Saudi Arabia Drilling Hits Copper, Zinc, Gold and Silver Across Two VMS Projects

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Sun Peak Metals Corp. (PEAK:TSX.V; SUNPF:OTCQB) reported assay results from maiden diamond drill programs at its 100%-owned Safra and Halahila volcanogenic massive sulphide projects in Saudi Arabia, with drilling at both projects intersecting sulphide mineralization.

At Safra, the company completed 10 diamond drill holes totaling 1,242 meters, including seven holes at Safra Main and three at Safra South. All seven holes drilled at Safra Main returned mineralized intervals of disseminated to massive sulphide. The company said the mineralized system identified at surface continues below surface and remains open at depth and along strike.

Hole SAF26DD008 returned 39.0 meters, averaging 1.38% copper and 0.84% zinc, including 17.75 meters averaging 1.60% copper and 1.58% zinc. Hole SAF26DD005 intersected 19.42 meters, averaging 1.17% copper, 2.59% zinc, and 22.35 g/t silver, including 3.0 meters, averaging 3.08% copper, 11.72% zinc, and 57.25 g/t silver.

A second interval in SAF26DD005 returned 13.0 meters averaging 0.49% copper, 1.77% zinc, 1.64% lead, 69.17 g/t silver and 0.61 g/t gold. That interval included 6.0 meters averaging 0.96% copper, 3.35% zinc, 3.15% lead, 127.43 g/t silver, and 1.02 g/t gold.

Other Safra Main results included 8.85 meters averaging 1.32% copper and 6.51% zinc in SAF26DD001, 6.80 meters averaging 0.48% copper, 3.19% zinc, 34.81 g/t silver, and 1.33 g/t gold in SAF26DD003, and 6.0 meters averaging 2.86% copper and 5.70% zinc in SAF26DD010.

"Our team is thrilled with the results of our first drill project in the Kingdom. We drilled exceptional intercepts of copper, zinc, gold and silver that remain open for further expansion," President and CEO Greg Davis said in the September 8 news release. "The results are very encouraging, and we see clear opportunities to extend the mineralized zones through follow-up drilling."

The Safra Main Zone remains open to the north toward the Safra North target, to the south along strike, and at depth. Additional untested gravity anomalies occur along the projected strike of the mineralized system. Safra East, a parallel VMS trend approximately 1.5 kilometers east of Safra Main, has not been tested by diamond drilling. Grab samples from the zone returned up to 1.38% copper, while other samples returned 1.08% copper and 0.22% copper.

One day after releasing the Safra assays, Sun Peak reported results from its maiden drill program at Halahila. The 13-hole program totaled 2,522 meters and tested the Halahila Main VMS target beneath a 650-meter-long surface gossan. Nine of the 13 holes intersected disseminated to massive sulphide mineralization within a strongly altered volcanic sequence.

Hole HAL26DD013 returned 16.5 meters averaging 2.23% zinc, 25.0 g/t silver, 0.43 g/t gold and 0.42% copper, including 12.0 meters grading 2.75% zinc, 32.92 g/t silver, 0.55 g/t gold and 0.56% copper.

HAL26DD012 intersected 14.7 meters, averaging 2.64% zinc, 15.07 g/t silver, 0.52 g/t gold, and 0.24% copper, including 6.0 meters, averaging 4.89% zinc, 24.42 g/t silver, 0.62 g/t gold, and 0.36% copper. HAL26DD001 returned 14.05 meters averaging 1.45% zinc, 10.59 g/t silver, 0.29 g/t gold and 0.19% copper, including 3.92 meters averaging 4.88% zinc, 37.01 g/t silver, 1.01 g/t gold and 0.65% copper.

Drilling at Halahila tested the system from approximately 35 to 200 meters down dip from its surface expression. The Halahila Main system remains open along strike and at depth within a broader VMS-related trend extending for more than 10 kilometers. The company said HAL26DD002 intersected massive sulphide mineralization at 200 meters down dip, the deepest extent tested.

"We are particularly encouraged by the broad polymetallic intervals in holes HAL26DD012 and HAL26DD013, which include higher-grade zinc-silver intervals with significant gold and copper values," Davis said in the September 9 news release. "These results, together with the alteration and sulphide mineralogy observed throughout the VMS trend, provide a strong foundation for follow-up work at Halahila."

