Sandfire Resources (ASX: SFR) has provided an exploration update from ongoing drilling at the Black Butte copper project in Montana, US, aiming to upgrade and expand the Johnny Lee Lower Copper Zone resource of 1.2Mt at 6.8% Cu (Measured and Indicated) and 0.5Mt at 5.9% Cu (Inferred).
The company has completed 32 holes in the program, with the latest batch of eleven assays delivering high-grade copper intercepts from the Johnny Lee Lower copper zone.
HIGHLIGHTS:
- Drillhole SC24-296 3.19m at 19.46% Cu from 471.86m
- Drillhole SC24-302 2.84m at 8.98% Cu from 357.36m
- Drillhole SC24-303 2.79m at 11.82% Cu from 364.93m
Sandfire’s interest in the Project is held via an 87% equity stake in TSX listed Sandfire Resources America Inc. (TSX-V: SFR), which owns 100% of Black Butte.
Sandfire Chief Executive Officer and Managing Director, Brendan Harris, said:
“We’re pleased to announce additional results from Sandfire Americas ongoing drilling program at Black Butte that has been designed to further derisk the Company’s fully permitted copper project. Importantly, these high grade intercepts continue to increase the lateral extent of the Lower Copper Zone at Johnny Lee, which is now considered to be the primary driver of the project’s economics.
“The next significant milestone for the project will be reached in Q3 FY25 when a further ~US$20M of funding is likely to be sought by Sandfire America to tollgate the project into the feasibility study phase, where additional drilling will support any future update of the current Mineral Resource and Ore Reserve estimate, and all design and engineering plans will be finalised in preparation for a final investment decision in Q4 FY26.”
