Sierra Nevada Gold Inc (SNX.AX) High-Grade Rock Chips Expand Targets at As Safra
Melbourne, Aug 19, 2026 AEST (ABN Newswire) - Sierra Nevada Gold Inc (
ASX:SNX) is pleased to report further high-grade copper and gold results from recent surface sampling at its 100%-owned As Safra Copper-Gold Project in the Kingdom of Saudi Arabia (KSA).
HIGHLIGHTS
- Recent surface sampling has returned further exceptional high-grade copper-gold results across the As Safra mineralised system, including:
o SAF142 returned 15.8% Cu, 0.62g/t Au, 9.45g/t Ag
o SAF145 returned 9.77% Cu, 0.84g/t Au, 1.50g/t Ag
o SAF147 returned 5.83g/t Au and 3.26% Cu
o SAF154 returned 3.63% Cu, plus pathfinder elements 369ppm Bi and 180.5ppm Te
o SAF156 returned 2.86% Cu, plus pathfinder elements 64.2ppm Bi and 40.3ppm Te
- New undrilled target adjacent to the North Central Target, returns up to 15.8% Cu in rocks within a 500m NNE trend situated 200m east of the principle ancient workings.
- As Safra SE Target expanded +200m NNW and +100m SSW, with strong associated geophysical and geochemical vectoring.
- Southern polymetallic breccia discovery expanded: +150m north and +200m west, with up to 2.86g/t Au, 0.80% Cu and 5.22% Zn, better results including:
o SAF130: 1.69g/t Au, 5.0g/t Ag, 0.21% Cu, 0.71% Pb and 5.22% Zn
o SAF164: 2.86g/t Au, 0.80% Cu, 0.25% Pb and 0.61% Zn
- Only a small proportion of the known 5.5km mineralised corridor has been drill tested, with substantial scope for further discovery and extensions along strike, across the corridor and at depth.
- Results from 21 remaining Phase 1 drill holes targeting copper zones, together with updated geophysical interpretations, are expected over the next two weeks.
- The new results are being integrated with Phase 1 drilling and detailed magnetic, gravity and IP datasets to finalise targeting for the expanded Phase 2 drilling program expected to commence within 8 weeks.
The latest results have defined a new and undrilled high-grade copper target east of North Central Target and materially expanded the As Safra Southeast and recently discovered southern polymetallic target areas, adding several priority targets for the Company's expanded Phase 2 drilling program. North Central Target alone has returned copper grades of up to 15.8% Cu along a poorly exposed mineralised trend extending for approximately 500m that has never been drilled.
Importantly, multielement geochemistry is helping SNX link and distinguish mineralisation across the broader As Safra system and provides additional vectors to rank and refine drill targets. Together with Phase 1 drilling and the detailed magnetic, gravity and IP datasets, the new results are being incorporated into final targeting for the planned Phase 2 drilling program.
SNX CEO Adam Oehlman commented: "These results have materially expanded our next drilling opportunity at As Safra. We have defined a new, undrilled high-grade copper target at North Central, extended the As Safra Southeast target in both directions, and significantly expanded the footprint of the recently discovered southern polymetallic system. Importantly, these are not isolated high-grade samples. The geochemistry is helping us link surface mineralisation with what we are seeing in drilling and giving us better tools to rank and refine targets across the broader As Safra system.
With the complete Phase 1 drilling results expected shortly, we are entering our expanded Phase 2 program with a larger and better-defined pipeline of high-priority targets than we had at the start of Phase 1."
Key additional targets highlighted by these results include;
1) North Central Target area (east) - this significant new copper target has been defined approximately 200m east of the main trend of ancient workings, in an area that has never been drill tested. Sampling has returned copper grades of up to 15.8% Cu along a poorly exposed trend extending for approximately 500m in a NNE direction. Importantly, the associated multielement signature is similar to mineralisation intersected by recent SNX drilling approximately 2.5km to the south, suggesting the North Central Target may represent another expression of the same broader copper-gold mineralising system.
The combination of exceptional copper grades, substantial strike extent and no previous drilling makes North Central a high-priority Phase 2 target.
2) As Safra SE Extensions - New sampling has extended the As Safra Southeast target in both directions along strike. To the NNW, mineralisation has been extended by approximately 200m, closely aligned with a prominent magnetic linear that provides a clear corridor for further targeting. To the SSW, the target has been extended by approximately 100m, where strongly anomalous Bi-Te-Mo-Au geochemistry provides an important vector toward a potentially hotter and more proximal part of the mineral system.
The expanded footprint, strong geochemical vectoring and supporting magnetic response significantly increase the scale of the As Safra Southeast target ahead of further drilling.
3) Recent precious and polymetallic breccia system - Surface sampling has further expanded the recently discovered Au-Ag-Cu-Pb-Zn breccia system, extending the prospective footprint by approximately 150m to the north and 200m to the west.
New results include elevated gold (up to 2.86g/t, SAF164), copper (up to 0.80%, SAF164) and zinc (up to 5.22%, SAF130) demonstrating that the recently drilled breccia represents only part of a larger surface geochemical footprint, with mineralisation remaining open beyond the current drilling. The expanding footprint materially increases the scope of the southern discovery and provides multiple new positions for follow-up drilling during Phase 2.
