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Sandfire Reports Maiden High Grade Resource for Monty Deposit

Sandfire Reports Maiden High Grade Resource for Monty Deposit
The Monty deposit is currently undergoing high level studies and exploration continues to be a priority both in the areas surrounding the deposit and other developing prospects within the region.
Apr 13, 2016 By Kaivalya Kandarpa Tags: SFR

Sandfire Resources NL (ASX:SFR) has reported a maiden Resource of 1.05 million tonnes in its Monty deposit with 9.4% copper grading and 1.6 grams per tonne for gold.

The Monty copper-gold deposit is located on the Springfield Joint Venture with Talisman Mining Limited (ASX:TLM). Sandfire is the manager of the Joint Venture, with Talisman holding 30% participating interest and the remaining 70% interest reserved with Sandfire.

The maiden Monty Mineral Resource is estimated to contains 99,000 tonnes of copper and 55,000 ounces of gold and Sandfire considers this project to be a milestone achievement in its ongoing exploration of the Doolungunna district.

The Monty deposit is currently undergoing high level studies and exploration continues to be a priority both in the areas surrounding the deposit and other developing prospects within the region.

Sandfire’s Managing Director, Mr. Karl Simich stated that the Monty resource has an exceptionally high grading: “With an average Mineral Resource grade of 9.4% copper and 1.6 g/t gold – including a high-grade massive sulphide component grading 12.1% copper and 2.1 g/t gold – Monty stands out as one of the highest grade VMS deposits discovered anywhere in the world in the past three decades.”

Mr.Simich further added that “the Mineral Resource has been estimated to a high degree of confidence and independently checked and audited. Importantly, 99 per cent of the Mineral Resource tonnage is classified in the Indicated category, providing a solid foundation for subsequent project development studies.”

1H16 Results

Sandfire reported 34,280 tonnes of copper and 17,305 ounces of gold production during the 1H16 period. The company stated that it is nearing the completion of its 10.6MW DeGrussa Solar Power Project that is aimed to reducing its long-term diesel power generation and CO2 emissions. The company also provided a production guidance of 65-68,000 tonnes of copper, 35-40,000 ounces of gold and C1 cash of US$0.95-1.05/lb.

During the period, Sandfire increased its stake in Tintina Resources to 57% and reduced its debt from $75 million to $45 million.

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Kaivalya Kandarpa Author: Kaivalya Kandarpa Apr 13, 2016

Kaivalya is an equity analyst and a client advisor at Wise-owl. She specialises in fundamental and technical analysis for large and mid-cap companies. Having completed her bachelor's degree in Business Administration majoring in Finance, Kaivalya has a comprehensive understanding of international stock market movements. She tracks local and overseas markets and compiles analytical reports for various industries.

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