- Completed 46 near mine exploration drillholes at Magdalena mine
- Four drillholes at La Juliana prospect east of the Aguas Teñidas
- Newly identified prospect La Juliana near Aguas Teñidas mine tested
- Magdalena continues to demonstrate exploration potential
Sandfire Resources (ASX: SFR) has obtained promising exploration drilling results for a number of near-mine exploration prospects at its MATSA (Spain) and Motheo operating hubs (Botswana).
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At Magdalena West a further extension of mineralisation has been confirmed and remains open down plunge at the highest rated MATSA prospect.
At the La Juliana prospect, MATSA, high-grade, polymetallic massive sulphide mineralisation has been intersected and an off-hole downhole electromagnetic plate has been identified, which necessitates significant further work.
At the A1 Extension and A4 West prospects at Motheo, further high-grade mineralisation has been identified and will be a primary focus of planned drilling activity in FY27.
CEO and MD, Brendan Harris, said collectively, the exploration results demonstrate the prospectivity of the Iberian Pyrite and Kalahari Copper Belts and the potential to increase reserves within our existing mining footprint or in close proximity to existing processing infrastructure in Spain and Botswana.
He told shareholders exploration success in these locations, and at Kalkaroo, has the potential to deliver the strongest investment returns for our shareholders.
“Having made the important decision to restructure our global exploration team last year to align accountability more closely with our operations, we’re particularly pleased to report strong progress in the recently completed half year as we intensified our focus on the drill bit in and around our existing processing hubs,” Mr Harris said.
“The exciting results that we’ve released today reinforce our confidence in the prospectivity of the Iberian Pyrite and Kalahari Copper Belts and the potential for new discoveries.
“The increasing rate of success we’re now seeing has been built on years of hard work and targeted expenditure that has significantly improved our geological understanding of these rich copper belts. We will continue to play the long game by methodically identifying and testing high-priority targets as we seek to identify 15 years of reserve life to support both our MATSA and Motheo operating hubs.
“We’re also applying the same proven approach at the Kalkaroo copper-gold project, which we believe is one of the best undeveloped projects of its type in Australia.”
Immediate follow-up work will comprise drilling supported by the CCM-90 downhole electromagnetic geophysics to test strike, down-dip, and down-plunge extensions while evaluating the potential for additional mineralised lenses within the surrounding prospective stratigraphy. This is expected to occur within H1 FY27.
These programs are designed to determine the scale, geometry and significance of the La Juliana system and assess its potential to contribute to future Mineral Resource growth within the MATSA operating hub.
SFR was up 7.11% to $24.40. Mkt cap $10.74B.
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