Bryah Basin explorer Auris Minerals (ASX:AUR) is another junior to have got a placement away in recent days ($1.68m at 8c a share).
It volunteered that the placement was “primarily to one UK institutional fund’’ without saying who it was. It can be said that the UK fund was from the JP Morgan stable, which is a big name to have when your business is early-stage exploration.
The big thinking types in London obviously like the thought that Auris just might be on to something at its Wodger prospect, which could eventually be of interest to Sandfire (ASX:SFR).
Sandfire owns the DeGrussa copper-gold mine elsewhere in the Bryah, where additional reserves would be welcome sometime in the 2020s, assuming its own on-going exploration doesn’t add to known deposits in the VMS copper-gold region, which it probably will.
Drilling at Wodger, owned 80% by Auris and 20% by Fe Ltd (ASX-FEL) on a free-carried basis, has returned some juicy hits and got really interesting recently when re-logging of one hole turned up evidence of primary sulphide copper mineralisation in the form of visible chalcocite between 211-213m (2m at 7.35% copper).
Follow up drilling is being planned at Wodger, as well as at the Cuba prospect closer to DeGrussa, and at Cashmans, 100km south-west of DeGrussa. Auris last traded at 7.5c, valuing it at $28m.
AUR Price at posting:
8.0¢ Sentiment: Buy Disclosure: Held
