Argonaut Resources NL : Torrens Drilling Rig Mobilised to Site

ASX announcement

14 January 2019

Torrens Drilling Rig Mobilised to Site

Argonaut Resources NL (ASX: ARE) (Argonaut or the Company) is pleased to announce that the drilling rig has arrived on site to commence drilling at the giant Torrens copper-gold anomaly at Lake Torrens in South Australia.

Highlights:

• • Drilling from the salt crust of Lake Torrens into the first prioritised copper target will commence on approximately 16 January 2019.

• • A heli-portable drilling rig, capable of drilling deep mineral exploration holes, has arrived at the Torrens site to undertake a major drilling program.

• • A 27-man exploration camp has been commissioned at site to accommodate the exploration workforce.

• • The Torrens anomaly is an extensive series of gravity and magnetic targets located approximately 40km northeast of the spectacular Oak Dam West copper discovery, announced by BHP in November 2018.

Photo 1 EDM1500, heli-portable drilling rig and ancillary equipment arrives at the Torrens exploration site.

Argonaut Resources NL	Registered Office	Adelaide Office
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70 Phillip Street	63 Waymouth Street
Sydney, NSW, 2000, Australia	Adelaide, SA, 5000, Australia
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Photo 2 27-man, self-contained, exploration camp at the Torrens exploration site, nearby to Lake Torrens, South Australia.

The Torrens Anomaly

The Torrens anomaly is a complex series of magnetic and gravity anomalies with a footprint larger than that of Olympic Dam. The anomaly is located over 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, Torrens has the potential to host a world-class copper-gold deposit.

The Torrens Joint Venture

The Torrens Joint Venture is between Argonaut Resources NL and Aeris Resources Limited (ASX: AIS) and relates to the Torrens Project, EL5614.

The Torrens Joint Venture is exploring for iron oxide-copper-gold systems in the highly prospective Stuart Shelf region of South Australia. The Torrens Project is located near the eastern margin of South Australia's Gawler Craton (Stuart Shelf), within 40 kilometres of BHP's Oak Dam West copper discovery, 50 kilometres of Oz Minerals' Carrapateena copper-gold deposit and 75 kilometres from BHP Billiton's Olympic Dam mine.

In its role as manager of the joint venture, Argonaut's wholly owned subsidiary, Kelaray Pty Ltd, secured access to the tenement in difficult circumstances for a planned drilling program targeting areas which have been geophysically modelled as having the physical properties of large iron oxide-copper-gold deposits. In September 2018, Argonaut's partner, Aeris Resources, took over as manager of the joint venture.

Lindsay Owler

CEO and Director

Argonaut Resources NL

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