Sandfire Resources (ASX:SFR) has entered into agreements that will see it acquire an 85 per cent joint venture interest in the Red Bore Copper Project.
The project is located adjacent to its DeGrussa Copper-Gold Mine in Western Australia.
Sandfire will make a cash payment of $1.25 million to William Richmond and grant him a 1.25 per cent net smelter royalty over minerals produced from Red Bore.
Sandfire’s Managing Director, Karl Simich says the Red Bore Project will be incorporated within the company’s near-mine exploration programs at DeGrussa and explored using its leading geochemical and geophysical exploration methodologies.
Shares in Sandfire Resources (ASX:SFR) are trading 0.9 per cent higher at $4.31.