Sandfire Resources Ltd (ASX: SFR; Sandfire or the Company) is pleased to provide an update on its development project in Montana, the Black Butte Copper Project, undertaken by its 87%-owned subsidiary, Sandfire Resources America Inc. (Sandfire America).
Please refer to Sandfire America's website at www.sandfireamerica.com for additional information. Sandfire Chief Executive Officer and Managing Director, Brendan Harris, said: 'The drilling at Johnny Lee continues to deliver high-grade results from the Lower Copper Zone.
The Sandfire America team is approximately halfway through the planned 20,000m program which is designed to test the extensions of the existing resource with the hope of improving the economics of the project ahead of a final investment decision.'
Contact:
Tel: +61 8 6430 3800
BLACK BUTTE COPPER PROJECT, MONTANA, USA The Black Butte Copper Project in Montana, USA is in the Belt-Purcell Basin, which also hosts the world-class Sullivan SEDEX lead-zinc deposit. The planned underground mine will use advanced technology to minimise surface impact and environmental effects. Sandfire's interest in the project is held via an 87% equity stake in Canadian listed company Sandfire Resources America Inc. (TSX-V: SFR) (Sandfire America), which owns 100% of the Black Butte Copper Project. Situated on private ranch land in Meagher County, the project is near road, power and rail infrastructure. It has the potential to provide jobs and broader economic benefit to the local community while protecting the watershed
Johnny Lee Deposit Resource and Mine Operating Permit
The Johnny Lee Deposit has a Measured and Indicated Mineral Resource of 10.9 million tonnes (Mt) at an average copper grade of 2.9% for 311 thousand tonnes (kt) of contained copper (Cu) at a 1.0% Cu cut-off grade, and an Inferred Mineral Resource of 2.7 Mt at an average copper grade of 3.0% for 80 kt of contained Cu at a 1.0% Cu cut-off grade) (refer to ASX release 'Updated Mineral Resource Completed for the Johnny Lee Deposit, Black Butte Copper Project, USA', 30 October 2019). The Company received a Mine Operating Permit from the Montana Department of Environmental Quality for mine development and has completed most of Phase I construction on surface facilities.
Competent Person's Statement
Exploration Results
The information in this announcement that relates to Exploration Results at the Black Butte Copper Project, is based on, and fairly represents, information and supporting documentation compiled under the supervision of Mr Richard Holmes, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Holmes is a permanent employee of Sandfire and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Holmes consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.
Forward-Looking Statements
Certain statements within or in connection with this release contain or comprise certain forward-looking statements regarding Sandfire's Mineral Resources and Reserves, exploration and project development operations, production rates, life of mine, projected cash flow, capital expenditure, operating costs and other economic performance and financial condition as well as general market outlook. Forward-looking statements can generally be identified by the use of forward-looking words such as 'expect', 'anticipate', 'may', 'likely', 'should', 'could', predict', 'propose', 'will', 'believe', 'estimate', 'target', 'guidance' and other similar expressions.
Contact:
Tel: +61 8 6430 3800
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