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.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
- Why the Rhythm Biosciences (ASX:RHY) share price rocketed 28% to a record high – December 4, 2020 4:51pm
- Here’s why the Home Consortium (ASX:HMC) share price is in a trading halt – December 4, 2020 3:35pm
- Brokers name 3 ASX shares to buy right now – December 4, 2020 2:48pm