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Market: ASX
Sector: General Mining
Epic: ASX:SFR
News: Latest news
Web Site: Sandfire Resources
Other Articles: 25-02-201023-02-201022-02-2010

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Sandfire Resources

Sandfire Resources

During the first half of 2009, Sandfire Resources (ASX: SFR) announced a major high-grade copper-gold discovery at its 100%-owned Doolgunna Project, located 130 kilometres north of Meekatharra in Western Australia.  The company is focusing most of its resources on progressing this new discovery.

The company's project pipeline includes advanced manganese projects and a provincial-scale base metal exploration opportunity at Borroloola in the Northern Territory, a lead-zinc-silver exploration project at Sandfire near Broome in Western Australia, and base metal, uranium and gold exploration projects at Yannarie and Urandy in Western Australia.

Tuesday, December 22, 2009

Sandfire Resources completes drilling at Doolgunna Copper-Gold Project

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Sandfire Resources (ASX: SFR) shares shot up 11c as the company prepares to wrap up its 2009 diamond drilling programme at the Doolgunna Copper-Gold Project in Western Australia, with the latest results continuing to reinforce the quality of the high-grade VMS deposits at Conductor 1, DeGrussa and Conductor 4.

Following the announcement, shares in Sandfire increased 3.2% to $3.56.

The outstanding results from the latest batch of drilling included 39.5m @ 7.8% Cu, 3.0g/t Au (DGDD-064), 33.7m @ 7.0% Cu, 1.3g/t Au (DGDD-049) and 15.6m @ 4.0% Cu, 2.2g/t Au (DGDD-053).

Assay results have been received for a further nine in-fill diamond drill holes, most of which targeted the near-surface thinner northern portions of the Conductor 1 deposit, while a large number of thick mineralised intercepts continue to be recorded at depth within the central and southern portions of the deposit.

The thinner intersections generally define the up-plunge, near surface portions of the Conductor 1 deposit. This and the large number of thick mineralised intercepts which continue to be recorded from drilling are consistent with Sandfire’s geological model for the Conductor 1 and DeGrussa Deposits.

In addition, assay results have been received from hole DGDD-043, which intersected 4.4m grading 4.2% Cu, 2.7g/t Au, 0.8% Zn and 15.0g/t Ag from a downhole depth of 632.6m on the eastern flank of the Conductor 4 deposit.

This result supports the previously announced results from Conductor 4, which is located immediately adjacent to the DeGrussa and Conductor 1 deposits (17.7m grading 5.4% copper and 1.9g/t gold, 1.2% Zn and 12.9g/t Ag in hole DGDD-035 and 5.1m @ 15.0% copper, 3.7g/t gold from 670.9m in hole DGDD-016).

In-fill diamond drilling has now largely been completed on a 40m by 40m surface drill-hole pattern covering the DeGrussa and Conductor 1 deposits. A total of 88 diamond drill holes have been completed since early July 2009, with the diamond drill rigs stood down for the Christmas and New Year break.

This drilling has generated sufficient data to support Sandfire’s objective of generating an initial JORC compliant Mineral Resource estimate for the DeGrussa and Conductor 1 deposits during the first Quarter of 2010.

Diamond drilling will recommence at Doolgunna on 4 January.

 

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