High-Grade Copper Drilling Confirms Large Mineralised System at As Safra

Significant Copper Intercepts Validate Exploration Model

Sierra Nevada Gold Limited (ASX:SNX) has delivered compelling early results from its maiden drilling campaign at the As Safra Copper-Gold Project in Saudi Arabia. The first four drill holes at the As Safra Central target returned high-grade copper intercepts, confirming a vertically continuous mineralised system extending from surface to over 200 metres deep. Highlights include 17 metres at 1.26% copper starting just 25 metres downhole, and a standout 3 metres grading 4.59% copper within that interval.

These intercepts not only validate SNX’s geological model but also align with historical drilling by the French Geological Survey (BRGM), which reported 7 metres at 2.21% copper from 150 metres depth nearby. The continuity along strike and at depth suggests a robust hydrothermal system with strong exploration upside.

Polymetallic System and Extensive Mineralised Corridor

Alongside copper, silver mineralisation has been detected, including assays up to 27.34 grams per tonne over 3 metres, indicating a polymetallic system that could point towards feeder-style mineralisation zones. The mineralised corridor at As Safra Central stretches for 5.5 kilometres, with continuous mineralisation confirmed over 400 metres of strike so far. Notably, only a fraction of this corridor has been drill tested to date.

The project area is supported by multiple converging datasets; high-resolution magnetic and gravity surveys, induced polarisation chargeability anomalies, and geochemical sampling; all reinforcing the presence of a significant mineral system. Ancient workings and visible copper mineralisation at surface further underscore the district-scale potential.

Phase 1 Drilling Complete, Phase 2 in Planning

Phase 1 drilling, comprising 28 holes totaling 5,400 metres, is now complete. This included both reverse circulation and diamond core drilling. Despite this effort, less than 25% of the 5.5km mineralised trend has been tested. SNX is processing the remaining assay results expected over the coming 6 to 8 weeks.

Planning is already underway for a larger Phase 2 drilling program aimed at expanding the mineralised footprint, testing high-priority targets identified through integrated geochemical and geophysical data, and exploring gold zones that remain undrilled. This next phase will be critical in refining the understanding of the system and accelerating the evaluation of this district-scale copper-gold opportunity.

Favourable Operating Environment and Strategic Positioning

As Safra benefits from strong support under Saudi Arabia’s Vision 2030 initiative, which has introduced modern mining reforms, streamlined permitting, and exploration incentives. SNX’s wholly owned Saudi subsidiary, Arabian American Minerals, facilitates local operations within this supportive framework.

CEO Adam Oehlman emphasised the significance of these results, stating that the initial drilling validates the presence of a large, vertically continuous copper system and highlights substantial discovery potential along the extensive mineralised corridor. The company’s dual focus on Nevada and Saudi Arabia offers strategic diversification and year-round exploration capability.