Sandfire Resources America Announces Results of Updated Pre-Feasibility Study for the Johnny Lee Deposit and Updated Mineral Resource for the Lowry Deposit at the Black Butte Copper Project
Original announcement by tmx on
- Company
- Sandfire Resources America Inc.
- Ticker
- SFR
- Exchange
- TSX
- Region
- Montana, USA
- Primary commodity
- Copper
- Secondary commodities
- None reported
- Document categories
- Resource update, Metallurgy
- Extracted
- 2026-09-14 23:03:24 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Sandfire Resources America announced an updated Pre-Feasibility Study for its Johnny Lee Deposit, reporting a Probable Mineral Reserve of 9.5 Mt at 2.9% Cu for 270,000 tonnes of contained copper, an increase from previous estimates. The company also released an updated Mineral Resource for the Lowry Deposit, which now includes Measured and Indicated categories totaling 6.6 Mt at 2.4% Cu for 154,000 tonnes of contained copper. The PFS outlines an 8-year mine life for Johnny Lee with positive economics, while metallurgical test work confirms high copper recoveries for both deposits.
Reasoning: Sandfire Resources America announced an updated Pre-Feasibility Study for the Johnny Lee Deposit, showing a material increase in Probable Mineral Reserves with higher grade and contained copper. Concurrently, a new Measured and Indicated Mineral Resource was defined for the Lowry Deposit, significantly de-risking it from a previous Inferred-only status. Metallurgical test work indicates strong copper recoveries, although arsenic is noted in the JL UCZ concentrate. The PFS outlines positive project economics, reinforcing the project's viability.
Positive factors
- Significant increase in Johnny Lee Probable Mineral Reserves (tonnage, grade, and contained copper)
- Maiden Measured and Indicated Mineral Resource for the Lowry Deposit, adding future growth potential
- Strong metallurgical recoveries for both Johnny Lee and Lowry deposits
- Positive Pre-Feasibility Study (PFS) economics for Johnny Lee
- NI 43-101 compliant estimates with QP sign-off
Negative factors
- Presence of arsenic in Johnny Lee Upper Copper Zone (JL UCZ) concentrate, requiring management
- Lowry Deposit is not yet permitted and not included in the current PFS economics
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 36
Classification and evidence
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The document reports a Probable Mineral Reserve for the Johnny Lee Deposit of 9.5Mt at 2.9% Cu for 270,000t of copper.
Evidence · text
“Probable Mineral Reserve for the Johnny Lee Deposit of 9.5Mt at 2.9% Cu for 270,000t of copper”
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: The 2025 Lowry Deposit Mineral Resource estimate contains Measured and Indicated mineral resources of 6.6 Mt at 2.4% Cu (150 kt), compared to the 2020 estimate which reported only Inferred mineral resource.
Evidence · text
“The 2025 mineral resource updated for Lowry Deposit includes an upgrade in confidence compared with the 2020 Lowry Deposit Mineral Resource estimate which reported only Inferred mineral resource.”
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: The Johnny Lee Probable Mineral Reserve increased from 8.8Mt in 2020 to 9.5 million tonnes in 2025. The Johnny Lee Deposit Measured and Indicated resource has grown from 10.6 Mt in 2019 to 18.9 Mt in 2025.
Evidence · text
“Using a Net Smelter Return cut off value of US$110/t, the Probable Mineral Reserves have increased from 8.8Mt at 2.6% Cu for 230,000 tonnes of contained copper in 2020 to 9.5 million tonnes at 2.9% copper for 270,000 tonnes of contained copper for the 2025 PFS”
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: The Johnny Lee Probable Mineral Reserve grade increased from 2.6% Cu in 2020 to 2.9% Cu in 2025.
