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Argonaut Resources issues 1 million shares after exercising options

The Torrens Copper Project has been a catalyst for improved share prices.
Australian currency
A drilling program is expected to begin by the end of this quarter

Argonaut Resources NL (ASX:ARE) has issued more than 1 million shares for a total value of $6000 after exercising options.

The shares were issued at $0.0055, a considerable discount to the trading price today of $0.022.

Argonaut reached a 12-month high of $0.036 in late December and traded at $0.030 and above for much of January.

Copper project a catalyst for share price

The Torrens Copper Project in South Australia has been a catalyst for the improved share prices.

Argonaut is a 30% partner in the Torrens Joint Venture with Aeris Resources Ltd (ASX:AIS) holding 70%.

The company’s subsidiary, Kelaray Pty Ltd, is managing the joint venture.

Airborne survey scheduled

An airborne gravity survey is scheduled to be flown this month over the large-scale Torrens anomaly that has been likened to the nearby Olympic Dam deposit.

This survey is expected to improve the targeting of drill holes.

The company also expects the third of three approvals required for drilling at Torrens to be granted this month.

Drilling is expected to begin around the end of the March 2018 quarter

READ: Argonaut Resources director exercises in-the-money options

The share issue follows independent, non-executive director Malcolm Richard exercising 3.2 million options in January.

Total consideration was $17,500 and the unlisted options also had a price of $0.0055.

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