Argonaut Resources has been granted approval by the South Australian Government to conduct a major drilling program around the western shoreline of Lake Torrens and Andamooka Island and the Carrapateena Well.
The approved exploration area covers 1015 square kilometres east of OZ Minerals’ Carrapateena copper mine.
Iron oxide copper-gold (IOCG) copper mineralisation will be explored through the drilling program, which will be targeted in the same style as the Carrapateena mine, and BHP’s Olympic Dam mine and Oak Dam discovery.
The Carrapateena Well is included in Argonaut’s exploration area, with the explorer set to rally geophysical contractors for the program on January 11.
Argonaut stated it will announce the drilling contract in early 2021, with it set to commence “soon afterwards”.
Results from a gravity survey undertaken by gravity contractors will outline the amount of drill holes required for drilling.
A total of 54 known residual gravity targets have been identified in the area.
Argonaut’s government approval gives the company permission to drill up to 200 deep diamond drill holes into copper targets in the salt crust of Lake Torrens.
The announcement saw Argonaut’s share price increase from $0.0060 to $0.0090, before closing at $0.0080 on January 5.