Sun Peak Metals Awarded 100% Ownership of Seven New Exploration Licenses Totaling 632 km2 in Saudi Arabia
Rhea-AI Summary
Sun Peak Metals (OTCQB:SUNPF) was awarded seven exploration licenses totaling 632 km2 in Saudi Arabia's Round 9 auction, finalized March 26, 2026, expanding the company's Saudi footprint to 1,072 km2 across 13 licenses with ~200 km2 under application.
New licenses sit near Bulghah and Sukhaybarat gold mines and the Nuqrah VMS deposit; initial fieldwork and geophysical surveys are underway.
Positive
- 632 km2 of new licenses awarded in Round 9
- Total Saudi landholding increased to 1,072 km2 across 13 licenses
- Initial exploration work already started (mapping, sampling, geophysics)
Negative
- None.
News Market Reaction – SUNPF
In the Mar 31 session, SUNPF gained 3.09%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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VANCOUVER, BC / ACCESS Newswire / March 31, 2026 / Sun Peak Metals Corp. (TSXV:PEAK)(OTCQB:SUNPF) ("Sun Peak" or the "Company") today announced the acquisition of seven exploration licenses totaling 632 km² through the Kingdom of Saudi Arabia's Round 9 licensing auction. The licenses awarded significantly expand Sun Peak's footprint within the Arabian-Nubian Shield, with the Company now holding 1,072 km² across 13 exploration licenses in Saudi Arabia.
Round 9 Highlights:
Seven licenses covering 632 km², awarded to Sun Peak as the winning bidder of the Saudi Arabian Ministry of Industry and Mineral Resources ("MIMR") Round 9 Licensing Auction and finalized on March 26, 2026.
Located within prospective trends near the Bulghah and Sukhaybarat gold mines and the Nuqrah volcanogenic massive sulfide ("VMS") deposit, all owned by the Saudi Arabian Mining Company (Ma'aden).
License areas host numerous historical mineral showings, VMS gossans, and strong hydrothermal alteration zones along VMS trends.
Initial exploration on the new licenses has begun and will include detailed geological mapping, rock and soil geochemical sampling, trenching, and ground/airborne geophysical surveys.
Sun Peak now holds 1,072 km² across 13 exploration licenses in Saudi Arabia which have been carefully selected and cover highly prospective ground along established VMS and gold trends, with a further ~200 km² under application (Figures 1 and 2).
Greg Davis, CEO of Sun Peak Metals, stated: "Sun Peak's Round 9 strategy was driven by extensive geological research, data analysis, remote sensing and multiple site visits. The selected license areas demonstrate high potential for both VMS and orogenic gold mineralization within favorable geologic environments. We are pleased to have secured these licenses, with initial fieldwork already underway, and we look forward to providing further updates as we advance our exploration programs."
The southernmost licenses are located adjacent to the Bulghah gold mine, with the Nuqrah VMS deposit approximately 12 km to the north and the Sukhaybarat gold mine approximately 32 km to the east.
Qualified Person
Arron Albano, P. Geo., is the Qualified Person overseeing Sun Peak's exploration projects in Saudi Arabia and has reviewed and approved this press release.
ABOUT SUN PEAK METALS CORP.
Sun Peak holds district-scale VMS base metal and gold projects in the Kingdom of Saudi Arabia and Ethiopia.
In Saudi Arabia, the Company controls 1,072 km² across 13 exploration licenses covering highly prospective ground along established VMS and gold trends, with a further ~200 km² under application. The Company's Shire Project in Ethiopia covers six exploration licenses totaling approximately 1,450 square kilometers within the highly prospective Arabian-Nubian Shield, the same geological environment as the Bisha Mine and the Asmara Projects in Eritrea. Two licenses (Meli and Terer) are held in joint-venture with Ezana Mining, a private Ethiopian Company, while the remaining four are
ON BEHALF OF THE BOARD OF DIRECTORS OF SUN PEAK METALS CORP.
Greg Davis,
President, CEO & Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Greg Davis
(T): +1 (604) 999 1099
(E):info@sunpeakmetals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain information and statements in this news release may be considered forward-looking information or forward-looking statements for purposes of applicable securities laws (collectively, "forward-looking statements"), which reflect the expectations of management regarding its disclosure and amendments thereto. Forward-looking statements consist of information or statements that are not purely historical, including any information or statements regarding beliefs, plans, expectations or intentions regarding the future. Such information or statements in this news release include, but are not limited to, statements with respect to the anticipated benefits of the potential for exploration potential in Saudia Arabia; the untapped mineral wealth of Saudi Arabia; Sun Peak being successful in acquiring additional licenses; the goal of making a significant discovery and the development of a large-scale project in Saudi Arabia or Ethiopia and identifying other potential properties and opportunities both in Ethiopia, Saudi Arabia and globally. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Sun Peak will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: These assumptions and risks include, but are not limited to, assumptions and risks associated with the state of the political stability of Ethiopia and the Middle Eastern region, equity financing markets and results of future exploration activities by Sun Peak. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, Sun Peak assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Prospectus filed with Canadian security regulators.
SOURCE: Sun Peak Metals Corp.
View the original press release on ACCESS Newswire