Sandfire Resources America Inc. Reports Further High
Sandfire Resources America Inc.
(Trading Symbol: TSX-V: SFR OTCQB: SRAFF)
17 E Main; PO Box 431
White Sulphur Springs, MT 59645
Tel: (406) 547-3466
Fax: (406) 547-3719
Web: www.sandfireamerica.com
Email: [email protected]
Trading Symbol: TSX-V: SFR OTCQB: SRAFF
Sandfire Resources America Inc. Reports Further High
Grade Copper Intersections at the Black Butte Copper
Project; And Provides Update on Drilling Program
White Sulphur Springs, Montana – December 18, 2024 –Sandfire Resources
America Inc. (“Sandfire America” or the “Company”) is pleased to announce additional
drill results from its 2024 exploration drilling program since the Company’s news
release dated July 24, 2024. The ongoing drilling program aims to upgrade and expand
the Johnny Lee Lower Copper Zone resource of 1.2Mt at 6.8% Cu (Measured and
Indicated) and 0.5Mt at 5.9% Cu (Inferred).
HIGHLIGHTS
• Continued exploration success at the Johnny Lee Copper deposit at the Black Butte
Copper Project in Montana, USA.
• Sandfire America has completed thirty-two drill holes in the current drill program.
This update highlights results from eleven holes, with the significant results from
the Johnny Lee Lower Copper Zone including:
o Drillhole SC24-296 3.19m at 19.46% Cu from 471.86m
o Drillhole SC24-302 2.84m at 8.98% Cu from 357.36m
o Drillhole SC24-303 2.79m at 11.82% Cu from 364.93m
See Table 1 below.
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 authored by GR Engineering *).
Recent holes were designed to both infill and better define the outer boundaries of the
Lower Copper Zone resource. Ongoing drilling includes gathering sample material for
geotechnical and metallurgical testing. Since December 2023, the Company has drilled
approximately 13,800 meters.
VP of Exploration, Jerry Zieg shared, “ We are pleased with our additional drilling
results. Our drilling is achieving consistent high-grade intersections in and around the
resource as well as clearly defining its boundaries. This much improves the integrity of
the resource model and adds significant value to the Black Butte project.”
The current drill program is planned to extend into mid -summer of 2025 and is
expected to lead to expansion and increased definition of the Johnny Lee Lower Copper
2
Zone. The drill program will also provide sample material from both the Johnny Lee
Upper and Lower Copper Zones for metallurgical testing and geotechnical testing; all
with the expectation to better understand the economics of the project. The Company
added a second drill in late November and plans to add a third drill in January 2025 .
Geological and geochemical results from the drilling program and from metallurgical
and geotechnical testing will provide information for an updated Feasibility Study for
the Johnny Lee deposit with an expected completion in 2026.
CEO Lincoln Greenidge closed stating, “We continue working diligently with this
positive forward momentum to improve the permitted resource. This will ensure a
robust Feasibility Study which will lead to an informed final investment decision
related to building the project.”
Table 1. Black Butte Copper 2024 Exploration Drilling Program Results
Drill hole
ID collar x collar y collar z azimuth dip total
depth From (m) To (m) Width
(m) Cu % Resource
SC23-
278 506700.0 5180717.0 1741.0 16.6 -67.9 489.29 64.98 81.36 16.38 1.42 Upper Copper Zone
SC23-
278 433.46 446.37 12.91 4.7 Lower Copper Zone
SC24-
279 506628.0 5180702.0 1748.0 36.8 -70.2 502.31 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 36.8 -70.2 442.48
weakly
mineralized Lower Copper Zone
SC24-
281 506441.5 5180834.2 1767.5 31.8 -77.5 486.61 94.98 100.58 5.60 1.84 Upper Copper Zone
SC24-
281 431.66 437.54 5.88 4.60 Lower Copper Zone
SC24-
282 507650.0 5180746.0 1735.0 194.2 -86.5 494.57
weakly
mineralized Lower Copper Zone
SC24-
283 507213.0 5180540.0 1713.0 43.0 -71.5 560.98 471.44 477.93 6.49 2.45 Lower Copper Zone
SC24-
284 506900.0 5180832.0 1721.2 35.2 -83.0 426.11 383.44 392.98 9.54 7.42 Lower Copper Zone
with 386.72 392.98 6.26 10.68
SC24-285 506900.0 5180832.0 1721.2 28.9 -67.6 392.03 363.65 365.45 1.8 15.30 Lower Copper Zone
SC24-286 506609.0 5180868.0 1779.0 45.4 -73.9 495.67 77.23 80.77 3.54 4.67 Upper Copper Zone
SC24-286 438.25 446.78 8.53 6.60 Lower Copper Zone
SC24-287 506850.0 5180852.0 1731.1 336.0 -71.5 431.9
weakly
mineralized Lower Copper Zone
SC24-288 506850.0 5180852.0 1731.0 110.0 -78.8 460.25 396.15 409.34 13.19 12.77 Lower Copper Zone
SC24-289 506900.0 5180832.0 1721.0 51.0 -63.0 444.09
weakly
mineralized Lower Copper Zone
SC24-290 506425.0 5180870.0 1767.0 82.0 -71.0 90.5 96.16 5.66 1.63 Upper Copper Zone
SC24-290 506425.0 5180870.0 1767.0 82.0 -71.0 513.31 476.68 481.39 4.71 4.54 Lower Copper Zone
SC24-
291A 506622.0 5180877.0 1741.0 58.0 -68.5 507.03 67.25 70.37 3.12 3.67 Upper Copper Zone
80.9 82.9 2.00 5.36 Upper Copper Zone
SC24-
291A
weakly
mineralized Lower Copper Zone
SC24-292 506361.5 5180939.0 1771.0 0.0 -84.5 453.54 120.21 125.89 5.68 2.32 Upper Copper Zone
SC24-292 369.02 371.81 2.79 4.08 Lower Copper Zone
SC24-293 506354.0 5180981.0 1773.0 346.0 -76.5 362.1 126.39 134.92 8.53 4.01 Upper Copper Zone
SC24-293
weakly
mineralized Lower Copper Zone
3
SC24-294 506441.5 5180834.0 1768.0 64.0 -80.0 511.45 94.72 101.35 6.63 3.29 Upper Copper Zone
