Aeris Resource Ltd (ASX:AIS) has committed funding for the stage one drilling program at the Torrens Copper Project in South Australia.
The company has a 70% non-working interest alongside Argonaut Resource NL (ASX:ARE).
The management committee of the Torrens joint venture has resolved to proceed with the first stage 8-10 hole program targeting depths of 700-1,500 metres.
READ: Argonaut Resources green lights major drilling program at Torrens
Torrens is a coincident magnetic and gravity anomaly with a footprint considerably larger than that of the world-class Olympic Dam deposit.
READ: Aeris Resources identifies 28 anomalies at Torrens Copper-Gold Project
At its flagship Tritton copper operation in New South Wale, Aeris produced 7,592 tonnes of copper in the June quarter, an 11% increase on the previous quarter and the best quarter for FY2018.
Costs for the June quarter were $2.10 per pound for C1 cash costs and $2.79 per pound for all-in sustaining costs (AISC).
Aeris finished the 2018 financial year with total copper production of 26,686 tonnes after delivering a number of major capital investment projects at the project in the west of the state.