The company described Safra as copper-zinc dominant and Halahila as zinc-silver dominant. Davis said both maiden drill programs were completed on schedule and significantly under budget.

With the Halahila results, Sun Peak has reported assay results from maiden drilling at two separate VMS projects within its 1,072-square-kilometer Saudi Arabian exploration portfolio.

Gold, Silver, and Copper Markets Remained Sharply Higher Year Over Year

Trading Economics reported that gold traded at US$4,285.78 per ounce, down 1.48% on the day and 2.95% over the previous month, while remaining 16.48% higher year over year. The market summary said gold had "struggled near US$4,300 an ounce" after three consecutive weekly declines. According to Trading Economics, the recent pressure had been associated with higher oil prices and expectations for tighter Federal Reserve monetary policy. The source reported that U.S. consumer inflation had held at 3.4% in August, while monthly CPI had increased 0.4%.

Silver traded at US$62.896 per ounce, representing a 2.13% daily decline and a 4.31% monthly decline, while remaining 47.42% higher year over year. Trading Economics described silver as "a widely traded precious metal with both industrial and investment applications." The source said the metal had been used extensively in electronics, solar panels, and medical technologies, while also serving as a store of value and portfolio diversification tool. As a result, it said silver prices had been influenced by both industrial demand and investor sentiment.

Copper traded at US$6.3265 per pound, down 2.21% on the day and 4.16% over the previous month, but 35.99% higher year over year. According to the Trading Economics summary, copper futures had fallen to around US$6.40 per pound and reached six-week lows amid expectations for a Federal Reserve rate increase. The source described copper as "one of the most widely used industrial metals in the world" and said it had played a critical role in construction, electronics, power generation and renewable energy systems.

Drilling and Exploration Programs Extend Across the Saudi Portfolio

At Safra, Sun Peak is integrating assay results with geological logging, structural interpretation, surface geochemistry, gravity and TDEM data to refine its geological model and prioritize follow-up drilling. Planned work will evaluate extensions of the mineralized zones along strike and at depth at Safra Main, together with the North, South and East targets.

At Halahila, the company is integrating drill geology, geochemistry, and geophysical data to refine a three-dimensional model for Halahila Main. Follow-up work under consideration includes step-out drilling along strike and at depth, down-hole electromagnetic surveying, and testing additional gossans and conductors elsewhere along the Halahila trend. Only part of the Halahila Main gossan has been tested along strike, while drilling has reached approximately 200 meters down dip.

Beyond the two maiden drill programs, the company's September 2026 presentation identified Al Miyah as another planned drilling program. The approximately 235-square-kilometer project includes the Al Miyah Main, Hishashat, and Western Exhalite VMS targets and the Hilux gold target. Exploration at Al Miyah has included gravity work at Hishashat, airborne magnetic and electromagnetic surveying, and ground TDEM surveys, with the results being integrated to refine targets for follow-up exploration and drilling. The presentation scheduled drilling at Al Miyah for the fourth quarter of 2026.

At Al Miyah, Sun Peak has also completed approximately 1,345 line-kilometers of fixed-wing time-domain airborne electromagnetic surveying, along with gravity and ground electromagnetic surveys at Hishashat and Al Miyah Main. The results are being integrated with geological and geochemical data to refine targets for follow-up exploration and drilling.

The company's Round 9 portfolio comprises seven licenses covering 632 square kilometers across the Jabal Alasad, Zayiyr and Mikhlab projects. Initial exploration had identified 58 targets and mapped 21 gossans, while initial drilling was planned at the NGZ and Washaq targets in the fourth quarter of 2026, with the broader initial drilling schedule extending into the first quarter of 2027.

At the NGZ gold target on the Zayiyr Property, historical drilling by previous operators reportedly returned up to 10 meters grading 11.3 g/t gold; these historical results have not yet been independently verified by Sun Peak. Sun Peak's stated next steps are to integrate surface, diamond drill, reverse circulation and air core data into a three-dimensional model and follow up the historical drilling with a systematic and focused drill program in the fourth quarter of 2026.

At the Washaq VMS target within the Jabal Alasad Project, detailed geological mapping identified a 1,400-meter VMS gossan zone. The September presentation stated that gravity and TDEM work had been completed and identified the target as drill-ready for the fourth quarter of 2026. The September 9 release said geological sampling, gravity surveying and follow-up ground electromagnetic surveying had been completed or were underway to refine potential drill targets.

