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Argonaut Resources shares surge after securing operational approval for Murdie Project

The Murdie Project includes numerous large gravity targets that are analogous to BHP’s nearby Oak Dam discovery.

Argonaut Resources NL - Argonaut Resources shares surge after securing operational approval for Murdie Project
The company’s shares are trading 75% higher intra-day, at 0.7 cents.

Argonaut Resources NL (ASX:ARE) has secured the approval of the environmental and operational plan for its Murdie Project from the South Australian Government.

The company is planning to conduct ground gravity surveys and deep exploration drilling at the Murdie Project. Drilling will target some of the most compelling copper exploration targets in Australia.

Lake Torrens exploration licences

Argonaut chief executive officer Lindsay Owler said: “The approval of our environmental and operational plan is major step towards the discovery of copper by Argonaut in the Eastern Gawler Craton.

“The project includes numerous large gravity targets that are analogous to BHP’s nearby Oak Dam discovery.

“The discovery rate from gravity anomalies in this area is so high that none should go undrilled.”

Gravity targets and exploration domains

This is the second of three approvals required to undertake a major drilling program targeting Iron Oxide Copper-Gold (IOCG) deposits at Murdie.

Argonaut will now lodge an application under the South Australian Aboriginal Heritage Act.

This application seeks authorisation in the same terms as two authorisations previously granted for the neighbouring Torrens project.

Argonaut expects that the Minister for Aboriginal Affairs and Reconciliation will be able to consider the application in April 2020.

Lower cost drilling

Many of the granite-hosted gravity targets at the Murdie Project are at the shoreline of Lake Torrens, which means that these targets can be drilled without the cost of helicopter support.

The operational approval covers both nearshore and offshore drilling.

Nearshore drilling will involve conventional truck or track-mounted drilling utilising protective road-matting to preserve the Lake Torrens salt crust.

Quick facts: Argonaut Resources NL

Price: 0.008 AUD

ASX:ARE
Market: ASX
Market Cap: $15.73 m
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'The shackles are off Torrens' as Argonaut Resources receives final approval...

Lindsay Owler, chief executive at Argonaut Resources NL (ASX:ARE), tells Proactive's Andrew Scott they've received the final approval required for a major drilling program at the Torrens project in South Australia. An application under section 23 of the Aboriginal Heritage Act 1988 has...

on 20/2/18

2 min read