Aeris Resources Ltd (ASX:AIS) has identified 28 anomalies from airborne gravity surveys at its Torrens project in South Australia.
The discovery supports previous assertions that the project area is highly prospective for iron oxide copper gold (IOCG) mineralisation.
The Torrens project is a joint venture between Aeris and Argonaut Resources NL (ASX:ARE), which holds 30%.
Potential for a large IOCG system
Aeris is progressing technical work to further identify and define areas with the potential to host an IOCG deposit.
This involves identifying geophysical signatures consistent with an IOCG system as well as structural features with the potential to host such a system.
The JV technical committee recently completed a detailed inspection of historical drill-holes from Torrens.
Observations confirm previous interpretations of the project being highly prospective for IOCG-style mineralisation.
READ: Aeris Resources puts pedal to the metal with robust financial position providing growth
Once completed, the structural model will be used in conjunction with the geophysical modelling to identify and rank drill targets.
The most prospective targets will be the focus of the first round of drilling, which is due to start later this year.
READ: Aeris Resources has potential to strengthen its copper portfolio following go-ahead for Lake Torrens
Torrens is a coincident magnetic and gravity anomaly with a footprint considerably larger than that of Olympic Dam.
Drilling of the Torrens anomaly by Western Mining Corporation in the late 1970s and by the Torrens JV in 2007/08 confirmed the existence of a major IOCG mineralising system beneath several hundred metres of sedimentary cover.
Further drilling is required to intercept the deposit, and the company believes that in the event of a discovery, the Torrens anomaly has the scale to host a world-class copper-gold deposit.