If my memory serves me correct they spent $7M for 70% Again from...

If my memory serves me correct they spent $7M for 70%
Again from Memory I believe WMC drilled Torrens on the lake prior to finding Olympic Dam
I think they drilled 2 holes with some promising shows/geology. They thought Torrens was better than Olympic Dam. Again from memory they had some problems with water in the lake and took the rig to Olympic Dam, and on the last drill hole discovered Olympic Dam. They never completed the 6-7 hole program at Torrens. Argonaut farmed out 70% to Straights Resources who did the drilling.
Straights/Argonaut conducted a new high definition gravity and magnetic survey. This was modelled against the existing drill holes to strengthen a new geological model. Again from memory I believe they identified 43 seperate targets within the anomoly. About 10 were considered very high importance but also needed to be drilled on the lake. The lake here is more mud flat than lake, But its also where the great rainbow serpent after making the finders ranges, and carving out Edeowie, Parachilna, Italowie Gorges and other stopped for a rest and urinated, as you do after a period of work, creating the lake. So getting approval to drill on the lake, was going to take more time and their approval was only for 12 months.
So they finally drilled probably the fourth best anomaly but it was drilled from the lake shore. The distance to the anomaly was a problem. The results were reasonable but uneconomic. What the cores and geological model did show was that they most likely skimmed the edge of the potential resource. The geology was typical of what is seen at Olympic Dam 100m away from the ore body. The second drill hole by Straights was a fail, the highly angled drill string to reach the potential ore body had problems. The price of copper and uranium are too low at the moment, but China will need a lot more copper as they start buying more electrical goods. Copper is a metal that gets used more as a society gets richer. So India and China are likely to create another copper boom in the future. Electric Cars will also chew up a lot of copper. I believe about 60Kg. Low copper prices means not much investment, and mines slowly getting exhausted. In my opinion this will get drilled one day.. but probably some time away yet.