Shares in Auris Minerals have risen after the company’s joint venture partner, Sandfire Resources, released promising drilling results from the Morck’s Well East copper project in the Bryah Basin.
Sandfire said its drilling program had intersected narrow zones of massive sulphides and supergene copper mineralisation.
Auris shares finished the day up 63 per cent at 9.3 cents each.
Auris chief executive Wade Evans said the results were encouraging.
“Sandfire’s early exploration success at Morck’s Well is further validation of our strategy to partner with Sandfire on areas close to De Grussa while Auris focuses on exploring its own substantive holdings in other parts of the Bryah Basin,” he said.
Sandfire has reported that drilling samples from the program are being sent for analysis and that the company is planning to expand exploration activities.
This will include follow-up surveys, aircore and deep reverse circulation drilling.
Sandfire will also proceed with a diamond drilling program once necessary approvals are obtained.
Under the JV agreement, which was announced in Februrary, Sandfire is responsible for funding all ongoing exploration work at the project until a minimum mineral resource of 50,000 tonnes of contained copper is defined.
Sandfire can undertake a feasibility study to earn a 70 per cent interest in the project.
Auris said the terms of the deal meant it could focus on exploration activities at its Forrest and Cashman’s projects.
Shares in Sandfire finished up 4.5 per cent at $8.62 each.