The Sandfire Resources Ltd (ASX: SFR) share price could be on the move on Friday following the release of an exploration update.
What did Sandfire Resources announce?
This morning Sandfire Resources updated the market on the expanded exploration program which commenced towards the end of last year at its Tshukudu Exploration Project in the Kalahari Copper Belt in Botswana.
The Tshukudu Exploration Project comprises ~11,700km2 of highly prospective licences surrounding the company's T3 Copper-Silver Project. The latter project is currently progressing towards the development of its first copper-silver mine in Botswana.
According to the release, drilling activities taking place at the A4 Dome, which is approximately 8km west of the T3 Project, have returned encouraging results.
Drilling to date has intersected significant widths and grades of shallow, vein-hosted copper mineralisation along a 250m strike length, which remains open along strike and at depth.
Sandfire's managing director and CEO, Karl Simich, appeared to be very pleased with the drilling. He believes the results of the expanded exploration campaign are a testament to the scale of the exploration opportunity in the Kalahari Copper Belt.
Simich said: "For Sandfire to be able to report such encouraging results from the first holes into a newly discovered shallow zone of mineralisation so soon after the MOD acquisition clearly demonstrates the outstanding potential of this copper belt."
"While the A4 Dome is a high priority for us in the immediate future, there are a number of other compelling targets planned to be drilled along the belt in this accelerated program. Given its proximity to the T3 Project, we are ramping up the drilling with two additional rigs currently being sourced to scope out the potential of this exciting target," he concluded.
