- Auris Minerals has signed a farm-in agreement with Sandfire Resources to advance exploration at its Cashman Project
- Sandfire can earn up to 70 per cent of the project if they make a discovery of 50,000 tonnes of copper (or metal equivalent) and complete a feasibility study
- Sandfire must also incur a minimum exploration expenditure of $1.2 million
Auris Minerals has signed a farm-in agreement with Sandfire Resources to advance exploration at its Cashman Project.
Sandfire can earn a 70 per cent interest in the project if they make a discovery of a minimum of 50,000 tonnes of copper (or metal equivalent) and complete a feasibility study.
Sandfire must also spend a minimum of $1.2 million on exploration on two Cashman tenements within the next 12 months, and issue Auris 30,000 fully paid ordinary Sandfire shares.
Auris is free-carried up to completion of the earn-in at which time a joint venture (JV) will be formed and Auris may contribute in proportion to its JV interest.
The Cashman Project is in the Bryah Basin which is located 100 kilometres north of Meekatharra, Western Australia. The project is 80 kilometres southwest from Sandfire’s DeGrussa and Momines gold and copper mines.
This farm-in agreement is for two Auris-owned tenements which are easily accessible via station roads and tracks from the Great Northern Highway and the Ashburton Downs Road.
Auris Chief Operating Officer Mike Hendriks is happy with the partnership.
“We are delighted to be partnering with Sandfire as they bring to the table significant technical expertise and funding power, that provides our shareholders with an accelerated pathway to a potential discovery,” Mike said.
“Cashman is located in one of the more prospective Cu-Au regions in WA, and with multiple targets considered highly prospective for Cu-Au VMS mineralisation already identified, leveraging Sandfire’s wealth of technical knowledge and resources to expedite exploration is a highly strategic move,” he said.
Auris is an exploration company that has projects in the Bryah Basin of Western Australia.
It has a tenement portfolio of 1520 kilometres squared which is divided into seven well-defined project areas: Forrest, Cashman, Doolgunna, Morck Well, Feather Cap, Milgun and Horseshoe Well.
“Auris has an excellent working relationship with Sandfire through our existing Morck Well JV and this latest agreement is reflective of both the quality of exploration work completed to date and the potential upside this work has demonstrated,” Mike concluded.
Sandfire will commence a reverse circulation (RC) drilling program at the Cashman Project in the coming days, testing MLEM and DHEM targets at the Orient prospect.
Auris Minerals gained 30.77 per cent on the ASX this morning and are currently selling shares for 1.7¢ apiece at 10:36 am AEST.