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#17

Re: Argonaut resources
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One big step for the ‘next Olympic Dam’ as Argonaut readies for exploration

Cameron England, Business Editor, The Advertiser
 
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IT’S a project which Argonaut Resources has patiently been sitting on for 20 years, but now the Adelaide company is poised to pull the trigger on a big bang exploration program at a target which it says could rival Olympic Dam.

Exploration director Lindsay Owler says the company’s Torrens project in the far-north of South Australia has 10 exploration targets each with the potential to host an Olympic Dam-sized deposit.

Argonaut intends to start a major drilling program next year, following final government sign off.

Mr Owler says the project, given existing exploration results and the proximity of mines such as Carrapateena — just tens of kilometres from the southern extent of Argonaut’s tenement — and the Olympic Dam mega-mine to the northwest, is generating plenty of investor interest.

Mr Owler sees the Torrens project as potentially filling in part of the missing piece in South Australia’s geological map.

It’s accepted wisdom that mineral deposits tend to exist in a continuum — where one large deposit exists, there should be more.

But the size of the Olympic Dam ore body dwarfs by a phenomenal margin the size of other copper and gold mines such as Prominent Hill and the Carrapateena mine now being built.

The theory is that there must be some other elephants out there — but that South Australia’s deep layer of rock which overlays deposits such as Carrapateena, has hidden them from us until now.

“We’ve got to drill between 100m and 400m to get to the good rocks which is an impediment to exploration in South Australia, but it means there’s been a preservation because ... we have to dig down to get to it,’’ Mr Owler says.

 
EXPLORATION: Argonaut Resources’ Lindsay Owler.

“We’ve got all the right indications there, both from the remotely-sensed geophysics and the few drillholes that have been drilled into it so far, to know that we’ve got one of these big systems.’’

Argonaut last drilled the project in 2007-08, however the drilling was shut down at that point due to an Aboriginal heritage dispute which was recently resolved.

Mr Owler said the company was determined to go big with its exploration program, referencing the Olympic Dam drilling program in the 1970s which didn’t have significant success until the 10th drill hole and hit the payload on the 16th hole.

“What we want to do is not only to discover a huge deposit for ourselves but also to fill in the blank in (Mineral Resources and Energy Minister Tom Koutsantonis’s) vision for copper production in SA.’’

That vision is to triple SA’s annual copper production to one-million tonnes within the next two decades.

Mr Owler says this vision needs another large discovery to turn the eyes of the investing world to SA.

 
EXPLORATION: The Torrens project (EL5614) has been approved for mining exploration.

“What South Australia needs is another Carrapateena or another Prominent Hill to really pull the ripcord and get investment on the ground,” he says.

“In the event of a discovery we’re going to see the South Australian map filled in.’’

Once final approvals are granted, Mr Owler says the company is ready to drill.

“We have a queue of people who will provide all of the funds for drilling,’’ he says.

“We’re very confident of our ability to fund a very aggressive drilling program. We’re not heading out there to drill two, three, four or five holes. In the spirit of the Roxby Downs drilling in ‘77, we have to be armed with enough funds for a single drilling campaign that gets us the discovery.

“Because if we drill five or six holes that don’t come in or are mere technical successes, the market’s going to assume it’s been a failure and we’re going to have to wait two years or something for a fresh set of eyes to fund it.

“We know what we need to do. We need to buckle down for a program of about 18 months, with two drill rigs drilling into this and it’s going to be the sort of adventurous and exciting drilling that we saw out of Western Mining in ’76-’77.

“They had to make their own drill rigs to drill through all this cover. And they did that. And we’re heading down a similar route.’’

Mr Owler said there was a lot of work being done to ensure the environment was protected, as the drilling would be done on the surface of Lake Torrens.

That involved using helicopters extensively to ferry equipment out to custom-made pontoons which will spread the weight of the drilling rig across the surface of the salt lake.

And they are not shying away from the depths needed, planning to drill to 1200m.

“We will drill every hole through the geophysical targets,’’ Mr Owler says.

The Torrens project is a joint venture between Argonaut and Aeris Resources (formerly Straits Resources) with the latter holding 70 per cent and Argonaut 30 per cent.

#21

Re: Argonaut resources
steri

Argonaut Resources surges 28% on final approval for major Torrens drilling program

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11:18 19 Feb 2018

Minister grants application under section 23 of the Aboriginal Heritage Act 1988.

Drilling at Torrens

A major drilling program is expected to start by the end of the March quarter

Argonaut Resources NL ( ASX:ARE) surged 28% on opening after receiving the final approval required for a major drilling program at the Torrens project in South Australia.

An application under section 23 of the Aboriginal Heritage Act 1988 has been approved by South Australia’s Minister for Aboriginal Affairs and Reconciliation.

This will allow the Torrens Joint Venture to proceed to a major exploration drilling program comprising up to 70 deep diamond drill holes covering an area of 120 square kilometres.

“End of 20-year process”

Lindsay Owler, chief executive officer, said: “This final approval marks the end of a 20-year process to gain access to the giant Torrens anomaly for a major exploration drilling program.

"Authorisation was only pursued so doggedly because of the exceptional geological properties of the target.”

READ: Argonaut Resources shares continue to run, more news flow from Torrens Project expected

Shares opened at $0.028, a 28% increase on Friday’s close.

Torrens joint venture is 30%-owned by Argonaut, which is managing the project, and 70% by Aeris Resources Limited ( ASX:AIS).

The aboriginal heritage authorisation requires the Torrens Joint Venture to stay in close consultative contact with two aboriginal groups.

Owler said: “The section 23 consultation process has brought local aboriginal groups and the joint venture together in a pleasing way.

"Efforts by traditional owners, legal representatives, government officials and the Torrens JV team to protect and preserve aboriginal heritage have been sincere and productive.”

It follows approval of the exploration program for environment protection and rehabilitation, and the granting of Native Title Access to enter and undertake exploration.

Footprint larger than Olympic Dam

The Torrens coincident magnetic and gravity anomaly has a footprint considerably larger than that of Olympic Dam.

Drilling by Western Mining Corporation in the late 1970s and by the Torrens Joint Venture in 2007 and 2008 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.

In the event of a discovery, the Torrens anomaly has the scale to host a world-class copper-gold deposit.

READ: Argonaut Resources issues 1 million shares after exercising options

In its role as manager of the joint venture, Argonaut’s wholly-owned subsidiary, Kelaray Pty Ltd intends to conduct an airborne gravity survey this month, which is expected to improve the targeting of drill holes.

Kelaray aims to start the drilling program around the end of the March 2018 quarter.

Exploration licences granted

Argonaut was recently granted two exploration licences contiguous with the project.

The licences cover a confirmed IOCG target in an area known as Murdie and a second anomaly at West Lake Torrens.

They cover 1,015 square kilometres and are immediately south and east of the Torrens project.

 

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#23

Re: Argonaut resources
steri
 Han adquirido nuevo proyectos de uranio, cotiza a rídículo 1c, estas son de las que se multiplican facilmente a este precio

Argonaut Resources subsidiary picks up uranium tenure ahead of ASX debut
The mineral exploration company’s proposed ASX-listed spinout will explore five newly acquired uranium projects dotted across South Australia and the Northern Territory.

https://www.proactiveinvestors.com.a...ut-959841.html

 
#24

Re: Argonaut resources
Me quedo por aquí.
#25

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