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Aeris Resources Limited (ASX: AIS) has started the drilling activities at Lake Torrens with the first drillhole targeting a co?incident gravity and magnetic anomaly. It marks the recommencement of on-ground exploration within the project area after the long 11 years halt.
The Torrens Project is a joint venture in which Aeris Resources holds 70% interest while the remaining shares are held by the partner Kelaray Pty Ltd, a wholly owned subsidiary of ASX-listed Argonaut Resources. Torrens is situated in Stuart Shelf region of South Australia, 75 kilometers from Olympic Dam mine of BHP Billiton. It holds an extensive series of magnetic and gravity targets which are expected to have a significant footprint of iron oxide-copper-gold systems.Â
The ongoing drilling is undertaken on the salt lake surface, around 1.5 kilometers away from the western side of Lake Torrens. This comes after the drill rigs and equipment were mobilized to the site on Lake Torrens, including the nine work platform that was transferred individually by helicopter to form a stable platform.
Aeris told that these drilling activities were commenced on 21 January 2019 and TD7 has been drilled as the first hole. The company has planned to drill between 8 to 10 drillholes in the Phase 1 drilling program. Initially, it is targeting gravity and magnetic anomaly of iron-rich rock, based on the previous released geophysical survey.
Executive Chairman of Aeris, Andre Labuschagne said that the site team in collaboration with the contracting partners had performed the exceptional task by establishing the drill platform on the salt lake despite the high temperatures weather conditions. He added that it is inspiring for the company to start drilling after a hiatus of 11 years and it is even more exciting that separate 28 geophysical anomalies have been identified on Torrens tenement.
Under this drilling program, Aeris targets to drill holes to the depths of between 800 and 1,500m into iron-rich-dense rocks prospective to copper and gold mineralization. It is targeting the geophysical anomalies that have the characteristics of the Olympic Dam, Oak Dam West, and Carrapateena copper deposits.
Within the Torrens Project area, copper mineralization zones were intersected from several drill holes at around 0.1% Copper. The limited drilling conducted earlier had defined massive magnetite dominant that included marginal hematite alteration system interpreted to form a large IOCG system. But now, the Torrens Joint Venture has committed to an initial 8-10 hole, $5,000,000 program which is part of an extensive 25-30 hole, $15,000,000 program, expected to take 18 to 24 months.
In todayâs trading session, there has been no daily price change in AIS. However, 135,930 shares changed hands on ASX as at 22 January 2019. The stock price last traded at $0.220 with a Price to Earnings multiple of 0.710 x and a market capitalization of $100.26 million.
Over the past 12 months, the stock has shown considerable improvement with a positive daily price change of 72.61% including a rise of 12.82% over the past three months.
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