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Sandfire Resources America Inc. reports developments for the Black Butte Copper Project, a copper project in Meagher County, Montana, and its wholly owned subsidiary Tintina Montana Inc. Company news centers on NI 43-101 technical work, drilling at the Johnny Lee and Lowry copper deposits, mineral resource and reserve updates, preliminary feasibility study results, and mine permitting matters tied to the project.
Other recurring updates cover bridge loan variations with its largest shareholder, incentive plan awards, board changes, and legal or regulatory decisions affecting project water rights and Mine Operating Permit conditions. The releases frame Sandfire America as a copper project developer focused on high-grade underground copper potential in south-central Montana.
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Sandfire Resources America has appointed Lincoln Greenidge as the new CEO, effective immediately, succeeding Rob Scargill, who remains a director on the Board. Greenidge, a seasoned mining executive with a background in global companies, was the CFO for the past year and aims to advance the Black Butte Copper Project. He emphasizes copper’s importance in energy technologies. Alongside Greenidge, Sabino Di Paola has been appointed as CFO, bringing over 15 years of finance experience. The company acknowledges potential risks ahead, including regulatory hurdles and exploration challenges.
Sandfire Resources America has announced the change of its auditor from Ernst & Young LLP to McGovern Hurley LLP effective January 23, 2023. The company confirmed that there were no modified opinions or reportable events from the former auditor regarding its financial statements during the relevant period. This transition complies with the National Instrument 51-102 regulations, and the necessary documentation has been reviewed by the Board of Directors and filed on SEDAR.
On December 13, 2022, at the Annual General Meeting of Shareholders, Sandfire Resources America announced that its shareholders approved a new 2.5% long-term incentive plan. This plan is detailed in the management information circular dated November 3, 2022, which is available on SEDAR under Sandfire America's profile. The approval of this plan aims to align shareholder interests with management performance, enhancing growth and value for investors.
Sandfire Resources America has received permits from the Montana Department of Natural Resources and Conservation for groundwater use at the Black Butte Copper Project. These permits allow the company to divert groundwater for the Johnny Lee copper deposit and store high-water flows. Despite objections to the permits, most have been resolved, with one remaining issue under judicial review. The company plans to begin Phase II construction of mining operations, pending resolution of this objection and additional regulatory requirements.
Sandfire Resources America has reported significant diamond drill results from its Black Butte Copper Project's Lowry Resource Definition program. Conducted between September 2021 and March 2022, the program included 16 new core holes totaling 8,936 meters. Notable drill highlights include 36.3 meters of 2.86% copper and 16.5 g/t silver in the Lowry Middle Copper Zone and 13.51 meters of 3.93% copper in the Lowry Lower Copper Zone. These results are expected to support a Pre-Feasibility Study in 2023, enhancing the project's economic viability and environmental sustainability.
Sandfire Resources America announces that a District Court order allows the completion of Phase I Construction at the Black Butte Copper Project under existing permits. Despite ongoing disagreements with a previous April ruling, the company expresses satisfaction with the judge's decision. This comes after a lawsuit alleging violations of environmental regulations related to the permit. The company seeks to appeal the April ruling while progressing with additional analyses for future authorizations from the Montana DEQ.