Australian base metals explorer Auris Minerals Limited ('Auris' or 'the Company') (ASX: AUR) is pleased to advise that Sandfire Resources NL ('Sandfire' or 'SFR') (ASX: SFR) is to recommence regional air core drilling at the Company's Morck Well Project located in the Bryah Basin of Western Australia.
In February 2018, Auris entered a Farm-in Agreement with Sandfire Resources NL in relation to the Morck Well and Doolgunna Projects which cover approximately 430km-2. Sandfire Resources NL has a right to earn a 70% interest in the Morck Well and Doolgunna tenements on making a discovery of a minimum 50,000 tonnes contained copper (or metal equivalent) and completion of a feasibility study.
The regional air core drill program, comprising approximately 1,430 holes at a drill spacing of 100m x 800m/1600m is designed to continue the evaluation of the prospective Narracoota and Karralundi Formations for VMS related copper - gold mineralisation within tenements E51/1033, E52/1613 and E52/1672. The recommencement of regional air core drilling and EM surveying at Morck Well will follow the completion of the priority air core drilling currently underway at the Cashman JV (Refer ASX Announcement 20 September 2019).
Commenting on the planned exploration, Auris Chief Operating Officer, Mike Hendriks said: 'We are delighted that Sandfire are continuing with its aggressive approach to exploration within both the Cashman and Morck Well JV's, with an estimated expenditure in excess of $8M over the two projects for planned and ongoing exploration programmes.'
Tel: 08 6109 4333
ABOUT AURIS MINERALS LIMITED
Auris is exploring for base metals and gold in the Bryah Basin of Western Australia. Auris has consolidated a tenement portfolio of 1,520km-2, which is divided into seven well-defined project areas: Forrest, Cashman, Doolgunna, Morck Well, Feather Cap, Milgun and Horseshoe Well. In February 2018, Auris entered a Farm-in Agreement with Sandfire Resources NL in relation to the Morck Well East and Doolgunna Projects which covers 430km-2 (the Morck Well JV). During September 2019, Auris entered into a Farm-in with Sandfire Resources NL in relation to the Cashman Project tenements, E51/1053 and E51/1120, (the Cashman JV). Sandfire has the right to earn a 70% interest in the projects upon completion of a Feasibility Study on a discovery of not less than 50,000t contained copper (or metal equivalent). Auris manages exploration on all other tenements, including those that are subject to arrangements with third parties.
Forward Looking Statements
This announcement has been prepared by Auris Minerals Limited. This document contains background information about Auris Minerals Limited and its related entities current at the date of this announcement. This is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this announcement. This announcement is for information purposes only.
This announcement may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation ofsecurities laws in such jurisdiction. This document does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this representation are not intended to represent recommendations of particularinvestmentsto particularinvestmentsto particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.
No responsibility for any errors or omissionsfrom this document arising out of negligence or otherwise is accepted. This document does include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Auris Minerals Limited. Actual values, results, outcomes or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements.
Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and ASX Listing Rules, Auris Minerals Limited does not undertake any obligation to update or revise any information or any of the forward-looking statements in this document or any changes in events, conditions or circumstances on which any such forward-looking statement is based.