented to surface, ensuring the artesian aquifer was successfully sealed off and contained.
Excellent drill rates have been achieved beneath the artesian aquifer. TD10 had advanced to a depth of 297 metres as on May 4 and the modelled depth to the target zone is 1,200 metres.
The target zone is defined by a 3 square kilometre coincident gravity and magnetic anomaly interpreted from 1,200 metres below surface.