THE BOURSE WHISPERER: Minotaur Exploration (ASX: MEP) advised the market that Sandfire Resources (ASX: SFR) has indicated its intention to continue sole funding exploration at the Altia project near Cloncurry in Queensland.
This takes Sandfire into a second earn-in period with the objective of earning the right to acquire an 80 per cent interest through ongoing expenditure of $4 million over three years, taking its all-in spend to $8 million.
Sandfire has completed its initial $4 million work program, giving it the right to acquire its minimum interest of 60 per cent in the tenements that cover the earn-in deal.
According to Minotaur, Sandfire’s notification to continue said the activities it had undertaken so far had provided enough encouragement for it to believe further discoveries and increases in the current mineral inventory wer possible.
“Minotaur welcomes Sandfire’s continuing participation in Altia and its view of the deposit’s potential to be enhanced through the next phase of work,” the company said in its ASX announcement.
The Altia project comprises two main areas of interest, known as the Northern JV area and Southern JV area and lies within Minotaur’s broader Eloise copper project.
The Northern JV area hosts the Altia lead-silver deposit and has been the main area of focus for exploration activities by Sandfire over the past three years.