Sandfire Resources ends Avrupa JV after failed drilling campaign

The news: Copper and nickel miner Sandfire Resources will end its joint venture with Toronto-listed Avrupa Minerals after drilling results at its Sesmarias prospect in Portugal failed to meet the “technical requirements” to continue.

The numbers: Sandfire's wholly owned subsidiary Sandfire Mineira Portugal entered an option deal with Avrupa in 2019, with an option to earn an interest of up to 85% in the project in a staged process.

The context: Sandfire said that while the drilling campaign returned a number of "mineralised massive sulphide intersections" at the site, the program did not meet "technical hurdles to justify further investment".

Sandfire's interest in the project will now be transferred back to Avrupa, subject to regulatory approvals.