Auris Minerals Ltd. said Sept. 20 that it granted Sandfire Resources NL an option to earn a 70% stake in tenements E51/1053 and E51/1120 at the Cashman copper project in Western Australia.
To earn a 70% share over the tenements, Sandfire must outline of a minimum 50,000 tonnes of contained copper and completing a feasibility study. It must also incur a minimum A$1.2 million spend on exploration within the first 12 months and issue 30,000 shares.
Auris will retain a 30% free carried interest until Sandfire completes the earn-in. It may then opt to contribute to joint venture expenditures, elect for Sandfire fund to carry Auris into commercial production, or sell its stake to Sandfire.
Sandfire will soon begin a drilling program across a number of high-priority targets at the project's Orient prospect, along strike from copper-gold mineralization intersected in previous drilling programs.
