News: Ventnor Resources, Sandfire Resources eye copper-gold growth

The Thaduna-Green Dragon joint venture between Ventnor Resources (ASX:VRX) and Sandfire Resources (ASX:SFR) is set to build a deeper resource base with a fresh round of drilling.

Sandfire will begin a diamond core drill campaign at the site 170 kilometres north of Meekatharra this month, with an aim of encountering mineralised material at beneath the current resource, which stands at 2.95 million tonnes at 3.27% copper and 7.6g/t silver for 96,000 tonnes of copper and 720,000 ounces of silver.

The diamond core drilling will follow immediately on a five-hole reverse circulation program that returned 5 metres at 3.19% copper and 9.62g/t silver from 251 metres as well as 4 metres at 1.53% copper and 1.9g/t silver from 193 metres.

The latest resource definition exercise is proposed entails drilling six diamond holes to an average depth of approximately 350 metres down hole.

Ventnor has agreed to grant a six-month extension to the second earn-in period of its JV arrangement with Sandfire.  During this extension, Sandfire has the option to increase its interest in Thaduna-Green Dragon to 51% by sole funding A$3 million of exploration expenditure.

Sandfire may earn an additional 29% interest in the project – increasing its total interest to 80% – by spending an additional $3 million by December 2017.

Thaduna-Green Dragon is located 40 kilometres east of Sandfire’s large DeGrussa copper-gold operation and represents the largest copper resource in the Doolgunna-Bryah Basin outside of the DeGrussa-Doolgunna project.