Sandfire Resources America Inc. Reports High Grade Copper
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 High Grade Copper
Intersections at the Black Butte Copper Project
White Sulphur Springs, Montana – April 29, 2024 – 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 SC2 4-284 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, photog raphed 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
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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 d rilling 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 dec ision 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
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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: [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 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.