Havilah Resources Receives AU$31.5 Million as Stage 1 Payment by Sandfire Resources

MT Newswires Live

Feb 23

Havilah Resources (ASX:HAV) said Sandfire Resources (ASX:SFR) has made the stage 1 payment of AU$31.5 million in cash, and 4.6 million Sandfire shares on Feb. 6, under their definitive transaction agreements, according to a Monday Australian bourse filing.

The company said that Sandfire has also deposited the first year AU$15 million strategic alliance exploration cash funding commitment to its bank account, which will fund exploration programs in the strategic alliance tenements that surround the Kalkaroo copper-gold deposit, in South Australia.

Havilah added that agreed work programs and budgets will target high-potential prospects with strong past drill results, including Eurinilla Dome, Deep Well, Homestead, and Kalkaroo North Dome Breccia, with nearby discoveries potentially supporting a future processing plant at Kalkaroo.

Sandfire and Havilah are working together on site preparations at Kalkaroo, including camp construction and drillcore facility upgrades, ahead of a proposed 100,000-meter drilling program, for which approval has been sought from the Department for Energy and Mining, the filing added.

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