The management committee of the Torrens joint venture (JV) – a 70:30 Aeris Resources and Argonaut partnership – has approved Stage 1 of a “major” drilling programme at the iron-oxide/copper/gold project, in South Australia.
Stage 1 will involve eight to ten drill holes to depths of between 700 m and 1 500 m, targeting priority drill targets.
This drilling programme will be the first phase of a multi-phase programme that is expected to take between 18 and 24 months, comprising 20 to 30 deep drill holes.
“The road to drilling at the giant Torrens target has been a long one and agreement on the operational programme and budget is the final step. Shareholders can now expect rapid progress towards drilling and the excitement that this drilling programme will bring,” said Argonaut CEO and director Lindsay Owler.
Argonaut’s subsidiary, Kelaray, has resigned as manager of the JV and Aeris’ subsidiary, Straits Exploration, is now the manager.
Aeris has agreed to reimburse Argonaut $840 000 for JV expenditure made in gaining access to Torrens for the planned drilling.