Argonaut Resources NL (ASX:ARE) has received government approval for its proposed exploration activities at its Torrens Copper Project located in South Australia.
The approved application was regarding ongoing exploration activities including aerial and ground gravity surveys and diamond drilling.
This is the second of three approvals required to undertake a major drilling program at Torrens.
The third approval is expected in January 2018.
Approvals in sync with rising copper price
Lindsay Owler, CEO, said: “The approval of our environmental and operational plan is another major step towards the discovery of copper at Torrens.
“The project now has considerable momentum.
“Our access approvals are being granted at the same time as the copper market is staging an unambiguous recovery. The timing couldn’t be better.”
READ: Argonaut Resources shares run higher on Olympic Dam comparison
The Torrents Copper Project consists of three exploration licences, the primary licence is held in joint venture with Aeris Resources (ASX:AIS) who holds 70% alongside Argonaut’s 30% operating interest.
The Torrens anomaly is a coincident magnetic and gravity anomaly with a footprint considerably larger than that of Olympic Dam.
Previous drilling of the Torrens anomaly confirmed the existence of a major IOCG mineralising system beneath several hundred metres of sedimentary cover.
More drilling is required to intercept the modelled copper-gold mineralisation.