Sandfire Resources America Inc. Reports High Grade Copper Intersections at the Black Butte Copper Project
29 Abril 2024 - 4:01PM
Sandfire Resources America Inc. (“Sandfire
America” or the “Company”) is pleased to announce initial drill
results of its winter exploration drilling program. This
includes hole SC24-279 which intercepted 5.37 meters of 10.2%
copper and hole SC24-284 which intercepted 6.26 meters of 10.7%
copper.
The ongoing 2024 drill program focuses on
upgrading and expanding the Johnny Lee Lower Copper Zone resource
which at last estimate consists of a measured and indicated
resource of 1.2 million tonnes grading 6.8% Cu and an inferred
resource of 0.5 million tonnes of 5.9% Cu (2020 Technical
Report*). Since December 2023, the Company has drilled
approximately 4,420 meters of a planned 20,000-meter drill
program.
Table 1. Black Butte Copper 2024
Exploration Drilling Program
Drill hole ID |
collar x |
collar y |
collar z |
azimuth |
dip |
From (m) |
To (m) |
Width (m) |
Cu % |
Resource |
SC23-278 |
506700.0 |
5180717.0 |
1741.0 |
28.9 |
-72 |
64.98 |
81.36 |
16.38 |
1.4 |
Upper Copper Zone |
SC23-278 |
|
|
|
|
|
433.46 |
446.37 |
12.91 |
4.7 |
Lower Copper Zone |
SC24-279 |
506628.0 |
5180702.0 |
1748.0 |
15 |
-67 |
62.86 |
76.25 |
13.39 |
2.3 |
Upper Copper Zone |
SC24-279 |
|
|
|
|
|
461.73 |
467.10 |
5.37 |
10.2 |
Lower Copper Zone |
SC24-280 |
507100.0 |
5180848.7 |
1709.4 |
40 |
-70 |
weakly mineralized |
Lower Copper Zone |
SC24-281 |
506441.5 |
5180834.2 |
1736 |
32.5 |
-78 |
94.98 |
100.58 |
5.60 |
1.8 |
Upper Copper Zone |
SC24-281 |
|
|
|
|
|
431.66 |
437.54 |
5.88 |
4.6 |
Lower Copper Zone |
SC24-282 |
507650.0 |
5180746.0 |
1736.0 |
208 |
-80 |
weakly mineralized |
Lower Copper Zone |
SC24-283 |
507213.0 |
5180540.0 |
1713.0 |
44 |
-71 |
471.44 |
477.93 |
6.49 |
2.4 |
Lower Copper Zone |
SC24-284 |
506900.0 |
5180832.0 |
1721 |
35 |
-86 |
383.44 |
392.98 |
9.54 |
7.4 |
Lower Copper Zone |
with |
|
|
|
|
|
386.72 |
392.98 |
6.26 |
10.7 |
|
SC24-285 |
506900.0 |
5180832.0 |
1721 |
28 |
-66 |
Assays pending |
|
|
|
|
SC24-286 |
506609.0 |
5180868.0 |
1779.0 |
43 |
-73 |
Assays pending |
|
|
|
|
SC24-287 |
506850.0 |
5180852.0 |
1731.1 |
336 |
-72 |
In progress |
|
|
|
|
Intercept calculations included a minimum of 2 samples above a
1% copper cutoff grade.
1) Drilling conducted by Ruen Drilling of Hope,
ID. HQ3-sized core was collected. Drill holes were oriented with
dips varying between -80 to -70 degrees in relatively variably
dipping mineral zones. Intercepts may be slightly longer than true
thickness.
2) After being logged, photographed in White
Sulphur Springs, Montana, all mineralized zones were sampled by
cutting half-core splits which were delivered to ALS labs in Reno
NV for processing. ALS crushed the entire sample to 85% passing 2mm
then split off 1kg, which was ground to 85% passing 75 micron and
wet-sieved the split to ensure grinding passed specifications and
then assayed for gold by fire assay with AA finish. Base metals
were analyzed using a 4-acid digestion and ICP-OES analysis.
Various other trace and major elements were also analyzed utilizing
ICP procedures. Sandfire America utilized a QA/QC protocol which
included inserting Certified Reference Materials (CRM) on a minimum
of 1 CRM in 20 samples insertion rate. Assays of duplicates, and
blanks were also included as part of the QA/QC program.
