Sandfire Limited (ASX:SFR) – a popular pick among some investment bank analysts for the long-term copper thematic – has posted evidence of extended mineralisation at its Portuguese Sesmarias Prospect.
Forming part of the Alvalade JV along TSX-listed Avrupa Minerals, the latest drill headline drill hit comes in at 41.2m intersection at 1.6% copper, 3.4% zinc and trace amounts of silver from 377m depth.
Drill hits of that depth would be enough to tank a junior – but Sandfire, to remind or introduce the uninitiated, is a $4.1B market cap company.
Geotechs interpret the target area of interest to be more than 1km length of strike. Mineralisation at the Sesmarias target is known to be that of massive sulphides.
“Our exploration team in Portugal and our JV partner, Avrupa continue to execute a high-quality exploration program which is indicating the potential for a significant mineralised system at Sesmarias while also enhancing our deep knowledge of the Iberian Pyrite Belt (IPB),” Sandfire CEO Brendan Harris said.
“The IPB has been a prolific producer of metal with mining dating back to at least ~3000BCE and we believe it remains prospective for new discoveries. Sandfire has a substantial portfolio of exploration tenure throughout the IPB in both Portugal and Spain.”
SFR last traded at $9.14/sh.
