SNX Confirms High-Grade Copper-Gold at As Safra, Drilling Set for March 2026

Exploration Update at As Safra

Sierra Nevada Gold Inc (ASX, SNX) has delivered a significant update on its As Safra Copper-Gold Project in the Kingdom of Saudi Arabia, following a comprehensive rock chip sampling program. The results have not only confirmed historic high-grade mineralisation but also extended the known mineralised footprint, setting the stage for an imminent drilling campaign.

The recent sampling returned standout assays including copper grades as high as 9.66% and gold concentrations reaching 12.6 grams per tonne. These values were collected from ancient workings and associated dump material, underscoring the presence of high-grade mineralisation exposed at surface. This confirms and builds upon historic data collected by the French Geological Survey (BRGM) in the late 1960s and early 2000s.

Geochemical Vectoring and Target Identification

SNX applied multi-element geochemical vector analysis focusing on key pathfinder elements such as bismuth, tellurium, and copper. This approach identified three priority copper-gold target corridors within a 5.5-kilometre mineralised trend. These corridors are interpreted as high-temperature feeder zones, which are considered the most prospective targets for sulphide copper-gold mineralisation at depth.

The strong association of bismuth and tellurium with copper is particularly important, as these elements fingerprint the hot, metal-bearing fluid pathways that feed skarn mineral systems. Elevated surface concentrations of bismuth (up to 898 ppm) and tellurium (up to 410 ppm) further highlight the fertility and scale of the mineral system at As Safra.

Historic Drilling Validates Depth Potential

Review of historic BRGM drilling from the 1960s, comprising seven core holes totaling 2,060 metres, confirmed the presence of primary copper sulphide mineralisation beneath the surface oxide zone. Although limited in scope, these drill holes intersected significant sulphide mineralisation that aligns with the newly identified geochemical target corridors, providing independent validation of SNX’s geological model.

Historic Induced Polarisation (IP) geophysical surveys also revealed chargeability anomalies correlating with known high-grade copper zones, many of which remain untested. This suggests potential for blind sulphide discoveries concealed beneath thin sand cover.

Next Steps, Drilling and Geophysical Surveys

SNX has secured drilling contractors and rigs, aiming to commence a combined reverse circulation and diamond drilling program of up to 5,000 metres immediately upon grant of the exploration licences, targeted for late March 2026. Prior to drilling, the company plans to conduct expanded IP and detailed ground magnetic surveys to refine drill targeting further.

Executive Director Peter Moore emphasised the significance of integrating modern geochemical data with historic exploration results, stating that this approach materially reduces exploration risk and enhances confidence in the project’s prospectivity.

Strategic Importance of As Safra

The As Safra Project covers a district-scale mineralised footprint characterised by well-developed metal zonation, transitioning from a central copper-gold core into broader silver-copper-lead and lead-zinc-silver distal systems. The abundance of ancient mine sites and widespread surface mineralisation underscore the project’s inherent potential.

As Safra complements SNX’s portfolio of projects in Nevada, USA, allowing year-round field activities by offsetting seasonal limitations. The company’s systematic approach combining historic data with modern exploration techniques positions it well to unlock value from this advanced copper-gold system.