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
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
Argonaut intends to start a major drilling program next year, following final government sign off.
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.
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.
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.’’
drilled the project in 2007-08, however the drilling was shut down at
that point due to an Aboriginal heritage dispute which was recently