Sierra Nevada Gold (ASX:SNX) has been awarded the As Safra Copper–Gold Project in Saudi Arabia, following its bid in a competitive tender process conducted by the Kingdom’s Ministry of Industry and Mineral Resources.
The award marks the first formal step toward securing a full exploration licence for the 375km2 project.
As Safra hosts a large-scale copper–gold skarn system with a central 5.5km × 0.6km high-grade core defined by extensive historic workings and slag deposits.
Previous rock-chip sampling has returned remarkable grades of up to 244 g/t gold and 11% copper, while limited historic drilling revealed significant sulphide copper intercepts, including 24.55 m at 1.69% Cu and 5 m at 4.07% Cu.
Despite intermittent exploration over the past six decades, multiple polymetallic targets remain untested across the district-scale project, highlighting its substantial exploration potential.
SNX has received a KSA Investment Licence and is actively engaging with potential local partners, while preparing systematic exploration programs ahead of full licensing next year.
The company will also participate in the Future Mining Forum in Riyadh in January 2026 to present its Saudi and Nevada projects to global investors.
The award further strengthens SNX's presence in Saudi Arabia’s rapidly growing mining sector under Vision 2030, aligning with the Kingdom’s push to develop its domestic mineral resources.