PERTH: Australian base metals explorer Auris Minerals Limited notified that Sandfire Resources NL is to commence a regional air core drill program and MLEM surveys at the Company’s Cashman Project located in the Bryah Basin of Western Australia.
The regional air core drill program, for approximately 2,230 holes at a drill spacing of 100m x 400m/1600m, and approximately 120 line kilometres of moving loop electromagnetic (MLEM) surveys are designed to initially evaluate the prospective Narracoota and Karralundi Formations for VMS related copper – gold mineralisation within tenements E51/1053 and E51/1120.
The commencement of regional air core drilling and MLEM surveys was dependant on the grant of the extension of term for E51/1053 which was granted on 6 November 2019, resulting in tenement being granted for a further year, until 21 September 2020.
Under the terms of the Cashman JV farm-in agreement, Sandfire is required to issue 30,000 fully paid ordinary SFR shares to Auris within five days of the extension of term grant.