Sandfire soars on price rise
8th June 2018
Resources Rising Stars
Shares in Sandfire Resources hit an all-time high as it benefited from a surging copper price and positive assay results from drilling at its recently signed exploration joint venture with Auris Minerals.
Sandfire shares hit $9.64 after the copper price jumped to $US7100, its highest since February.
The Karl Simich-led copper miner announced that recent drilling at the Morck’s Well joint venture project 22km south-west of its DeGrussa mine had returned a best intersection of 11m at 3.5 per cent copper from 73m downhole, including 3m at 9.5 per cent from 81m.
“While the high-grade intersections returned from these AC holes are narrow, the overall tenor and grade of the mineralisation encountered is encouraging and supports continued exploration along this corridor,” Sandfire said.
It said drilling was continuing along trend south-west of DeGrussa across its Auris and Enterprise farm-in areas, with further assays pending.
Sandfire is desperately searching for new ore sources to feed its processing plant at DeGrussa, which is due to be mined out in early 2022.
Meanwhile, Talisman Mining continues to wrestle with Sandfire’s $70 million offer for its 30 per cent stake in the Springfield joint venture.
Talisman extended a suspension of its shares as its board continued discussions over the proposed deal.
The joint venture includes the Monty underground copper mine which is expected to be in production this year. Ore from Monty will be blended with that from DeGrussa as feed for its plant. Talisman shares last changed hands for 26¢.
Image via Sandfire Resources
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