Evidence · text
“Probable Mineral Reserves have increased from 8.8Mt at 2.6% Cu for 230,000 tonnes of contained copper in 2020 to 9.5 million tonnes at 2.9% copper for 270,000 tonnes of contained copper”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The Johnny Lee Probable Mineral Reserve contained copper increased from 230,000 tonnes in 2020 to 270,000 tonnes in 2025. The Johnny Lee Deposit Measured and Indicated resource contained copper grew from 390 kt in 2019 to 460 kt in 2025.
Evidence · text
“Probable Mineral Reserves have increased from 8.8Mt at 2.6% Cu for 230,000 tonnes of contained copper in 2020 to 9.5 million tonnes at 2.9% copper for 270,000 tonnes of contained copper”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The Mineral Reserve estimate is signed off by Shane McLeay FAusIMM. The Mineral Resource estimates are signed off by Berkley Tracy, P. Geo (PGO#3024) of SRK Consulting (U.S.), Inc.
Evidence · text
“The Qualified Person for the Mineral Reserve estimate is Shane McLeay FAusIMM.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The Mineral Resource and Reserve estimates are prepared pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Evidence · text
“pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“ NI 43-101 ”)”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.
Why it applies: The Lowry Deposit now has a Measured and Indicated Mineral Resource, whereas the 2020 estimate reported only Inferred mineral resource.
Evidence · text
“The 2025 Lowry Deposit Mineral Resource estimate contains Measured and Indicated mineral resources of 6.6 Mt at 2.4% Cu (150 kt).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document announces an updated Mineral Resource for the Lowry Deposit and an updated Mineral Resource for the Johnny Lee Deposit.
Evidence · text
“Updated Mineral Resource for the Lowry Deposit at the Black Butte Copper Project”
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: The resource and reserve estimates are part of an updated Pre-Feasibility Study for the Johnny Lee Deposit.
Evidence · text
“Updated Pre-Feasibility Study for the Johnny Lee Deposit”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The JL LCZ achieved 95% copper recovery, LOM copper recovery is 86%, LMCZ achieved 91% recovery, and LLCZ achieved 94% recovery, all strong for copper flotation.
Evidence · text
“A discounted copper recovery of 95% (accounting for ideal laboratory conditions) was applied to mining blocks in the JL LCZ.”
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: Metallurgical test work was conducted on both JL UCZ and JL LCZ composites, and separate composites for Lowry LMCZ and LLCZ.
Evidence · text
“Recent metallurgical test work programs undertaken indicated copper concentrate from the JL LCZ by froth flotation recovered 94% to 98%”
Deleterious Elements Presentnegative · Story-specific tag
A source-stated penalty, refractory or recovery concern in the fact's scope. Element detection alone, including measured elements explicitly below penalty thresholds, does not trigger this tag. Respect negation and retain a separately stated concern even when another risk is explicitly absent.
Why it applies: Analyses of the copper concentrates from variability testing of the JL UCZ composites have reported potentially deleterious levels of arsenic, forecast to range between 1,900 to 7,520 ppm.
Evidence · text
“Analyses of the copper concentrates from variability testing of the JL UCZ composites have reported potentially deleterious levels of arsenic.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("flotation")
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 36. Some facts used in scoring do not have a stored record.
Resource Estimates (35)
probableBlack Butte Copper Project · copperTonnes: 9500000Grade: 2.9Grade Unit: %Contained Metal: 270000Contained Unit: tView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Shane McLeay
- Resource group id
- resource:972db961413db44ea88e
- Deposit or zone
- Johnny Lee Deposit
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 9500000
- Grade
- 2.9
- Grade Unit
- %
- Contained Metal
- 270000
- Contained Unit
- t
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-14
- Prior Tonnes
- 8800000
- Prior Grade
- 2.6
- Prior Contained Metal
- 230000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The Probable Mineral Reserve for the Johnny Lee Deposit has increased to 9.5 Mt at 2.9% Cu for 270,000 tonnes of contained copper, representing a material improvement in project scale and economics compared to the 2020 estimate.
