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.