Sandfire Resources has completed 4310m of drilling over the past five weeks, aimed at delivering a maiden resource by the end of March.
The high-grade bornite zone has been extended up-dip and along strike with new hits of 25.8m at 24.1% copper and 0.5 grams per tonne gold from 299m, including 14.9m at 36.7% copper and 0.4gpt gold; and 9.6m at 14.1% copper and 1.5gpt gold from 292.3m.
Other infill results from Monty included 20.8m at 14.9% copper and 1.3gpt gold from 372.7m; 11.3m at 6.7% copper and 2.9gpt gold from 392.2m; and 13.9m at 7.2% copper and 2.3gpt gold from 332.7m.
Sandfire managing director Karl Simich said the results continued to confirm the exceptional grade, consistency and tenor of the massive sulphide mineralisation.
“Monty is without doubt one of the most significant new high-grade copper discoveries in Australia, and our exploration team is continuing to make excellent progress towards establishing a maiden mineral resource estimate – which represents our first priority this year,” he said.
As part of the farm-in with Springfield project owner Talisman Mining, Sandfire has completed the first diamond hole at the Homer prospect targeting (but missing) the C5 host stratigraphic horizon along strike from Sandfire’s neighbouring DeGrussa mine.
Simich said there was excellent potential to discover new lenses as geologists gained a greater understanding of the Monty trend.
“I am confident we will see further exploration success during the course of the year, building on the Monty discovery and reinforcing the potential of this district to host multiple VMS deposits,” he said.
Sandfire has spent $A15 million on exploration at Springfield, triggering the formation of a 70:30 joint venture between Sandfire and Talisman.
The final terms of the JV agreement are being finalised.
Sandfire shares rose 0.4% to $5.10, while Talisman shares were 2.1% lower at 46c.
SFR Price at posting:
$5.00 Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)