Positive factors
- Significant increase in tonnage, grade, and contained metal compared to previous estimate
- High-grade copper reserve
- Supports an 8-year mine life
Evidence · table
“2.9%”
Context: 9,500,000
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 2.9 against 2.6 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 270000 against 230000 previously
probableBlack Butte Copper Project · copperTonnes: 6700000Grade: 2.2Grade Unit: %Contained Metal: 140000Contained Unit: tView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Shane McLeay
- Resource group id
- resource:6d876a67f90a990e16c1
- Deposit or zone
- Johnny Lee Deposit JL UCZ Total
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 6700000
- Grade
- 2.2
- Grade Unit
- %
- Contained Metal
- 140000
- Contained Unit
- t
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-14
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The JL UCZ contributes 6.7 Mt at 2.2% Cu to the overall Johnny Lee Probable Reserve, providing a substantial portion of the project's copper inventory.
Positive factors
- Significant copper reserve in the upper zone
- Contributes to overall project economics
Evidence · table
“2.2 %”
Context: 6,700,000
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
probableBlack Butte Copper Project · copperTonnes: 2800000Grade: 4.6Grade Unit: %Contained Metal: 130000Contained Unit: tView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Shane McLeay
- Resource group id
- resource:307d5f96b58b41cd8bc5
- Deposit or zone
- Johnny Lee Deposit JL LCZ Total
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 2800000
- Grade
- 4.6
- Grade Unit
- %
- Contained Metal
- 130000
- Contained Unit
- t
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-14
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The JL LCZ Probable Reserve of 2.8 Mt at 4.6% Cu is exceptionally high-grade and contributes significantly to the overall contained copper, being a key driver for the increased project reserves.
Positive factors
- Very high-grade copper reserve in the lower zone
- Significant contribution to contained copper metal
- Underpins the overall reserve increase
Evidence · table
“4.6 %”
Context: 2,800,000
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredBlack Butte Copper Project · copperTonnes: 2300000Grade: 2Grade Unit: %Contained Metal: 46000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:6b5bc23bbd00ced57c36
- Deposit or zone
- Johnny Lee Deposit JL UCZ
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 2300000
- Grade
- 2
- Grade Unit
- %
- Contained Metal
- 46000
- Contained Unit
- kt
- Cutoff Grade
- 45
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The JL UCZ Measured Resource of 2.3 Mt at 2.0% Cu provides a high-confidence base for future mine planning and contributes to the overall resource base.
Positive factors
- High confidence Measured resource
- Good copper grade
Evidence · table
“2.0”
Context: 2.3
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedBlack Butte Copper Project · copperTonnes: 13800000Grade: 1.9Grade Unit: %Contained Metal: 261000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:63ffcd35e02a0d313e20
- Deposit or zone
- Johnny Lee Deposit JL UCZ
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 13800000
- Grade
- 1.9
- Grade Unit
- %
- Contained Metal
- 261000
- Contained Unit
- kt
- Cutoff Grade
- 45
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The JL UCZ Indicated Resource of 13.8 Mt at 1.9% Cu is a substantial component of the Johnny Lee M&I resource, providing confidence in the continuity of mineralization.
Positive factors
- Large Indicated resource tonnage
- Good copper grade
- Forms a significant part of the M&I resource
Evidence · table
“1.9”
Context: 13.8
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredBlack Butte Copper Project · copperTonnes: 500000Grade: 6.5Grade Unit: %Contained Metal: 34000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:d3de1035c72a1aba5896
- Deposit or zone
- Johnny Lee Deposit JL LCZ
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 500000
- Grade
- 6.5
- Grade Unit
- %
- Contained Metal
- 34000
- Contained Unit
- kt
- Cutoff Grade
- 45
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The JL LCZ Measured Resource of 0.5 Mt at 6.5% Cu represents a very high-grade, high-confidence portion of the resource, significantly enhancing project value.
