Sandfire Resources launches large exploration push at Doolgunna Copper-Gold Project

Sandfire Resources (ASX: SFR) has launched a new exploration program that could see six drill rigs operating at the Doolgunna Copper-Gold Project in Western Australia over the next six months.
Ranking as one of the larger programs, Sandfire will spend $8 million targeting new resources, new lode and new finds at Doolgunna by testing new VMS deposits in the areas near know deposits.  Total exploration budget for 2010 is $15-20 millon.
In 2009, the company released spectacular drilling results, inking a maiden JORC resource of over 7.13 million tonnes at 5.2% copper and 1.9g/t gold, ranking DeGrussa as one of the most significant global copper discoveries of 2009.
In February, Sandfire announced an equity raising and fully underwritten share placement to raise approximately $50 million and a share purchase plan of $15 million.
If required, the Company will secure additional drilling capacity over and above the three diamond drill rigs currently on site to deliver this program and expects at different times to have a further 1-2 diamond rigs and up to two Reverse Circulation (RC) drilling rigs operating.
“We have devised an extensive, sophisticated and fully-funded exploration program that will give investors the best possible opportunity of capitalising on the huge potential of our world-class land holding,” said Sandfire managing director, Karl Simich.
He said “At the same time, regional exploration will ramp up to test a host of highly promising targets generated by extensive airborne VTEM surveys and ground geophysical surveys."
"The large number of targets suggests that DeGrussa could be just the start of what is to come at Doolgunna. We expect this program to generate significant news flow over coming months.”

http://www.proactiveinvestors.com.au/companies/news/6043/sandfire-resources-launches-large-exploration-push-at-doolgunna-copper-gold-project-6043.html