Sandfire drops Alaska deal for exploration closer to home
Sandfire Resources has withdrawn from an earn-in agreement in Alaska and signed a new exploration deal closer to its flagship DeGrussa copper mine...
14th February 2020
Resources Rising Stars
Sandfire Resources has withdrawn from an earn-in agreement in Alaska and signed a new exploration deal closer to its flagship DeGrussa copper mine (reports MiningNews).
The copper producer will withdraw from White Rock Minerals' Red Mountain zinc project in Alaska, after having spent A$8.5 million on exploration last year.
While Sandfire will walk away without an interest in the project, it will remain an 11.3% shareholder in White Rock.
White Rock said it would seek funding to explore the newly identified 15sq.km Last Chance gold anomaly.
"While White Rock understands that commercial decisions can be at odds with individual project pathways, the retention of 100% of the Red Mountain project will allow White Rock to identify alternate funding to advance the zinc and precious metals-rich VMS deposits, while also pursuing the exciting new gold prospect at Last Chance with 100% of the upside exposure provided to White Rock shareholders," White Rock managing director and CEO Matt Gill said.
Meanwhile, Sandfire entered into a third farm-in agreement with Auris Minerals in the Bryah Basin in Western Australia.
Sandfire can earn 70% of the Cheroona project by discovering at least 50,000 tonnes of contained copper and completing a feasibility study.
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