Sandfire Resources America Inc. is pleased to announce additional drill results of its 2024 exploration drilling program. This includes hole SC24-286 which intercepted 8.53 meters of 6.6% copper and hole SC24-288 which intercepted 13.19 meters of 12.8% copper, both in the Johnny Lee Lower Copper Zone.

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 8,000 meters of a planned 20,000-meter drill program.

Table 1. Black Butte Copper 2024 Exploration Drilling Program 

Intercept calculations included a minimum of 2 samples above a 1% copper cutoff grade.

Figure 1: Drilling completed at the Black Butte Project December 2023-mid-July 2024; black diamonds 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; blue dots show intercepts with only weak copper mineralization; green dot shows the drill hole in progress; and colored areas show Measured (brown), Indicated (yellow), and Inferred (blue) and resource areas.

VP of Exploration, Jerry Zieg shared, “We’re very pleased with our drilling results as they are among the best ever drill results at Black Butte thus far! They add significant value to the Black Butte project.”

CEO Lincoln Greenidge closed stating, “This is a positive further step to improving the project’s resource base by demonstrating increased value to the Johnny Lee Deposit which is fully permitted as upheld in the Montana Supreme Court in a 5-2 decision in February 2024. This is wonderful news for the project.”

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.