Auris Minerals has entered into an agreement with Sandfire Resources to advance exploration at the Cashman project in the Bryah Basin, Western Australia.
Under the agreement, Sandfire must make a JORC 2012 compliant mineral resource discovery of a minimum of 50,000 tonnes of contained copper or metal equivalent, to earn a 70 per cent stake.
Auris chief operation officer Mike Hendriks said the company was “delighted to be partnering with Sandfire as they bring to the table significant technical expertise and funding power.”
“Cashman is located in one of the more prospective copper-gold regions in Western Australia…(so) leveraging Sandfire’s wealth of technical knowledge and resources to expedite exploration is a highly strategic move,” Hendriks said.
Drilling is set to commence immediately across a number of targets at the Orient prospect.
Following the initial drilling program Sandfire will conduct an exploration program to evaluate the Karalundi and Naracoota formations on the tenements package.
Hendriks said in a statement that the market would be updated on progress and results in due course.
Under the agreement, Sandfire must incur a minimum exploration expenditure of $1.2 million within the next 12 months on Auris’ Cashman tenements E51/1053 and E51/1120. It must also issue Auris 30,000 fully paid Sandfire shares.