Positive factors
- Exceptionally high-grade Measured resource
- High confidence in a very valuable zone
Evidence · table
“6.5”
Context: 0.5
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedBlack Butte Copper Project · copperTonnes: 2300000Grade: 5.1Grade Unit: %Contained Metal: 121000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:275701f0b525bda50781
- Deposit or zone
- Johnny Lee Deposit JL LCZ
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 2300000
- Grade
- 5.1
- Grade Unit
- %
- Contained Metal
- 121000
- Contained Unit
- kt
- Cutoff Grade
- 45
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The JL LCZ Indicated Resource of 2.3 Mt at 5.1% Cu is a substantial high-grade component, contributing significantly to the overall contained copper and project economics.
Positive factors
- Very high-grade Indicated resource
- Significant contained copper metal
Evidence · table
“5.1”
Context: 2.3
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredBlack Butte Copper Project · copperTonnes: 2800000Grade: 2.8Grade Unit: %Contained Metal: 80000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:338c41108213f133c28f
- Deposit or zone
- Johnny Lee Deposit Combined JL UCZ + JL LCZ
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 2800000
- Grade
- 2.8
- Grade Unit
- %
- Contained Metal
- 80000
- Contained Unit
- kt
- Cutoff Grade
- 45
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The combined Measured Resource for Johnny Lee totals 2.8 Mt at 2.8% Cu, providing a strong, high-confidence foundation for the project.
Positive factors
- Combined high-confidence Measured resource
- Good overall grade
Evidence · table
“2.8”
Context: 2.8
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedBlack Butte Copper Project · copperTonnes: 16100000Grade: 2.4Grade Unit: %Contained Metal: 382000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:bff5c10d0b55dea37cfd
- Deposit or zone
- Johnny Lee Deposit Combined JL UCZ + JL LCZ
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 16100000
- Grade
- 2.4
- Grade Unit
- %
- Contained Metal
- 382000
- Contained Unit
- kt
- Cutoff Grade
- 45
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
- Prior Tonnes
- 10600000
- Prior Grade
- 2.9
- Prior Contained Metal
- 390000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The combined Indicated Resource for Johnny Lee totals 16.1 Mt at 2.4% Cu, showing significant tonnage growth from the previous estimate, which contributes to a larger overall M&I resource despite a slight grade dilution.
Positive factors
- Significant increase in tonnage for Indicated resource
- Large contained copper metal
- Overall M&I tonnage growth
Negative factors
- Slight decrease in average grade compared to prior M&I estimate
Evidence · table
“2.4”
Context: 16.1
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 16100000 against 10600000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.4 against 2.9 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 382000 against 390000 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 382000 from 390000
inferredBlack Butte Copper Project · copperTonnes: 2600000Grade: 1.5Grade Unit: %Contained Metal: 38000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:5d4057a29dc595d48507
- Deposit or zone
- Johnny Lee Deposit JL UCZ
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 2600000
- Grade
- 1.5
- Grade Unit
- %
- Contained Metal
- 38000
- Contained Unit
- kt
- Cutoff Grade
- 45
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The JL UCZ Inferred Resource of 2.6 Mt at 1.5% Cu provides additional exploration upside and contributes to the total resource base, though with lower geological confidence.
Positive factors
- Adds to overall resource potential
Negative factors
- Lower confidence category
Evidence · table
“1.5”
Context: 2.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredBlack Butte Copper Project · copperTonnes: 800000Grade: 3.2Grade Unit: %Contained Metal: 26000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:f1cb7917b5b1c8f8e47f
- Deposit or zone
- Johnny Lee Deposit JL LCZ
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 800000
- Grade
- 3.2
- Grade Unit
- %
- Contained Metal
- 26000
- Contained Unit
- kt
- Cutoff Grade
- 45
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The JL LCZ Inferred Resource of 0.8 Mt at 3.2% Cu is a high-grade component that adds to the overall resource potential, indicating further upside with additional drilling.
