Argonaut Resources (ASX: ARE) is an Australia Securities Exchange listed exploration and development company focused on the Torrens copper anomaly in joint venture with Aeris Resources Ltd in South Australia and the Nyungu copper-cobalt project at Lumwana West in north-western Zambia.
The Torrens anomaly is a coincident magnetic and gravity anomaly with a footprint larger than that of Olympic Dam. The anomaly is located at the Torrens hinge zone, a continent-scale zone of crustal weakness that appears to have been a conduit for mineralising fluids from the Earth’s mantle.
Drilling of the Torrens anomaly by Western Mining Corporation in the late 1970s, and by the Torrens Joint Venture in 2007 and 2008, confirmed the existence of a major iron oxide copper-gold mineralising system beneath several hundred metres of sedimentary cover.
More drilling is required to intercept the modelled copper-gold mineralisation. In the event of a discovery, the Torrens anomaly has the scale to host a world-class copper-gold deposit.
The Lumwana West project is in the Central African Copperbelt, North-Western Province, Zambia. The area is prospective for large tonnage, low to medium grade copper-cobalt deposits. There are several major mines nearby to Lumwana West that are hosted in similar geological settings.
Argonaut, via its 90% held subsidiary, Mwombezhi Resources Ltd, has been successful in intercepting broad copper and cobalt intercepts at the Nyungu deposit. The upturn in commodity prices has caused to value of the Nyungu deposit to increase sharply. With the benefit of a newly granted licence, Argonaut has proceeded to a scoping mining study and is now developing a process flow-sheet to better understand the economics of a potential mine.
Plans & Latest Developments:
The Torrens project is now fully permitted, and funds for a major drilling program have been raised by both Torrens joint venture partners. Drilling of the massive Torrens anomaly is scheduled to commence before the end of the calendar year 2018.
Argonaut has identified the potential for a two-stage, low capital cost, short lead-time copper-cobalt mine. The high priority processes for investigation are:
- Stage one – dense media separation of cobalt oxide.
- Stage two – leach and solvent extraction from copper-cobalt concentrate.
Metallurgical samples have been selected from existing drill core and these samples are being exported to Australia for test work. Results of this initial work will direct further test work and infill drilling at Nyungu Central.
Why should investors invest in you?
After twenty years of permitting delays, Argonaut and its partner are now proceeding to drill the giant Torrens anomaly. The Torrens anomaly is famous among copper exploration enthusiasts as the largest, super-underexplored copper targets in Australia, and potentially the world. The Torrens JV drilled the margin of the anomaly briefly in late 2007 and early 2008, before access issues caused the drilling to stop. During this program, Argonaut’s market capitalisation climbed to over $100M on expectation alone. Now, with all access permits granted, the JV has a clear runway. Drilling is scheduled to start before the end of the year. Get on board.
Stock Exchange Listing:
Base Metals | Cobalt | Copper | Gold
Stage of Development:
Exploration | Development
Countries of Operation:
Australia | Zambia
Board of Directors:
- Patrick JD Elliott – Independent, Non-Executive Chairman
- Lindsay Owler – Exploration Director and CEO
- Andrew Bursill – Director and Secretary
- Malcolm Richmond – Independent, Non-Executive Director