Auris Minerals (ASX:AUR) updates market on Sandfire Resources (ASX:SFR) JV

West Australian gold and base metals explorer Auris Minerals (AUR) has provided updates on its joint venture with Sandfire Resources (SFR).

  • West Australian gold and base metals explorer Auris Minerals (AUR) has provided updates on its joint venture with Sandfire Resources (SFR)
  • The companies have three joint ventures (JV) together – Morck Well, Cashman, and Cheroona – all of which are located in the Bryah Basin in WA
  • Aircore (AC) drilling is continuing at all three JVs
  • The most promising results have come from Morck Well with gold grades so far peaking at 4.76 grammes per tonne
  • Auris will announce the remaining results once the outstanding holes have been drilled and assays have been analysed
  • Auris has ended the day 40 per cent in the green and shares trading for 7.7 cents each

The companies have three joint ventures (JV) together – Morck Well, Cashman, and Cheroona – all of which are located in the Bryah Basin in WA.

Aircore (AC) drilling is continuing at all three JVs and the most promising results have come from Morck Well.

“The latest gold and copper results from the aircore drilling completed by Sandfire during the quarter are extremely encouraging,” Chief Operating Officer Mike Hendriks said.

“Further high-grade gold mineralisation has been intersected in very wide space, first pass, regional aircore drilling in the Morck Well project which, together with the high grade gold mineralisation intersected previous quarter, highlights the gold prospectivity and potential,” he added.

Morck Well

A total of 628 holes, totalling 57,246 metres, were drilled at the Morck Well JV during the June 2020 quarter.

Drilling was designed to provide high quality data and assist in defining an interpreted stratigraphic sequence.

Significant results include five metres at 4.76g/t gold from 70 metres, five metres at 2.22g/t gold from 35 metres, and five metres at 1.26g/t gold from 40 metres.

Interestingly, these results are in a similar stratigraphic location to previous results that peaked at 3.55g/t gold.

Infill AC and reverse circulation (RC) has been planned to evaluate these recent results and approximately 550 AC holes remain to be drilled.

Cashman

AC drilling at the Cashman JV is continuing and so far 89 holes, for 2173 metres, have been completed with aims to test the Karalundi strategy and provide high quality data.

Significant results include one metre at 9.72g/t gold from 40 metres and around 730 AC holes are yet to be drilled.

Two RC holes were also completed in the quarter to test down-dip of an anomalism identified in AC drilling.

One hole tested lead-zinc anomalies while the other tested copper-zinc-bismuth anomalies.

Cheroona

A total of 319 holes, totalling 10,026 metres, were drilled at the Cheroona JV with aims to test the prospective Karalundi stratigraphy and provide high quality data.

So far significant results include five metres at 1.39g/t gold from 40 metres, and five metres at 0.22 per cent copper from 75 metres.

100 holes are yet to be drilled and these will target the Karalundi formation trend.

Additionally, one RC hole was drilled to a depth of 436 metres to test a geophysical plate obtained from a moving loop electromagnetic (MLEM) survey.

Auris will announce the remaining results once the outstanding holes have been drilled and assays have been analysed.

Auris has ended the day 40 per cent in the green and shares trading for 7.7 cents each in a $22.47 million market cap.

By Ashleigh Melanko

Markets Reporter

Ashleigh Melanko writes about mining, specialising in materials and renewable energy. Email Ashleigh at ashleigh.melanko@themarketherald.com.au

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