Positive factors
- High-grade Inferred resource
- Adds to overall resource potential
Negative factors
- Lower confidence category
Evidence · table
“3.2”
Context: 0.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredBlack Butte Copper Project · copperTonnes: 1200000Grade: 2.6Grade Unit: %Contained Metal: 30000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:5a620dcfb2017dca4514
- Deposit or zone
- Lowry Deposit Lowry MCZ
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 1200000
- Grade
- 2.6
- Grade Unit
- %
- Contained Metal
- 30000
- Contained Unit
- kt
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The Lowry MCZ Measured Resource of 1.2 Mt at 2.6% Cu is a significant de-risking event for the Lowry deposit, establishing a high-confidence resource base.
Positive factors
- Maiden Measured resource for Lowry
- High confidence and good grade
- De-risks the Lowry deposit
Evidence · table
“2.6”
Context: 1.2
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedBlack Butte Copper Project · copperTonnes: 3600000Grade: 2.4Grade Unit: %Contained Metal: 86000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:828104d47d62cdf5a10f
- Deposit or zone
- Lowry Deposit Lowry MCZ
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 3600000
- Grade
- 2.4
- Grade Unit
- %
- Contained Metal
- 86000
- Contained Unit
- kt
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The Lowry MCZ Indicated Resource of 3.6 Mt at 2.4% Cu provides a substantial new resource base for the Lowry deposit, significantly enhancing its future development potential.
Positive factors
- Maiden Indicated resource for Lowry
- Significant tonnage and good grade
- Adds substantial future growth potential
Evidence · table
“2.4”
Context: 3.6
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredBlack Butte Copper Project · copperTonnes: 100000Grade: 1.8Grade Unit: %Contained Metal: 1000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:52728b6facd4744ad922
- Deposit or zone
- Lowry Deposit Lowry LCZ
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 100000
- Grade
- 1.8
- Grade Unit
- %
- Contained Metal
- 1000
- Contained Unit
- kt
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The Lowry LCZ Measured Resource of 0.1 Mt at 1.8% Cu, while small, contributes to the overall confidence and de-risking of the Lowry deposit.
Positive factors
- Maiden Measured resource for Lowry LCZ
- Adds to overall resource confidence
Evidence · table
“1.8”
Context: 0.1
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedBlack Butte Copper Project · copperTonnes: 1700000Grade: 2.2Grade Unit: %Contained Metal: 37000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:cb95f68e35f2ab9b9f97
- Deposit or zone
- Lowry Deposit Lowry LCZ
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 1700000
- Grade
- 2.2
- Grade Unit
- %
- Contained Metal
- 37000
- Contained Unit
- kt
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The Lowry LCZ Indicated Resource of 1.7 Mt at 2.2% Cu further expands the M&I resource base for the Lowry deposit, enhancing its overall potential.
Positive factors
- Maiden Indicated resource for Lowry LCZ
- Adds significant tonnage to Lowry M&I
Evidence · table
“2.2”
Context: 1.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredBlack Butte Copper Project · copperTonnes: 1200000Grade: 2.5Grade Unit: %Contained Metal: 31000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:f9832137425b03dead5a
- Deposit or zone
- Lowry Deposit Combined Lowry UCZ + MCZ + LCZ
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 1200000
- Grade
- 2.5
- Grade Unit
- %
- Contained Metal
- 31000
- Contained Unit
- kt
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The combined Measured Resource for Lowry totals 1.2 Mt at 2.5% Cu, establishing a high-confidence portion of this newly defined resource.
Positive factors
- Combined Measured resource for Lowry
- High confidence in a new resource
Evidence · table
“2.5”
Context: 1.2
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedBlack Butte Copper Project · copperTonnes: 5300000Grade: 2.3Grade Unit: %Contained Metal: 123000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:383c30510c3046f438f9
- Deposit or zone
- Lowry Deposit Combined Lowry UCZ + MCZ + LCZ
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 5300000
- Grade
- 2.3
- Grade Unit
- %
- Contained Metal
- 123000
- Contained Unit
- kt
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The combined Indicated Resource for Lowry totals 5.3 Mt at 2.3% Cu, representing a significant new resource base that adds substantial future growth potential to the Black Butte Copper Project.
