Sandfire Resources (ASX: SFR) is an Australian minerals exploration company focused on generating value through the discovery of a new generation of quality mineral deposits.
The Company had its genesis in the consolidation of a portfolio of tenements in Western Australia and the Northern Territory secured by one of Australia’s most successful prospecting geologists, the late Mr Graeme Hutton.
Sandfire Resources reports further excellent assay results at DeGrussa Copper-Gold Project
Shares in Sandfire Resources (ASX: SFR) have jumped another 18c after the company announced the final assay results from its diamond drilling programme at the DeGrussa Copper-Gold Project, with calculation of the maiden JORC resource estimate on track for completion by mid-February 2010.
Investors appeared to react to the news, with shares in the company spiking 18c, or 5.3%, to $3.60.
The results continue to reinforce the thickness and quality of the three high-grade VMS copper-gold lenses delineated at the DeGrussa Project – namely the DeGrussa, Conductor 1 and Conductor 4 lenses.
The most significant results from Conductor 1 lens includes 31.4m @ 4.6% Cu, 2.1g/t Au (DGDD-076), 26.0m @ 3.8% Cu, 1.4g/t Au (DGDD-079), 25.9m @ 4.7% Cu, 2.2g/t Au (DGDD-075), 23.7m @ 5.4% Cu, 1.9g/t Au (DGDD-073) and 21.9m @ 6.3% Cu, 0.9g/t Au (DGDD-077).
Another high-grade intersection from DeGrussa lens was 2.1m @ 17.8% Cu, 7.5g/t Au (DGDD-069).
The drilling was completed on a 40m by 40m surface drill-hole pattern, with the results forming the basis of the initial JORC compliant resource estimate which will encompass the DeGrussa and Conductor 1 lenses.
Further drilling is required to complete a JORC compliant resource estimate for Conductor 4.
The resource estimate, which will also be independently checked by McDonald Speijers, is on track to be completed and announced to the market during February 2010. This resource estimate will represent a key milestone for the Project, providing a strong foundation to progress the DeGrussa Project to a Scoping Study in 2010.
In addition, further significant mineralised intercepts continue to be recorded from the DeGrussa, Conductor 1 and Conductor 4 lenses.
In addition, Sandfire will commence regional diamond drill testing to progressively test a series of VTEM targets within the host sequence of the Narracoota Volcanics identified from the regional airborne EM surveys over Sandfire’s tenement holdings at Doolgunna. The objective of Sandfire’s regional program is to test the potential for the Doolgunna Project to emerge as a new VMS Camp with multiple deposits.
Sandfire has also appointed senior Australian mining executive Mr Martin Reed to the newly created position of Project Manager, to lead the development of the DeGrussa Project.
Mr Reed is a qualified Mining Engineer with over 30 years experience across a range of commodities and sizes of operations including most recently as Chief Operating Officer for a number of metals companies including St Barbara and Windimurra Vanadium.
The Company has also strengthened its corporate team with the appointment of highly experienced resource executive Matthew Fitzgerald as Chief Financial Officer. Mr Fitzgerald is a Chartered Accountant who commenced his career in the Assurance and Advisory division of KPMG before joining ASX-listed diamond producer Kimberley Diamond Company NL in 2003 as Chief Financial Officer and Director, a position he held until June 2008.
Mr Fitzgerald has recently held a number of business consulting roles in the resources and aquaculture industries, assisting companies in project development.
