BHP Billiton has purchased five exploration licences from Archer Exploration in South Australia’s Eyre Peninsula. The Aus$8 million sale will see tenements covering 3699sqkm in the Stuart Shelf region transferred from Archer subsidiary Kensington Exploration to BHP Billiton, once ministerial consent has been received.
The West Roxby tenements are about 150km northwest of Port Augusta and 90km southwest of BHP Billiton’s Olympic Dam operations, and are readily accessible by highway.
The tenements host a number of undrilled targets including potential IOCG targets at Island Lagoon and Evelyn Dam as well as a potential Athabasca unconformity uranium target at Apollo.
In December last year, the two companies announced they were discussing a joint venture at the tenements. The sale has superseded this agreement and will now allow Archer to focus exploration activities on its emerging graphite deposits at Campoona and Sugarloaf.
Archer’s chairman Greg English says the additional funds will also enable the company to advance some of its other copper, gold and manganese projects.