Positive factors
- Combined Indicated resource for Lowry
- Significant tonnage and contained metal
- Adds substantial future growth potential
Evidence · table
“2.3”
Context: 5.3
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredBlack Butte Copper Project · copperTonnes: 1300000Grade: 2.3Grade Unit: %Contained Metal: 30000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:a0f1316f333ad372f998
- Deposit or zone
- Lowry Deposit Lowry UCZ
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 1300000
- Grade
- 2.3
- Grade Unit
- %
- Contained Metal
- 30000
- Contained Unit
- kt
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The Lowry UCZ Inferred Resource of 1.3 Mt at 2.3% Cu adds to the overall resource potential of the Lowry deposit, providing exploration upside.
Positive factors
- Adds to overall resource potential for Lowry
Negative factors
- Lower confidence category
Evidence · table
“2.3”
Context: 1.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredBlack Butte Copper Project · copperTonnes: 900000Grade: 2.1Grade Unit: %Contained Metal: 18000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:ebbaedbc7363d5746ef7
- Deposit or zone
- Lowry Deposit Lowry MCZ
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 900000
- Grade
- 2.1
- Grade Unit
- %
- Contained Metal
- 18000
- Contained Unit
- kt
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The Lowry MCZ Inferred Resource of 0.9 Mt at 2.1% Cu contributes to the overall resource potential of the Lowry deposit, indicating further upside.
Positive factors
- Adds to overall resource potential for Lowry
Negative factors
- Lower confidence category
Evidence · table
“2.1”
Context: 0.9
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredBlack Butte Copper Project · copperTonnes: 600000Grade: 1.7Grade Unit: %Contained Metal: 10000Contained Unit: ktView all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Berkley Tracy
- Resource group id
- resource:de90bbe30a54c4678a3e
- Deposit or zone
- Lowry Deposit Lowry LCZ
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 600000
- Grade
- 1.7
- Grade Unit
- %
- Contained Metal
- 10000
- Contained Unit
- kt
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2025-11-05
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The Lowry LCZ Inferred Resource of 0.6 Mt at 1.7% Cu contributes to the overall resource potential of the Lowry deposit, providing additional exploration targets.
Positive factors
- Adds to overall resource potential for Lowry
Negative factors
- Lower confidence category
Evidence · table
“1.7”
Context: 0.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredJohnny Lee · copperTonnes: 2300000Grade: 2Grade Unit: %View all detailsHide details
Identity
- Project
- Johnny Lee
- Commodity
- copper
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:76c07cdfe25d688325d8
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 2300000
- Grade
- 2
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“2.0”
Context: 2.3
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedJohnny Lee · copperTonnes: 13800000Grade: 1.9Grade Unit: %View all detailsHide details
Identity
- Project
- Johnny Lee
- Commodity
- copper
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:455d7524c793900f9e1b
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 13800000
- Grade
- 1.9
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“1.9”
Context: 13.8
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
measuredJohnny Lee · copperTonnes: 500000Grade: 6.5Grade Unit: %View all detailsHide details
Identity
- Project
- Johnny Lee
- Commodity
- copper
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:9802e6abb8f8d6313fcd
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 500000
- Grade
- 6.5
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“6.5”
Context: 0.5
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedJohnny Lee · copperTonnes: 2300000Grade: 5.1Grade Unit: %View all detailsHide details
Identity
- Project
- Johnny Lee
- Commodity
- copper
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:e3eff73caaada5b84b1a
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 2300000
- Grade
- 5.1
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“5.1”
Context: 2.3
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
measuredJohnny Lee · copperTonnes: 2800000Grade: 2.8Grade Unit: %View all detailsHide details
Identity
- Project
- Johnny Lee
- Commodity
- copper
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:0e07988af5ac0ddaec39
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 2800000
- Grade
- 2.8
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“2.8”
Context: 2.8
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedJohnny Lee · copperTonnes: 16100000Grade: 2.4Grade Unit: %View all detailsHide details
Identity
- Project
- Johnny Lee
- Commodity
- copper
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:936b52c800c9e20dec56
