Sierra Nevada Gold (ASX:SNX) is preparing to fast-track drilling at its newly awarded As Safra copper–gold project in the Kingdom of Saudi Arabia.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
The Melbourne company was officially announced as the successful bidder of the highly prized project at the KSA’s Future Minerals Forum in Riyadh. The final grant of the permit is expected next month; the company has already secured drill rigs ahead of the potential commencement of drilling in March CY26.
“To receive the formal award as the successful bidder in the Round Nine auction on the highly prospective As Safra project was an exciting event for the company, and the investor interest in the project at KSA’s Future Mining Forum was very encouraging,” said Sierra’s executive director, Peter Moore.
“SNX will continue to engage with numerous potential investors from the FMF and with KSA gov’t representatives to further build our network, leveraging on the existing relationships built by our team members’ extensive work history in KSA.”
The company has already completed a field rock chip sampling program at As Safra, which confirmed excellent historic sampling results.
Assay results from that program are expected in the near future.
The As Safra project hosts a large-scale Cu–Au skarn system with significant demonstrated high-grade potential over 5.5km of strike and numerous untested targets across a district-scale mineralised footprint.
SNX has been steady at 3.7cps; market cap $16.7 million.
Join the discussion: See what HotCopper users are saying about Sierra Nevada Gold Ltd and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.