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Sandfire confirms Colombia merger backing

Copper-gold miner Sandfire Resources has confirmed its backing of the Metminco-Andes Resources merger, while its new joint venture with White Rock Minerals has started drilling high-grade zinc and precious metal VMS targets in Alaska.
Sandfire confirms Colombia merger backing Sandfire confirms Colombia merger backing Sandfire confirms Colombia merger backing Sandfire confirms Colombia merger backing Sandfire confirms Colombia merger backing

Gold in Colombia is one iron in the Sandfire 'fire'

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".