The company’s Murdie and Torrens projects in South Australia have confirmed iron-oxide-copper-gold (IOCG) systems and are considered pedigree geology.
Argonaut also operates a portfolio of attractive copper licences within the Central African Copperbelt in north-western Zambia.
At Murdie, Argonaut has identified more than 50 IOCG gravity targets across three domains, including onshore, nearshore and offshore plus flexible drilling options.
The priority targets are hosted in or on the margin of Donnington Suite Granite, which also hosts the nearby Oak Dam and Carrapateena IOCG deposits.
Three authorisations are required for nearshore and offshore drilling at Murdie - Native Title permit (granted in 2018), operational permit (granted January 2020) and the Aboriginal heritage pemit which has completed the consultation phase and is under consideration.
Argonaut expects notification in the coming weeks regarding its final access permit prior to drilling five deep drill holes into large, prospective copper targets at Murdie.
The Murdie Project has more than 50 IOCG gravity targets across three exploration domains.
After a multi-year permitting process, Argonaut’s joint venture partner, Aeris Resources Ltd (ASX:AIS), unilaterally ceased drilling at Torrens in 2019 after two drill holes in an agreed eight to 10-hole program.
Argonaut is focused on sensible pathways to the recommencement of systematic drill testing of the Torrens anomaly under a pro-rata 30:70 joint venture (Argonaut 30%) and is confident that the prospectivity of the Torrens project remains intact.
The Eastern Gawler Craton has persistently rewarded explorers with large, high-grade copper discoveries and Argonaut believes the discovery of an IOCG deposit by a listed exploration company creates a once-in-alifetime opportunity for shareholders.
Lumwana West scoping study
Argonaut is conducting a scoping economic study into production from its Nyungu copper-cobalt deposit at Lumwana West in Zambia.
Flotation test-work has been completed and achieved high recovery from both transitional zone copper minerals (88% recovery) and primary zone copper sulphides (up to 96% recovery).
Saleable concentrate has been produced at 25.6% copper at 87% recovery.
Lumwana is close to essential infrastructure in north-western Zambia.
The next steps are to conduct various oxidation and leaching tests and solvent extraction and electro winning (SX/EW).
Mining engineering will also investigate mine scheduling scenarios and scoping economics will assess processing options for the development of process flowsheet.
In addition, Lumwana West has a very low stripping ratio of 1.5 tonnes of waste rock from every 1 tonne of ore.
The company believes that resource drilling to greater depths is warranted.
Argonaut also holds projects with exploration potential in at the Kalaba East Project in Mwinilunga, Zambia with newly granted ARC Minerals Ltd’s (LON:ARCM) Cheyeza discovery.