PERTH (miningweekly.com) – Copper miner Sandfire Resources has struck an earn-in agreement with junior Auris Minerals over the Cashman project, in the Bryah basin.
Under the terms of the agreement, Sandfire could earn a 70% interest in the project by making a discovery of a minimum 50 000 t of contained copper, or metal equivalent and the completion of a feasibility study.
Sandfire will be required to spend a minimum of $1.2-million on exploration within the first 12 months of the earn-in, and would issue Auris with 30 000 fully paid ordinary shares, while Auris would retain a 30% free-carried interest in the project until the earn-in is complete.
Auris CEO Mike Hendriks on Friday said that the company was delighted to be partnering with Sandfire, which brings significant technical experience and funding power.
“Cashman is located in one of the most prospective copper/gold regions in Western Australia, with multiple targets considered highly prospective for mineralisation already identified; leveraging Sandfire’s wealth of technical knowledge and resources to expedite exploration is a highly strategic move.”