The Doolgunna Project is located approximately 110km northeast of Meekatharra in Western Australia, and covers over 60km of strike of the southern boundary of the Bryah Basin and the northern part of the Yerrida Basin.
The Bryah Basin is highly prospective for volcanic hosted massive sulphide (VHMS) deposits and hosts the high-grade DeGrussa copper-gold mine, and the high-grade Monty copper-gold deposit, both discovered by Sandfire in 2009 and 2015 respectively. Sediments of the Yerrida Basin are considered prospective for sediment hosted (SEDEX) base metal deposits and host the Thaduna massive sulphide copper deposit.
Enterprise’s Doolgunna Project Area Incorporated into Sandfire’s Doolgunna Project
Enterprise commenced exploration at the Doolgunna Project in 2007, initially focusing on stockwork gold mineralization. Following the discovery of DeGrussa in 2009, the Company has focused on generating volcanic hosted and sediment hosted drill targets.
Sandfire Farm In and JV
On 12 October 2016 Enterprise Metals announced that it had entered into an Agreement with Sandfire for a farm-in and joint venture over all of Enterprise’s Doolgunna Project tenements. Sandfire has completed its minimum of $1.5M on exploration within 2 years.
Sandfire now has the option to sole fund exploration and earn a 75% interest in the project by discovering and defining Mineral Resources of at least 50,000 tonnes Cu metal or equivalent. Following this discovery, Enterprise and Sandfire would form a joint venture and fund their respective interests.
For details of the terms of the Agreement please refer to ASX announcement:
http://www.asx.com.au/asxpdf/20161012/pdf/43bxjg396bgnwn.pdf
Since the commencement of the joint venture, Sandfire has undertaken intensive drilling, airborne and downhole EM surveying.