Sierra Nevada Gold (ASX: SNX) has announced it has been notified as the successful bidder for the As Safra Copper–Gold Project in Saudi Arabia, paving the way for the company to secure an exploration licence. Sierra Nevada Gold is an ASX-listed company actively engaged in the exploration and acquisition of precious and base metal projects in prospective mineral trends. The As Safra project covers 375km² and is characterised as a large-scale copper-gold skarn system.
Historical data indicates significant potential, with high-grade rock chips assaying up to 244 g/t gold and 11% copper. The project features a central 5.5km x 0.6km copper-gold core, defined by extensive historic workings and slag deposits, with mineralisation open along strike under thin sand cover. Limited historic drilling, consisting of seven holes along the 5.5km strike extent for 2,060m, has returned strong sulphide copper intercepts, including 5.0m @ 4.07% copper from 122m and 24.55m @ 1.69% copper from 146.45m.
Executive Director Peter Moore expressed enthusiasm for the award, stating it marks a significant step in Sierra Nevada Gold’s strategy to secure high-impact exploration assets in Tier-1 jurisdictions. He highlighted the exceptional opportunity presented by As Safra, combining large-scale copper and gold potential, extensive mineralised strike, and multiple high-grade targets with limited historic drilling. Moore added that receiving the Letter of Award positions SNX strongly to participate in the rapid growth of Saudi Arabia’s mining sector under Vision 2030.
SNX has been granted a KSA Investment Licence and is in advanced discussions with potential KSA partners. The company will also participate as an exhibitor at the Future Mining Forum (FMF) in Riyadh in January 2026, a globally significant mining investment conference. The As Safra project complements SNX’s Nevadan assets, providing a potential second discovery pipeline and a cornerstone asset capable of delivering transformational value through systematic exploration.
