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Sandfire Resources breaks stock price record with Morck’s Well high-grade copper hits, surging copper price

Stuart McKinnonThe West Australian
Wednesday, 6 June 2018 12:44PM
Stuart McKinnon

The processing plant at Sandfire Resources’ DeGrussa minePicture: Supplied

Shares in Sandfire Resources hit an all-time high today as it benefitted from a surging copper price and positive assay results from drilling at its recently signed exploration joint venture with Auris Minerals.
Sandfire shares were up 38¢, or 4 per cent, to $9.30 at noon after the copper price jumped to $US7100.75, its highest since February.
The Karl Simich-led copper miner announced this morning recent drilling at Morck’s Well 22km south-west of the DeGrussa mine had returned a best intersection of 11m at 3.5 per cent copper from 73m, including 3m at 9.5 per cent copper from 81m downhole.

“While the high-grade intersections returned from these AC holes are narrow, the overall tenor and grade of the mineralisation encountered is encouraging and supports continued exploration along this corridor,” Sandfire said in a statement.
The company said drilling was continuing along trend south-west of DeGrussa across both the Auris and Enterprise farm-in areas, with further assays pending.
Sandfire is desperately searching for new ore sources to feed its processing plant at DeGrussa, which is due to be mined out in early 2022.
Meanwhile, Talisman Mining continues to wrestle with Sandfire’s $70 million offer for its 30 per cent stake in the Springfield joint venture.
Talisman this morning extended a suspension of its shares as its board continued discussions over the deal.
The joint venture includes the Monty underground copper mine which is expected to be in production later this year. Ore from Monty will supplement that from DeGrussa as feed for its plant.
WestBusiness understands the joint venture between the two groups has turned sour in recent times with rich lister Kerry Harmanis’ 18 per cent stake in Talisman becoming a sticking point in Sandfire’s hopes to seize full control of Springfield.
Talisman shares last changed hands for 26¢.