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Argonaut Resources leveraged to potential exploration success as drill rig mobilises

Stage one of this drill program will involve 8-10 drill holes to depths of 700-1500 metres.

EDM1500, heli-portable drilling rig and ancillary equipment arrives at the Torrens exploration site
28 gravity targets were compiled from modelling of gravity and magnetic data

Argonaut Resources NL (ASX:ARE) has revealed that the drilling rig has arrived on site to commence drilling at the large-scale anomaly at its 30% owned Torrens Project in South Australia.

Drilling from the salt crust of Lake Torrens into the first prioritised copper target is estimated to commence this Wednesday 16 January 2019.

The drill rig is heli-portable and capable of drilling deep mineral exploration holes.

A 27-man exploration camp has been commissioned at site to accommodate the exploration workforce.

READ: Aeris Resources prepares to drill within the week at Torrens

Argonaut’s 30% interest in the joint venture is alongside operator and 70% owned Aeris Resources Ltd (ASX:AIS).

The joint venture is exploring for iron oxide-copper-gold systems in the highly prospective Stuart Shelf region of South Australia.

The project is within 40 kilometres of BHP’s Oak Dam West copper discovery, 50 kilometres of Oz Minerals’ Carrapateena copper-gold deposit and 75 kilometres from BHP Billiton’s Olympic Dam mine.

READ: Argonaut Resources’ Torrens JV to drill IOCG project after BHP identifies major system

The project hosts a very large, Olympic Dam-style iron-oxide, copper, gold (IOCG) target with the Torrens coincident magnetic and gravity anomaly having a footprint larger than Olympic Dam.

Quick facts: Argonaut Resources NL

Price: 0.005 AUD

Market: ASX
Market Cap: $7.77 m

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