Sandfire makes Springfield find

Shares in Sandfire Resources shares were firmer on news it had intersected a zone of sulphides at its Springfield project in the Bryah Basin mineral province.

Sandfire said diamond drilling at Springfield, part of its joint venture with Talisman Mining, intersected 14 metres of massive sulphides from 411 metres down-hole to 425 metres.

The news led to gains in Sandfire shares, closing 8.8 per cent higher at $5.55 a share.

“Based on field observations, the interval contains visible chalcopyrite and is similar to the massive sulphides seen at DeGrussa,” Sandfire said in a statement.

The Springfield project is located 10 kilometres east of Sandfire’s DeGrussa copper mine.

“Sandfire is very encouraged by the intercepted massive sulphide, which represents the first significant accumulation to be intersected within its Greater Doolgunna project outside of the four known lenses of VMS mineralisation at DeGrussa,” it said.

“Follow-up diamond drilling will be undertaken as a priority.”

Sandfire is earning a 70 per cent interest in Talisman’s Doolgunna project, which forms part of a project comprising a 1,700 square kilometre package of contiguous tenements surrounding the DeGrussa mine.