Sandfire Resources America Inc. (“Sandfire
America” or the “Company”) is pleased to report diamond drill
results of the successful 2021-2022 Lowry Resource Definition core
drilling program on its Black Butte Copper Project. Between
September 2021 and March 2022, the company completed sixteen new
core holes for 8,936 meters of core.
Drilling Highlights
Highlights of the Lowry Zone Resource Definition
program include the following drill intersections:
- SC21-268 intercepted 36.3
meters of 2.86% copper and 16.5 g/t silver in the Lowry Middle
Copper Zone (LMCZ)
- SC21-265 intercepted 30.58
meters of 2.7% copper and 10 g/t silver in the LMCZ
- SC22-277 intercepted 13.51
meters of 3.93% copper and 17.4 g/t silver in the Lowry Lower
Copper Zone (LLCZ)
- SC22-274B intercepted of
8.36 meters of 4.30% copper and 9.2 grams silver in the
LLCZ
Assay results are reported by mineralized zone
in Table 1.
Drilling in the Lowry Middle Copper Zone largely
confirmed grades and thicknesses of previous drilling, defined
resource edges more clearly, and infilled gaps within the previous
drill pattern. Drilling in the Lowry Lower Copper Zone delineated
an area with somewhat higher copper grades which remains open for
further expansion (see results for SC22-274B and SC22-277 below).
Several holes intercepted copper mineralization above the LMCZ in
the Lowry Upper Copper Zone (see results for SC21-264, SC21-266 and
SC21-268).
The results of this drilling will support a
Lowry Pre-Feasibility Study planned for completion in 2023.
Additional work for the prefeasibility study will include
hydrologic, metallurgical, mining, and geotechnical studies.
Sandfire Resources America Inc. Senior VP Jerry
Zieg commented: “The success of this drill program increases the
scale and quality of the Lowry copper deposit and adds significant
value to the Black Butte Copper Project. It represents a future
opportunity for additional copper production with minimal impact to
our disturbance footprint. Protecting the environment while
providing benefits to all our stake holders remains central to our
strategy.”
Figure 1: Black Butte Project site
showing proximity of the Lowry Deposit to the Johnny Lee Deposit
and proposed mine surface facilities.
Lowry Copper Deposit
The Lowry copper deposit is located
approximately 2,500 meters east of the Johnny Lee deposit and has
an Inferred Resource of 8.3 million tonnes of 2.4% copper
(“Feasibility Study (Johnny Lee Deposit) and Mineral Resource
Estimate Update (Lowry Deposit) – Technical Report NI 43-101” dated
October 19, 2020, and the 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). Mine development of the Lowry copper
deposit would require a thorough environmental review through the
Montana Department of Environmental Quality (“MT DEQ”) permitting
process, and completion of appropriate engineering and economic
studies.
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 (“Feasibility
Study (Johnny Lee Deposit) and Mineral Resource Estimate Update
(Lowry Deposit) – Technical Report NI 43-101” dated October 19,
2020, and the 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). 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.
Table 1: Significant drill intercepts
from the Lowry Resource definition core drill program, September
2021 – February 2022.
Figure 2: Pierce point map of Lowry
Middle Copper Zone showing location of current and historic
intercepts.
Figure 3: Pierce point map of Lowry Lower
Copper Zone showing location of current and historic
intercepts.
Qualified Person
Jerry Zieg, Vice President of Exploration for
the Company, who is an AIPG Certified Professional Geologist, is
the 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.
Quality Assurance and
Control
Drilling was conducted by American Drilling Inc.
of Spokane WA, and Ruen Drilling Inc. of Clark Fork, 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 will generally be slightly longer than
true thickness. 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 Global labs in
Reno, Nevada for processing. ALS Global crushed the entire sample
to 85% passing 2mm then split off 1kg, which was ground to 85%
passing seventy-five 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-MS analysis. Various other trace and major
elements were also analyzed utilizing ICP and XRF procedures.
Sandfire America utilized a QA/QC protocol which included inserting
Certified Reference Materials (CRM) on a minimum of 1 CRM in twenty
samples insertion rate. assays of duplicates, and blanks were also
included as part of the QA/QC program. Intercept calculations
included a minimum of two samples and 1.5 meters above a 1% copper
cutoff grade.
Sandfire Resources America Inc.
Sandfire Resources America Inc. is a
Canadian-listed junior exploration company (V:SFR) which is
majority-owned by Sandfire Resources, an international and
diversified sustainable mining company which is listed on the
Australian Securities Exchange (ASX). The Black Butte Project is a
sediment-hosted high-grade copper project in Meagher County in
West-Central Montana. The company is permitting a state-of-the-art
underground mine on the Johnny Lee Deposit.
Contact Information: Sandfire Resources America
Inc. Nancy Schlepp, VP of Communications Mobile: 406-224-8180
Office: 406-547-3466 Email: nschlepp@sandfireamerica.com
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 of the Lowry Lower Zone, the completion and the results
of a Lowry Pre-Feasibility Study, and any environmental review,
permitting process, or engineering and economic studies required
for resource development of the Lowry copper deposit. . 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 Lowry Lower Zone, that the Company will be able to
complete a Lowry Pre-Feasibility Study as expected, and that the
Company will be able to complete any environmental review,
permitting process, or engineering and economic studies required
for resource development of the Lowry 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 Lowry Lower
Zone, the inability to complete a Lowry Pre-Feasibility Study as
expected or at all, and the inability to complete any environmental
review, permitting process, or engineering and economic studies
required for resource development of the Lowry 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.
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.
Sandfire Resources America (TSXV:SFR)
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