Argonaut Resources NL (ASX:ARE) has been granted native title authority for the conduct of exploration activities over the Torrens anomaly located in South Australia.
The Torrens iron oxide copper gold anomaly within the Torrens Project is a coincident magnetic and gravity anomaly with a footprint larger than that of Olympic Dam.
The South Australian Environment, Resources and Development Court has granted native title authority to access and undertake exploration within the area of EL 5614.
The granting of this authority is the most important step towards recommencement of drilling at the Torrens Project.
Lindsay Owler, CEO, commented: “The grant of this authority is the most significant milestone in the 17 year quest to access the Torrens anomaly.
“The joint venture has now begun planning for a drilling program, with the expectation that two remaining government approvals will be reissued as a matter of course in accordance with required procedures.”
The Torrens joint venture
The Torrens joint venture is between Argonaut Resources NL (30%) and Aeris Resources (ASX:AIS) (70%) and relates to the Torrens Project, EL5614.
The Torrens Project is located near the eastern margin of South Australia’s Gawler Craton, within 50 kilometres of Oz Minerals’ (ASX:OZL) Carrapateena copper-gold deposit and 75 kilometres from BHP Billiton’s (ASX:BHP) Olympic Dam mine.
In its role as manager of the joint venture, Argonaut is working to secure access to the tenement for the purpose of a planned drilling program targeting areas which have been geophysically modelled as having the physical properties of large iron oxide-copper-gold deposits.
Next steps: exploration access
The Torrens joint venture is also seeking the reissue of two government approvals to finalise access provisions for a drilling program at Torrens.
Both of these approvals were previously held by the joint venture for the purpose of an equivalent drilling program.
The joint venture has a reasonable expectation that these approvals will be reissued.
Price action
Argonaut shares jumped as high as 50% in intra-day trading peaking at $0.012 during the morning session on the ASX.
Currently trading at $0.011 the stock is up 20% over the past month.