Black Butte is a high-grade, undeveloped underground copper project in central Montana, United States.
The project comprises the Johnny Lee and Lowry deposits and a contiguous land package with further exploration potential.
The planned mine development will utilise best practice technology and modern mining techniques to develop a wholly underground mine, with minimal surface footprint and environmental impact. The project is expected to provide a significant economic opportunity for central Montana, while protecting the local watershed.
The project is located on private ranch land in Meagher County, close to existing road, power, and rail infrastructure, and has the ability to access a residential workforce and competitive sources of materials and power.
Project update
During FY26, Sandfire America released an updated PFS encompassing the Johnny Lee Deposit, which confirmed the potential for a low technical risk, underground operation and conventional 1.2Mtpa processing facility with an initial eight year mine life.
Subsequent to the end of the period, Sandfire America released an updated PFS that incorporated a maiden Ore Reserve for the Lowry Deposit and contemplated the use of planned Johnny Lee underground workings to gain access at a relatively low capital cost. This PFS demonstrated that a combined Johnny Lee and Lowry development could produce ~35ktpa of contained copper across its first four years of operation for an average ~31ktpa across an extended 12 year mine life. Johnny Lee is covered by the approved Mine Operating Permit and other key operating approvals, while the Lowry development remains subject to a separate environmental review and permitting approvals process.
We continue to believe that the Black Butte Copper Project in Montana represents a compelling development opportunity given its relatively high ore grade, environmentally sustainable design and minimal surface footprint, and have confirmed our ongoing financial support of Sandfire America (TSX-V: SFR) as their Board undertakes a review of their strategic alternatives, including but not limited to a sale of the company.
Black Butte at a glance
Location: Montana, USA
Sandfire share: An 87% shareholding in Canadian listed company Sandfire Resources America Inc. (TSX-V: SFR) (Sandfire America), which owns 100% of the Black Butte Copper Project.
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