Phase 1 Drilling Confirms Large Copper System at As Safra

Phase 1 Drilling Establishes Large Copper System

Sierra Nevada Gold (ASX:SNX) has delivered a significant early milestone at its As Safra Copper-Gold Project in Saudi Arabia, confirming a coherent and substantial copper mineralised system along an 800-metre strike length in the Central Copper Zone. Phase 1 drilling, comprising 28 holes and approximately 5,400 metres, returned multiple high-grade copper intercepts including standout results like 16 metres at 1.49% copper from 160 metres depth, featuring intervals up to 4.95% copper.

The drilling not only validates the existence of a continuous subsurface copper system but also links modern assay data with extensive ancient workings and historical drilling, revealing a mineralised corridor that extends over 5.5 kilometres and remains largely untested beyond the drilled area. Mineralisation remains open both along strike and at depth, indicating significant upside potential.

Multiple Mineralisation Styles Expand District Potential

Beyond the Central Copper Zone, Phase 1 drilling uncovered a second copper system at As Safra Southeast and identified a newly discovered polymetallic breccia containing gold, silver, copper, lead, and zinc. This breccia system, located about 400 metres south of the central zone, returned promising precious metal grades, including 11 metres at 0.18 g/t gold and 15 g/t silver, extending the known mineralisation footprint.

The presence of copper-gold skarn/replacement mineralisation, gold-dominant zones, and the polymetallic breccia with contrasting geochemical signatures suggests As Safra hosts a large, fertile, and multi-stage magmatic-hydrothermal system. This diversity of mineralisation styles materially broadens the district-scale discovery opportunity.

Phase 2 Drilling Campaign to Accelerate Exploration

Building on Phase 1’s success, SNX plans an ambitious Phase 2 program exceeding 25,000 metres of combined reverse circulation and diamond drilling, alongside approximately 10.5 kilometres of trenching. Scheduled to commence within six weeks, this campaign aims to systematically define and expand the Central Copper Zone, test extensions along the 3+ kilometre trend to the north-northeast, and explore the largely untested southern continuation beneath shallow cover.

Phase 2 will also target the As Safra Southeast and Southeast Northwest copper systems, the polymetallic breccia, and newly identified geophysical targets outside the ancient workings. Additionally, the program will initiate first-pass drilling along a 7-kilometre geochemical trend south-southwest of the ancient workings, a zone untouched by modern drilling.

Government Support and Operational Execution

SNX’s progress at As Safra has been bolstered by strong backing from Saudi government agencies under the Vision 2030 initiative, which promotes streamlined permitting and exploration incentives. The company’s wholly owned subsidiary, Arabian American Minerals, has demonstrated effective on-ground execution, completing Phase 1 drilling and advancing detailed geophysical surveys including magnetics, gravity, and induced polarisation.

CEO Adam Oehlman emphasised that Phase 1 “fundamentally changed” the understanding of As Safra’s scale and potential, shifting the narrative from surface mineralisation and ancient mining to a large, drill-confirmed copper system with multiple pathways to value creation.

Exploration Upside and Strategic Positioning

The As Safra Project’s extensive mineralised corridor, diverse mineralisation styles, and multiple untested targets position SNX to pursue a globally significant copper-gold discovery. The company’s dual-jurisdiction strategy, balancing assets in Nevada and Saudi Arabia, allows for year-round exploration activity and diversified exposure.

With Phase 2 drilling imminent, the market will be watching how SNX leverages its expanded geological framework and government support to unlock value from this promising Arabian Shield asset.