Argonaut Resources receives $320,000 SA Government boost for drilling at Murdie Copper Project

Argonaut Resources NL (ASX:ARE) has been awarded $320,000 under the Accelerate Discover Initiative from the South Australian Government for planned drilling at the Murdie Copper Project.

The funding is part of the SA Government's Growth State Agenda which aims to accelerate mineral discovery through innovative exploration and research projects in regional and frontier terrains throughout the State.

In February 2020, Argonaut lodged an application under the South Australian Aboriginal Heritage Act for final authorisation to drill at the Murdie Copper Project.

The final approval required to undertake a major drilling program targeting iron oxide copper-gold (IOCG) deposits is in the consultation phase with a decision expected in August 2020.*"Compelling copper targets"*

Many of the drilling targets identified by the company have two important and sought-after qualities:

· They are within or at the margin of the same Donnington Suite granite body that hosts both the Oak Dam and Carrapateena IOCG deposits; and
· The Oak Dam and Carrapateena deposits and Argonaut's targets are defined by ‘gravity only' geophysical anomalies.

Argonaut director and CEO Lindsay Owler said: "Large, gravity-only anomalies within Donnington Suite granite are the most compelling copper exploration targets in the country."