This article is 5 years old. Images might not display.
As well as diamond core drilling, the Red Mountain joint venture with ASX-listed White Rock Minerals is doing reconnaissance mapping and geochem sampling, with an airborne EM survey recently completed over the 475sq.km ground package.
Sandfire can earn up to 51% in Red Mountain by spending A$20 million over four years including $6 million this year.
Ultimately the ASX-listed miner can earn up to 70%.
Meanwhile, Sandfire has confirmed it will tip a further $990,000 into Andes/Metminco merger, giving it about 15% of the newly planned company.
Metminco is raising a total of $2.3 million, with just over $1.3 million of that underwritten by Hartleys.
Separately the unlisted Andes is also raising up to $750,000 in its own right.
The two companies are merging to create a "leading Colombian gold explorer and developer, with a dominant position in the richly gold-copper endowed Mid-Cauca Gold Belt".
