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Sandfire Resources America Inc. is a mining company based in White Sulphur Springs, Montana. The company has recently received a positive ruling from the Montana Supreme Court to reinstate the Mine Operating Permit for the Black Butte Copper Project, allowing for the construction of an underground copper mine. Sandfire America has successfully defended its permit in court, emphasizing safety and environmental protection in its operations. The company is committed to advancing the Black Butte Copper Project responsibly and sustainably.
With all necessary permits in place for the project, including water rights agreements, Sandfire America is poised to move forward with its mining operations. The company maintains a rigorous QA/QC protocol for its drilling and sampling processes to ensure the accuracy and reliability of its data. Sandfire America's dedication to safety, environmental stewardship, and community engagement sets it apart as a leader in the mining industry.
Sandfire Resources America has announced additional results from its 2024 exploration drilling program at the Black Butte Copper Project in Montana. The program focuses on upgrading and expanding the Johnny Lee Lower Copper Zone resource, which currently contains 1.2Mt at 6.8% Cu (Measured and Indicated) and 0.5Mt at 5.9% Cu (Inferred).
Notable high-grade intersections include: 19.46% Cu over 3.19m (SC24-296), 8.98% Cu over 2.84m (SC24-302), and 11.82% Cu over 2.79m (SC24-303). The company has completed 32 drill holes and drilled approximately 13,800 meters since December 2023. A second drill was added in November, with a third planned for January 2025.
The program will continue into mid-summer 2025, providing material for metallurgical and geotechnical testing. Results will contribute to an updated Feasibility Study expected in 2026.
Sandfire Resources America announces a fourth variation to its bridge loan agreement with its largest shareholder, Sandfire BC Holdings. The modification increases the borrowing capacity from US$40 million to US$50 million through one or more advances. The US$10 million increase in the credit facility maintains all other terms and conditions of the original Bridge Loan unchanged. No securities of the company will be issued under this agreement.
Sandfire Resources America Inc. has announced the grant of 1,774,306 restricted share units (RSUs) and 1,774,306 performance share units (PSUs) to certain company officers. The RSUs will vest in three equal tranches on July 1, 2025, 2026, and 2027. The PSUs will vest upon achievement of key performance indicators, not before two years after the grant date, in two equal tranches on July 1, 2026 and 2027.
Once vested, both RSUs and PSUs entitle holders to receive either one common share, cash equivalent, or a combination, minus applicable withholdings. After these grants, there are 3,548,612 shares issuable on settlement of all outstanding RSUs and PSUs. The grants are subject to TSX Venture Exchange approval.
Sandfire Resources America Inc. (SRAFF) has announced additional high-grade copper intersections from its 2024 exploration drilling program at the Black Butte Copper Project. Key highlights include:
- Hole SC24-286: 8.53 meters of 6.6% copper
- Hole SC24-288: 13.19 meters of 12.8% copper
The ongoing program aims to upgrade and expand the Johnny Lee Lower Copper Zone resource. Since December 2023, approximately 8,000 meters of a planned 20,000-meter drill program have been completed. The Johnny Lee deposit currently has a Measured and Indicated Mineral Resource of 10.9 million tonnes at 2.9% copper and an Inferred Mineral Resource of 2.7 million tonnes at 3.0% copper.
On June 28, 2024, Sandfire Resources America announced a third variation to its bridge loan agreement with Sandfire BC Holdings and Tintina Montana. The variation increases the borrowable amount from $32 million to $40 million and extends the maturity date to June 30, 2025. All other terms and conditions remain unchanged. No securities will be issued under this agreement.
Sandfire Resources America Inc. reported high-grade copper intersections at the Black Butte Copper Project. Initial drill results included hole SC24-279 with 5.37m of 10.2% copper and hole SC24-284 with 6.26m of 10.7% copper. The ongoing 2024 drill program focuses on upgrading and expanding the Johnny Lee Lower Copper Zone resource. The Company has drilled 4,420 meters of a planned 20,000-meter program. The Johnny Lee deposit has a Measured and Indicated Mineral Resource of 10.9Mt at an average copper grade of 2.9% and an Inferred Resource of 2.7Mt at an average copper grade of 3.0%. The Company received a Mine Operating Permit for mine development and completed a majority of Phase I construction.
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