SC24-294
Zone faulted
away Lower Copper Zone
SC24-295 506441.5 5180834.0 1767.55 38 -68 461.95
weakly
mineralized Upper Copper Zone
SC24-295
weakly
mineralized Lower Copper Zone
SC24-296 507052.4 5180697.0 1711 315°
-
72.5° 498.96 471.86 475.05 3.19 19.46 Lower Copper Zone
SC24-297 507061.5 5180693.0 1712.6 332°
-
71.5° 514.2 Faulted away Lower Copper Zone
SC24-298 506454.0 5181004.0 1784 035° -86° 395.63 104.14 115.74 11.6 1.61 Upper Copper Zone
with 104.14 109.22 5.08 3.35 Upper Copper Zone
SC24-298 368.31 372.95 4.64 1.81 Lower Copper Zone
SC24-299 507222.4 5180646.0 1715 54.5° -74° 518.6 Faulted away Lower Copper Zone
SC24-300 507052.4 5180697.0 1711 319° -79° 501.3
weakly
mineralized Lower Copper Zone
SC24-301 506899.0 5180826.0 1721 350°
-
59.5° 174.65 27.67 36.79 9.12 1.72 Upper Copper Zone
SC24-302 506899.0 5180826.0 1721 350°
-
59.5° 383.74 30.8 35.72 4.92 2.21 Upper Copper Zone
357.36 360.2 2.84 8.98 Lower Copper Zone
SC24-303 506899.0 5180826.0 1721 17° -60° 398.37 364.93 367.72 2.79 11.82 Lower Copper Zone
SC24-304 506852.0 5180856.0 1731 350°
-
70.5° 441.84 Assays pending Upper Copper Zone
Assays pending Lower Copper Zone
SC24-306 506852.0 5180856.0 1731 003° -76° 412.94 Assays pending Upper Copper Zone
Assays pending Lower Copper Zone
SC24-307 506700.0 5180717.0 1741 004°
-
63.5° 492.92 Assays pending Upper Copper Zone
Assays pending Lower Copper Zone
SC24-
307A 506703.7 5180888.5 1385.15 007° -65° 77.69 Assays pending Lower Copper Zone
SC24-308 506700.0 5180717.0 1741 010°
-
68.5° 523.34 Faulted away Upper Copper Zone
Assays pending Lower Copper Zone
Intercept calculations included a minimum of 2 samples above a 1% copper cutoff grade.
1) Drilling conducted by Ruen Drilling of Hope, Idaho. 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 and photographed in White Sulphur Springs, Montana, all mineralized zones were sampled by cutting half-
core splits which were delivered to ALS labs in Reno N evada 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.
4
Figure 1: Drilling completed at the Black Butte Project from mid-December 2023 to December 2024. Black
diamonds show pierce points in Johnny Lee Lower Copper Zone. Assay results are light brown for high grade
and blue for low grade. Colored areas show Measured (red), Indicated (yellow), and Inferred (blue) resource
areas from the 2020 Technical Report.
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 surface
construction facilities. The Company received a decision from the Montana Supreme
Court on February 26, 2024, to re -instate the mine operating permit and allow
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 B lack Butte Copper Project
Feasibility Study and Updated Mineral Resource for Lowry Deposit” October 27,
2020, authored by GR Engineering.
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.
5
Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications and Government Relations
Mobile: 406-224-8180
Office: 406-547-3466
Email: [email protected]
www.sandfireamerica.com
Cautionary Note Regarding Forward-Looking Statements:
Certain disclosures in this document constitute “forward looking information” within the meaning of Canadian securities laws.
Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of
management of the Company regarding future events. Generally, forward -looking statements and information can be
identified by the use of forward-looking terminology such as “intends” or “expects”, or variations of such words and phrases
or statements that certain actions, events, or results “may”, “could”, “should”, “would” or “occur”. This information and these
statements, referred to herein as "forward ‐looking statements", are not historical facts, are made as of the date of this news
release and include without limitation, statements regarding the Company’s drilling program and the expected timing and
results thereof; the expansion and increased definition of the Johnny Lee Lower Copper Zone; the Company’s plans to add
a third drill and the expected timing thereof; and the completion of an updated Feasibility Study for the Johnny Lee deposit
and the expected timing thereof.
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 complete its drilling program as planned or at all; that the
Company’s planned drilling program will achieve expected results; that the Company will be able to achieve further expansion
and increased definition of the Johnny Lee Lower Copper 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 Lower Copper Zone; that the Company will be able to add a third drill to the Johnny Lee Lower Copper Zone
by January 2025, or at all; and that the Company will be able to complete an updated Feasibility Study for the Johnny Lee
deposit in 2026 or at all.
These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from
results suggested in any forward-looking statements. These risks and uncertainties include, among other things, 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.
Although management of the Company has attempted to identify important factors that could cause actual results to differ
materially from those contained in forward -looking statements or forward -looking information, there may be other factors
that cause results not to be as anticipated, estimated or intended. 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. We seek safe harbor.