Sandfire Resources commits additional US$1.5m to White Rock’s Red Mountain project

Company News

by Anna Napoli

Sandfire Resources (ASX:SFR) has committed to an additional US$1.5 million beyond the original A$6 million for 2019 to expand the 2019 field season at White Rock’ Minerals' Red  Mountain high-grade zinc and precious metals project in Alaska.

Sandfire is currently funding stage one of an Earn-In and Joint Venture Option whereby an initial A$20 million expenditure will earn Sandfire 51 per cent of the Red Mountain project.

The additional US$1.5 million expands the total 2019 budget committed to exploration at Red Mountain to in excess of A$8 million.

White Rock says the additional funds committed by Sandfire, over and above the $6 million already committed for the 2019 field season, is a strong endorsement of the quality and potential of the strategic land holding it has and the many targets being generated for drill testing.

Shares in Sandfire Resources (ASX:SFR) are trading 0.84 per cent higher at $6.58.