Argonaut Resources NL (ASX:ARE) independent, non-executive director Malcolm Richard has demonstrated his confidence in the company with the exercise of 3.2 million options.
The total consideration was $17,500 and the unlisted options had a price of $0.0055.
This lifts the director’s total of fully paid ordinary shares to more than 9.5 million.
He also has two amounts of 4 million unlisted options at $0.03 that expire on 31 December 2021 and 31 December 2022 respectively.
Richard also holds an indirect interest of 1 million ordinary shares through Bond Street Custodians Limited.
READ: Argonaut Resources shares continue to run, more news flow from Torrens Project expected
Argonaut reached a 12 month high of $0.036 in late December and on Monday closed at $0.031.
The Torrens Copper Project in South Australia has been a catalyst for the share price.
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 manager of the joint venture.
Airborne gravity survey to be flown
An airborne gravity survey will be flown this month over the large-scale Torrens anomaly that has been likened to the nearby Olympic Dam deposit.
The company also expects the third of three approvals required for drilling at Torrens to be granted in January.
In April 2017 the joint venture was granted Native Title Access to enter and undertake exploration.
It has lodged an application under the South Australian Aboriginal Heritage Act seeking re-grant of an authorisation given in 2010 for a similar drilling program.
South Australia’s Minister for Aboriginal Affairs and Reconciliation is expected to be in a position to properly consider the application later this month.