Fe Limited (ASX:FEL) and Auris Minerals’ (ASX:AUR) farm-in partner Sandfire Resources (ASX:SFR) has intersected copper mineralisation at the Morck’s Well Project in Western Australia.
Fe Limited’s share price increased 25% intra-day to 4 cents and was last trading at 3.4 cents, up 6%.
Auris shares fared even better, more than doubling its price to 11.5 cents intra-day and last trading at 9.9 cents or 74% higher.
The drilling intersected visible supergene copper mineralisation (native copper, malachite and chalcocite) from 72 metres to 73 metres and from 75 metres to 84 metres down-hole.
Another drill hole intersected visible sulphide copper mineralisation from 112 metres to 114 metres down-hole, including massive sulphides from 112 metres to 113 metres.
Aircore drilling samples from these and neighbouring holes are being sent for analysis.
Deep reverse circulation drilling to follow
The initial holes have clearly defined an area which will be intensively targeted by drilling and electromagnetic surveys to establish the potential for massive sulphide mineralisation.
Planning has commenced for follow-up ground electromagnetic surveys to be completed as a priority for the prospective corridor.
In addition, deep reverse circulation drilling to test the area is currently being planned and will commence next week.
READ: Fe Limited to receive minimum $300,000 from Sandfire Resources farm-in
The Morck’s Well project is jointly owned by Auris Minerals and Fe Limited. Sandfire is currently farming into the project with the right to earn a 70% interest in the project.