Collectively, the results have expanded the As Safra exploration search space and generated multiple new drillready opportunities outside the areas tested during Phase 1. Phase 2 will therefore combine advancement of the established Central Copper Zone with systematic testing of these emerging high-priority discovery targets.
Significance for the As Safra Mineral System
The latest results continue to demonstrate that As Safra is a large and evolving mineral system with multiple styles of mineralisation and significant exploration potential beyond the areas drilled to date.
Importantly, the new sampling has defined and expanded several priority target areas, including the new North Central copper target, extensions to As Safra Southeast and the recently discovered southern polymetallic system.
Together with Phase 1 drilling and recently completed geophysical surveys, these results have materially expanded the exploration search space and strengthened the pipeline of high-priority targets for Phase 2 drilling.
Multi-element Geochemistry Strengthens Targeting
Exploration multi-element results are helping SNX distinguish different parts of the As Safra mineral system and refine priorities for Phase 2 drilling.
High-grade copper samples from the central, western and southeast areas show a consistent Cu-Bi-Te association, providing an additional vector toward potentially more prospective parts of the broader copper-gold system.
In contrast, sampling around the recently discovered southern polymetallic breccia returned a distinct Au-Ag-CuPb-Zn signature, including:
o 1.69g/t Au and 5.22% Zn - SAF130
o 2.86g/t Au and 0.80% Cu - SAF164
o 0.85% Pb and 0.92% Zn - SAF129
The contrasting metal signatures reinforce the interpretation that As Safra hosts multiple mineralisation styles within a large and evolving hydrothermal system.
The key implication is that the growing geochemical dataset is providing SNX with better tools to rank targets, identify extensions beneath cover and focus Phase 2 drilling on the areas with the greatest discovery potential.
Next Steps
With Phase 1 drilling complete, SNX is progressively integrating all drilling, geological, geochemical and geophysical datasets into an updated three-dimensional interpretation of the As Safra mineral system.
The immediate priorities are to:
1) report the remaining Phase 1 drilling results;
2) integrate interpretation of the magnetic, gravity and IP datasets;
3) refine geological and geochemical vectoring across the Central, Southeast and southern polymetallic target areas; and
4) finalise the Phase 2 drill program.
The objective of Phase 2 is to simultaneously advance the near-surface Central Copper Zone toward potential resource definition while continuing to test the substantially larger discovery opportunities across the broader As Safra mineral system.
Government Support and Operating Environment
Sierra Nevada Gold has received strong support from key government agencies in the Kingdom of Saudi Arabia, enabling the efficient advancement of the As Safra Project from project award through to the grant of full Exploration Licences. Through its Vision 2030 initiative, Saudi Arabia has established a modern and increasingly supportive mining framework incorporating streamlined permitting, exploration incentive programs, improved access to geological information and high-quality regional datasets generated by the Saudi Geological Survey (SGS).
This strong government commitment to developing the Kingdom's mineral sector, together with increasing participation from international mining and investment groups, provides a favourable operating environment for long-term exploration and project advancement. Through its wholly owned Saudi subsidiary, Arabian American Minerals (AAM), SNX is well positioned to operate locally, continue to build in-country capability and efficiently advance exploration activities at As Safra.
As Safra background
The As Safra Project exhibits a district-scale mineralised footprint characterised by broad metal zonation, extending from a central Cu-Au-dominant corridor into surrounding Ag-Cu-Pb and Pb-Zn-Ag zones (see Figure 3). The combination of this regional metal zonation and the multiple mineralisation styles now recognised-including CuAu skarn and replacement mineralisation, Au-dominant skarn zones and the newly discovered Au-Ag-Cu-Pb-Znrich breccia-is consistent with a large, fertile and long-lived magmatic-hydrothermal system.
The principal mineralised corridor extends for approximately 5.5 km by 0.6 km and contains numerous copper and gold occurrences, extensive ancient mine workings and widespread surface mineralisation. The new polymetallic breccia discovery beneath shallow cover, approximately 400 m south of the Central Copper Zone, further demonstrates that significant mineralisation extends beyond the historic workings and may occur in multiple geological settings. Only a small proportion of the corridor has been drill tested, while numerous priority targets defined through integrated geological, geochemical and geophysical datasets remain untested, providing substantial opportunity for further discovery.
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About Sierra Nevada Gold Inc
Sierra Nevada Gold (ASX:SNX) is an Australian Securities Exchange-listed mineral exploration company focused on building a leading copper-gold exploration platform in the Kingdom of Saudi Arabia. The Company's flagship asset is the 100%-owned, district-scale As Safra Copper-Gold Project, located within the highly prospective Arabian Shield.
As Safra represents a transformational opportunity for SNX, providing exposure to a large-scale copper-gold mineral system in a rapidly emerging mining jurisdiction supported by substantial government investment, modern mining reforms and increasing international participation. The project significantly expands the Company's discovery potential and positions SNX to pursue a globally significant copper-gold discovery capable of creating long-term shareholder value.
SNX also owns five exploration projects in Nevada, USA, spanning epithermal gold-silver, Carlin-style gold and porphyry copper-gold targets. These assets provide additional strategic and commercial optionality, while the Company's primary growth focus remains the advancement of As Safra and the expansion of its copper-gold portfolio in Saudi Arabia.
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