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 16100000
- Grade
- 2.4
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“2.4”
Context: 16.1
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredJohnny Lee · copperTonnes: 18900000Grade: 2.4Grade Unit: %View all detailsHide details
Identity
- Project
- Johnny Lee
- Commodity
- copper
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:10150394135a7d876a9a
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 18900000
- Grade
- 2.4
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“2.4”
Context: 18.9
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredJohnny Lee · copperTonnes: 3400000Grade: 1.9Grade Unit: %View all detailsHide details
Identity
- Project
- Johnny Lee
- Commodity
- copper
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:321aba9e55a9c7a73652
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 3400000
- Grade
- 1.9
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“1.9”
Context: 3.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
measuredLowry · copperTonnes: 1200000Grade: 2.5Grade Unit: %View all detailsHide details
Identity
- Project
- Lowry
- Commodity
- copper
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:85b0063cf027ca9e38cb
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 1200000
- Grade
- 2.5
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“2.5”
Context: 1.2
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedLowry · copperTonnes: 3600000Grade: 2.4Grade Unit: %View all detailsHide details
Identity
- Project
- Lowry
- Commodity
- copper
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:0cd45c723405cb608b3b
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 3600000
- Grade
- 2.4
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“2.4”
Context: 3.6
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
measuredLowry · copperTonnes: 100000Grade: 1.8Grade Unit: %View all detailsHide details
Identity
- Project
- Lowry
- Commodity
- copper
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:7ad71585316e59f539ec
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 100000
- Grade
- 1.8
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“1.8”
Context: 0.1
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedLowry · copperTonnes: 1700000Grade: 2.2Grade Unit: %View all detailsHide details
Identity
- Project
- Lowry
- Commodity
- copper
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:f7c26a9c28195a6f1745
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 1700000
- Grade
- 2.2
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“2.2”
Context: 1.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedLowry · copperTonnes: 5300000Grade: 2.3Grade Unit: %View all detailsHide details
Identity
- Project
- Lowry
- Commodity
- copper
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:232769c54ffdf44009ab
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 5300000
- Grade
- 2.3
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“2.3”
Context: 5.3
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedLowry · copperTonnes: 6600000Grade: 2.4Grade Unit: %View all detailsHide details
Identity
- Project
- Lowry
- Commodity
- copper
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:0047e342b42c094bce21
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 6600000
- Grade
- 2.4
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“2.4”
Context: 6.6
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredLowry · copperTonnes: 2800000Grade: 2.1Grade Unit: %View all detailsHide details
Identity
- Project
- Lowry
- Commodity
- copper
- Ticker
- SFR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:b6ba9656cd7398c146d6
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 2800000
- Grade
- 2.1
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“2.1”
Context: 2.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Metallurgical Results (1)
flotationBlack Butte Copper Project · copperRecovery: 94 %View all detailsHide details
Identity
- Project
- Black Butte Copper Project
- Commodity
- copper
- Region
- usa_mt
- Reported Region
- Montana, USA
- Ticker
- SFR
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- Lowry Lower Copper Zone (LLCZ)
Recovery
- Recovery
- 94 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- Base Metal Labs
- Consultant
- Deepak Malhotra
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-12-16T00:00:00.000Z
Reasoning: The LLCZ composite sample achieved a very high copper recovery of 94%, further enhancing the positive metallurgical profile of the Lowry deposit.
Positive factors
- Very high copper recovery
- Supports economic viability of the Lowry deposit
Evidence · text
“with the LLCZ yielding a 94% recovery.”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 94% is at or above the exceptional band (92%)
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.