3) ALS Labs are accredited by ISO/IEC
170205:2017 methods for North America.
4) Drillhole collars are surveyed conforming to
UTM NAD83 Zone 12.
5) The Company is aware of no drilling,
sampling, recovery, or other factors that could materially affect
the accuracy or reliability of the data referred to above.
VP of Exploration, Jerry Zieg shared, “We’re
very pleased with these results which continue to show that
additional exploration drilling has the potential to increase our
mineral resource and extend the projected mine life of the Black
Butte Copper project.”
Figure 1: Drilling completed at the Black
Butte Project December 2023-April 2024; black dots show locations
of past pierce points in Johnny Lee Lower Copper Zone; red dots
show locations of pierce points in Johnny Lee Lower Copper Zone
from this drill program; and colored areas show Measured
(brown), Indicated (yellow) and Inferred (blue) resource
areas.
Johnny Lee Copper
Deposit
The Johnny Lee deposit has a Measured and
Indicated Mineral Resource of 10.9 million tonnes (Mt) at an
average copper grade of 2.9% for 311 thousand tonnes (kt) of
contained copper (Cu) at a 1.0% Cu cut-off grade, and an Inferred
Mineral Resource of 2.7 Mt at an average copper grade of 3.0% for
80 kt of contained Cu at a 1.0% Cu cut-off grade (2020 Technical
Report*). The Company has received a Mine Operating Permit from the
Montana Department of Environmental Quality for mine development of
this deposit and has completed a majority of Phase I construction
on associated surface facilities. The Company received a 5-2
decision from the Montana Supreme Court on February 26, 2024,
upholding the mine operating permit and allowing Phase II of
construction to move forward.
Qualified Person
Jerry Zieg, Sr. Vice President of Exploration
for the Company, is a Qualified Person for the purposes of
NI 43-101 and has also reviewed and approved the information of a
scientific or technical nature contained in this news release. Mr.
Zieg verified the data disclosed in this news release, including
sampling, analytical, and test data underlying the information or
opinions contained in this news release.
*(2020 Technical Report)- Feasibility
Study (Johnny Lee Deposit) and Mineral Resource Estimate Update
(Lowry Deposit) – Technical Report NI 43-101” dated October 19,
2020, and news release “Sandfire Resources America Achieves Major
Milestones with Completion of Black Butte Copper Project
Feasibility Study and Updated Mineral Resource for Lowry Deposit”
October 27, 2020.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Contact Information: Sandfire Resources
America Inc. Nancy Schlepp, VP of Communications and
Government Relations Mobile: 406-224-8180 Office:
406-547-3466 Email:
nschlepp@sandfireamerica.com www.sandfireamerica.com
Cautionary Note Regarding Forward-Looking
Statements: Certain disclosures in this document constitute
“forward looking information” within the meaning of Canadian
securities legislation, including statements regarding further
expansion and upgrade of the Johnny Lee Lower Zone. In making these
forward-looking statements, the Company has applied certain factors
and assumptions that the Company believes are reasonable, including
that the Company will be able to achieve further expansion of the
Johnny Lee Lower Zone, that the Company will be able to complete
any environmental review, permitting process, or engineering and
economic studies required for resource development of the Johnny
Lee copper deposit. However, the forward-looking statements in this
document are subject to numerous risks, uncertainties and other
factors, including factors relating to the inability to achieve
further expansion of the Johnny Lee Lower Zone, the inability to
complete any engineering and economic studies required for resource
development of the Johnny Lee copper deposit that may cause future
results to differ materially from those expressed or implied in
such forward-looking statements, including that results of
exploration and development activities will not be consistent with
management’s expectations, delays in obtaining or inability to
obtain required government or other regulatory approvals or
financing, failure of plant, equipment or processes to operate as
anticipated, the risk of accidents, labor disputes, inclement or
hazardous weather conditions, unusual or unexpected geological
conditions, ground control problems, earthquakes, flooding and all
of the other risks generally associated with the development of
mining facilities. There can be no assurance that such statements
will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such statements.
Readers are cautioned not to place undue reliance on
forward-looking statements. The Company does not intend, and
expressly disclaims any intention or obligation to, update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
law.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/65ee5b45-87c4-440f-be71-15c83d3f7e7a
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