Sandfire Resources Releases Morck Well JV Update

  • Jan 29, 2019 AEDT
  • Team Kalkine
Sandfire Resources Releases Morck Well JV Update

Sandfire Resources NL (ASX: SFR) is an Australian copper and gold producer. The Company's key asset is the DeGrussa Copper-Gold Mine located in Western Australia. Sandfire also has exploration assets targeting a range of commodities throughout Australia.

The company has via the latest release on ASX disclosed the details on exploration activities completed during the December quarter 2018 at the Morck Well Joint Venture (“JV”) with Auris Minerals in the Bryah Basin, Western Australia. The current JV spends till date is $7.4 Mn.

Two DD tails were completed during Q4 2018, for a total advance of 1,135m. Both holes were pre-collared by RC drilling. Four DD holes have been drilled by Sandfire Resources on the Morck Well JV, till date.

Hole MWDD0002 (1,084m total depth) was drilled to test the down-dip continuity of the target sedimentary horizon, approximately 350m below MWRC0001 and 550m below the deepest massive sulphide intercept, in MWAC0112. A mixed package of exhalative sediments and peperitic pillow basalts was intersected at the target depth, with minor pyrrhotite, sphalerite and trace pyrite disseminated in the sediments and close to peperitic contacts. MWDD0003A (313m total depth) was drilled to test a subtle EM anomaly, identified in a downhole EM survey of MWDD0001. MWDD0003A intersected two zones (1.6m and 10.7m thick) of semi-massive and stringer-style pyrite and chalcopyrite, at the modelled conductor depth within the target exhalative sediment horizon which features chlorite alteration. The hole ended in dolerite. The horizon is now considered thoroughly tested at this target location, and at this stage, no more work is anticipated. Results from Holes MWDD0002, 3A were not available at the time of reporting.

Six RC holes were drilled (in addition to the two DD pre-collars - one other pre-collar was abandoned

due to loss of survey control) during Q4 2018, for a total RC advance of 2,934m. Sandfire Resources have drilled Sixteen RC holes on the Morck Well JV to date (for 7,455m).

The significant geology and mineralized intersections made in RC and Diamond drilling further confirm the prospectivity of the immediate Morck Well Project area. Drilling intersected host sediment horizons in positions approximately to the modelled interpretation, providing higher confidence to planning and results going forward. Further, the significant geology, coinciding with moderate to substantial mineralization intersected in RC and Diamond drilling, targeting the south-western continuation of the host sediment horizon highlights the prospectivity of the wider Morck Well Project area. Deep RC drilling will continue to test the Morck Well sediment package to the southwest. All DD and RC holes will be surveyed for downhole EM.

Regional aircore drilling will continue to target the Karalundi and Narracoota Formations across the southwestern part of the Morck Well JV Project area, to provide data for geological mapping and high-quality geochemistry. Another aircore programme will start on the Doolgunna tenement (E52/2438), located 3.5km southeast of the DeGrussa Cu-Au Mine, after completion of a comprehensive data compilation, which has included some relogging of historic drill holes. Both aircore programmes are expected to continue for a short time into Q1 2019.

Now let us quickly have a look at the Sandfire Resources NL’s stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $6.900 and is trading up by 0.73% during the day’s trade, with a market capitalization of $1.09 Billion. The stock has yielded a Year Till Date returns of 7.03% and posted returns of -22.51%, 3.95% over the last six months & three months respectively. It has a 52-week high price of $10.04 and touched 52 weeks low of $6.07, with an average volume of 767,433 approximately.


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