The Torrens Anomaly
The project contains strong magnetic and gravity anomalies with previous drilling by WMC Ltd intersecting intense magnetite and haematite alteration typical of Olympic Dam and Carrapateena style ore bodies.
The Torrens anomaly is one of the largest and most geologically prospective Iron Oxide Copper-Gold (IOCG) exploration targets in the world. The merit of the Torrens anomaly is based a number of complementary features:
- The anomaly sits on the Torrens hinge zone, a continental scale zone of crustal weakness with the capacity to act as a conduit for mineralising mantle fluids.
- Deep crustal fracturing and subsequent emplacement of mantle fluids is a compelling explanation for the substantial volume of iron found in association with world class IOCG deposits such as Olympic Dam.
- The volume of rock within the Torrens anomaly with the physical characteristics of IOCG ore is approximately 13 billion tonnes, based on three dimensional geophysical modelling.
- Specifically, it is estimated that volume of subsurface rock with both the density and magnetic susceptibility of IOCG ore totals approximately 13 billion tonnes.
- Limited historical drilling by WMC and modern drilling by the Torrens Joint Venture has confirmed that the targeted geophysical anomalies are associated with IOCG alteration systems.
Access to the tenement for the purpose of exploration is subject to ongoing litigation.
The Torrens Joint Venture
The Torrens Joint Venture is between Argonaut Resources NL (30%) and Aeris Resources Limited (70%) and relates to the Torrens Project, EL 5614.
The Torrens Joint Venture is exploring for iron‐oxide copper‐gold (‘IOCG’) systems in the highly prospective Stuart Shelf region of South Australia. The Stuart Shelf is located near the eastern margin of South Australia’s Gawler Craton, within 50 kilometres of OZ Mineral’s Carapateena copper ‐ gold deposit and 75 kilometres from BHP Billiton’s Olympic Dam mine.
As of August 2014, the parties to the Torrens Joint Venture resolved to appoint Argonaut’s wholly owned subsidiary, Kelaray Pty Ltd, as manager of the Torrens Joint Venture. In its role as manager, has been working to secure access to the tenement. This has resulted in Judge Cole of the South Australian Environment, Resources and Development Court granting authority to enter and undertake mining operations (exploration) within the area of exploration licence 5614.