The presentation also identified exploration results from the Round 9 licenses, continued research and project investigation, and continued research aimed at adding licenses to the portfolio among the company's 2026 activities. Sun Peak held 1,072 square kilometers across 13 licenses in Saudi Arabia, while two additional license applications covered approximately 200 square kilometers.

Ownership & Share Information¹

Sun Peak Metals Corp. has a market cap of approximately CA$69 million, with about 164.4 million shares outstanding. The company's 52-week range is CA$0.15–CA$0.55.

Management & Insiders own 23.28% of shares, while the remaining 76.72% are held by Retail.

Frequently Asked Questions

What were Sun Peak Metals' latest drill results?

Sun Peak Metals Corp. reported maiden drilling results from both the Safra VMS Project and Halahila VMS Project in Saudi Arabia. At Safra, all seven holes drilled at Safra Main returned disseminated to massive sulphide mineralized intervals. At Halahila, nine of 13 holes intersected disseminated to massive sulphide mineralization.

What were the best copper and zinc drill results from Sun Peak Metals' Safra VMS Project?

At Safra, hole SAF26DD008 returned 39.0 meters averaging 1.38% copper and 0.84% zinc, including 17.75 meters averaging 1.60% copper and 1.58% zinc. Hole SAF26DD005 returned 19.42 meters averaging 1.17% copper, 2.59% zinc and 22.35 g/t silver, including 3.0 meters averaging 3.08% copper, 11.72% zinc and 57.25 g/t silver.

What did Sun Peak Metals find at the Halahila VMS Project?

At Halahila, hole HAL26DD013 returned 16.5 meters averaging 2.23% zinc, 25.0 g/t silver, 0.43 g/t gold and 0.42% copper, including 12.0 meters averaging 2.75% zinc, 32.92 g/t silver, 0.55 g/t gold and 0.56% copper. Hole HAL26DD012 returned 14.7 meters, averaging 2.64% zinc, 15.07 g/t silver, 0.52 g/t gold, and 0.24% copper.

Are the Safra copper-zinc mineralized zones open for additional exploration?

Yes. Sun Peak reported that the Safra Main mineralized system remained open to the north toward Safra North, to the south along strike and at depth. The company was integrating drill assays with geological logging, structural interpretation, surface geochemistry, gravity and TDEM data to refine the geological model and prioritize follow-up drilling.

What exploration work was Sun Peak Metals considering at Halahila?

Sun Peak was considering step-out drilling along strike and at depth, down-hole electromagnetic surveying, and testing additional gossans and conductors along the Halahila trend. The company reported that only a small portion of the broader VMS-related trend had been drill tested.

What other Saudi Arabia exploration projects was Sun Peak Metals advancing?

Sun Peak's Saudi Arabian portfolio totaled 13 exploration licenses covering approximately 1,072 square kilometers, with two additional applications covering approximately 200 square kilometers. Its exploration work included Al Miyah and targets within its Round 9 licenses. The company's September presentation identified drilling at Al Miyah for Q4 and initial drilling at the NGZ and Washaq targets for Q4, with broader initial drilling across the Round 9 properties planned for Q4 and Q1 2027.

What was planned at Sun Peak Metals' Al Miyah Project?

The company's September presentation identified drilling at Al Miyah as planned for Q4. Exploration there had included gravity work, airborne magnetics and electromagnetic surveys and ground TDEM work. Identified targets included Al Miyah Main, Hishashat, Western Exhalite and the Hilux gold trend.

What were third-party experts saying about Sun Peak Metals' Saudi Arabia drill results?

In a September 10 commentary, Jeff Clark, Daniel Flynn and Sharyn Alexander maintained a Strong Buy recommendation on Sun Peak and described the maiden drilling results as "pretty darn impressive." They called Safra "the clear standout from this first batch." On September 11, Chen Lin described the Halahila result as "a very good start" and said the company would follow up with more drilling.

How were gold, silver and copper prices performing?

The supplied market data showed gold at US$4,285.78 per ounce, up 16.48% year over year. Silver was US$62.896 per ounce and 47.42% higher year over year, while copper was US$6.3265 per pound and 35.99% higher year over year.