Argonaut Resources

Exploring Torrens: Massive IOCG Copper-Gold Target in South Australia
Company Exposure

Copper, Cobalt, Gold and Zinc

Company Listing

Argonaut Resources

Stock Code

ASX:ARE

Company Overview



Argonaut Resources (ASX:ARE) is an ASX listed mineral exploration and development company with a diverse portfolio with assets located in South Australia, Queensland (Australia), Zambia and Canada.

Argonaut is focused on the development of the internationally recognised Torrens copper/gold project in South Australia. The company’s other base metal interests include the Nyungu copper/cobalt deposit in Zambia and the Kroombit zinc/copper deposit in Central Queensland. Argonaut is also earning-in to the Higginsville gold project located in Western Australia’s Eastern Goldfields.

Argonaut’s lithium interests include the Crescent Lake and Greenbush Lake projects in Ontario, Canada and Lake Blanche in South Australia. In addition, Argonaut holds the Alford tenement in South Australia and has a joint venture with Perilya targeting zinc silicates at Aroona, also in South Australia. The diverse portfolio of assets allows Argonaut to seek Joint Venture opportunities as well as merger and acquisitions arrangements with its non core assets as the company focusses its resources on the Lake Torrens Project.

“The final approval for the Torrens Project 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”.
Lindsay Owler, Argonaut CEO.

Investment Highlights

Focus on Torrens IOCG Target:

    >> Right geological address

    >>Massive scale

    >>Larger geophysical anomaly than Olympic Dam

    >>Multiple targets within system

    >>Confirmed IOCG system

    >>Exploration Access Granted

• Extreme leverage to discovery

• Copper demand and prices rising

• Diversified Portfolio

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Team

Patrick JD Elliott – Non-Executive Chairman
Linsday Owler – CEO / Executive Director
Andrew Bursill – Director / Company Secretary
Malcolm Richmond – Non-Executive Director

Major Shareholders

Adam Lienert – 7.1%
Antofagasta plc – 4.5%
Damien Hudson – 3.9%
Management Ownership – 10%

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Projects Overview


Torrens – Copper, South Australia
  • Massive IOCG system
  • Primary Focus
  • Access Approved
Lumwana West – Copper Cobalt, Zambia
  • Nyungu Deposit: JORC 2012
  • Exploration Targets
Higginsville – Gold, Western Australia
  • Multiple Gold and Nickel Targets
  • Potential for Commercial Gold Deposit
Kroombit – Zinc Copper, Central Queensland
  • Kroombit Deposit: JORC Inferred and Indicated Resource:
  • 5.2 million tonnes grading at 1.9% zinc and 0.2% copper at a cut-off of 1.0% Zn
  • 0.9 million tonnes at 1.0% copper at a cut-off of 0.5% Cu.
Crescent Lake – Lithium, Ontario Canada
  • Spodumene pegmatite lithium
  • Located in Superior Province

Torrens Copper

Argonaut’s primary focus is the development of its flagship Torrens copper-gold project in South Australia.

 

Project Ownership Structure
  • Torrens is a Joint Venture between Argonaut 30% (Operator) and Aeris Resources 70% (ASX:AIS) Expenditure: Pro rata

 

Location
  • Highly prospective Stuart Shelf near the eastern margin of South Australia’s Gawler Craton
  • Within 50km of OZ Mineral’s Carapateena copper gold deposit
  • 75km from BHP Billiton’s Olympic Dam mine
Access Approval
  • Final Approval in February 2018 – Minister for Aboriginal Affairs and Reconciliation allows the Torrens Joint Venture to proceed to a major exploration drilling program; no further approvals are required.
  • Operational Approval – ongoing exploration activities including aerial and ground gravity surveys and diamond drilling approved in November 2017; approval permits the drilling of up to 70 deep diamond drill holes into the giant Torrens anomaly
  • Native Title Access received in April 2017 – granted authority to enter and undertake mining operations (exploration) within the area of EL5614.

 

Torrens Anomaly
  • One of the largest and most prospective Iron Oxide Copper-Gold (IOCG) exploration targets in the world
  • Contains strong magnetic and gravity anomalies
  • Limited historical drilling by WMC and modern-day drilling by Torrens JV confirmed geophysical anomalies associated with IOCG alteration systems
  • Typical for Olympic Dam and Carrapateena-style orebodies
  • Estimated that volume of subsurface rock with both the density and magnetic susceptibility of IOCG ore totals approximately 13 billion tonnes
Lumwana West – Nyungu Copper-Cobalt Project

  • Central African Copperbelt, North-Western Province, Zambia
  • Area prospective for large tonnage, low to medium grade copper-cobalt deposits
  • Several major mines nearby to Lumwana West that are hosted in similar geological settings
  • Region has an international scale copper endowment
  • Existing drilling by Argonaut has defined between 12,000 and 24,000t of contained cobalt at the Nyungu deposit
Nyungu Central:
  • Deposit defined by 46 modern drill holes
  • Significant mineralised copper-cobalt body with strong potential for extensions and repetitions
  • Demonstrated strike length: 1,700m
Nyungu Central:
  • Edge of mineralised body intercepted by Argonaut drilling
  • Vast, undrilled IP anomaly to be tested in 2014
Nyungu West and Nyungu North:
  • Drilling to date has not pierced IP anomalies.

Nyungu Exploration Target Estimate

  • Exploration Targets have been independently estimated to JORC 2012 standards.
  • The potential quantity and grade of the Exploration Targets are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
  • Peak cobalt in diamond drilling is: 81.5m at 0.12% cobalt from 183m, including 23m at 0.21% cobalt from 218.5m in drill hole NYRD046.
  • Peak cobalt in soil is 0.15%

*Copper Exploration Target estimation announced to the ASX by Argonaut on 9 April 2013.
^ Cobalt Exploration Target estimation announced to the ASX by Argonaut on 28 March 2017.

Contact Details

WEBSITE: www.argonautresourcces.com

EMAIL: lowler@argonautresourcces.com

PHONE: +61 2 9299 9690

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