The farm out to Sandfire included a payment of A$1.2 million to Auris, with the ASX junior starting the year with $4.5 million cash.
Sandfire can earn a 70% stake in any discovery made on the Auris ground after initially spending a minimum of $2 million and thereafter completing a feasibility study on a deposit containing not less than 50,000t of copper (or metal equivalent).
Sandfire is working overtime looking for additional discoveries in the region as resources continue to deplete at the outstanding DeGrussa deposit.
The ground in question in the Sandfire-Auris deal comprises the Doolgunna and Morck’s Well projects.
Auris has 1350 square kilometres of copper-gold expl...