Emerging mid-tier copper producer, Aeris Resources (ASX: AIS) has announced that preparations are underway for drilling of its Torrens Project (Aeris 70%) in South Australia. The Company expects drilling contracts to be awarded shortly, with the aim to be commence the Stage 1 drilling program by the end of the calendar year. Stage 1 will include up to 10 drill holes targeting the highest priority targets identified through analysis of the available geological information.
The Joint Venturers have approved the Stage 1 drill program
Preparatory work has commenced with drilling targeted to commence before the end of calendar 2018
Aeris to take over as manager of the Torrens Joint Venture effective immediately
Established Australian copper producer, Aeris Resources Limited (ASX: AIS) (Aeris or the Company), is pleased to announce that the Torrens Joint Venture Partners (Aeris 70% and Kelaray Pty Ltd 30% (a wholly owned subsidiary of Argonaut Resources NL (Argonaut) (ASX: ARE)) have approved the stage 1 drill program for the Torrens Project. Effective immediately, Aeris will take over as manager of the Joint Venture.
Aeris’ Executive Chairman, Andre Labuschagne, said:
“Firstly I would like to acknowledge the efforts of Argonaut and particularly its Managing Director, Lindsay Owler, without whose persistence the Joint Venture would not now be on the verge of re-commencing drilling at one of the most exciting greenfields copper targets in Australia.
“Preparations are underway and we will shortly be awarding contracts for drilling, infrastructure construction and logistics with the aim to commence drilling before the end of the calendar year. The Stage 1 drilling program will consist of 8-10 drill holes focusing on the highest priority drill targets.
“Drill holes are likely to be between 700m and 1,500m. The Joint Venturers have been undertaking extensive analysis of the available geological information, including results of the aerial gravity survey undertaken earlier this year, to identify the highest priority drill targets.”
The Torrens Project (EL5614) is located within the highly prospective Stuart Shelf Region of South Australia and lies within 50 kilometres of Oz Minerals’ Carrapateena deposit and 75 kilometres from BHP’s Olympic Dam mine. The Torrens Anomaly, a large regionally significant coincident magnetic and gravity anomaly with a footprint in excess 160km2 (larger footprint than Olympic Dam) is located within EL5614. All regulatory approvals have now been received to enable on-ground exploration, including drilling, to re-commence.