High-Grade Gold and Copper Hits Lead to First Drilling at Saudi Project
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James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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.
Source: Streetwise Reports (5/8/26)
Sun Peak Metals Corp. (PEAK:TSX.V; SUNPF:OTCQB) began drilling at its Safra project in Saudi Arabia as exploration work expanded across multiple gold and copper targets within its 13-license portfolio.
According to the company, drill crews and Sun Peak personnel have mobilized to Safra, with a fully financed drill program of up to 1,500 meters now underway. The company stated that maiden drilling will target volcanogenic massive sulphide systems defined by coincident gravity anomalies, time-domain electromagnetic conductors, and surface geochemistry associated with gossans, alteration, and copper oxide mineralization.
Sun Peak said initial drilling at Safra Main will test beneath previously reported surface results, including assays of up to 3.34 grams per tonne gold, 6.72% copper, 864 grams per tonne silver, 19.05% zinc, and 9.89% lead. The company also referenced trenching intervals of 22.5 meters grading 0.9 gram per tonne gold, 35.6 grams per tonne silver, 0.20% copper, 1.83% lead, and 1.21% zinc.
Additional drill holes are planned at Safra South, where the company identified highly conductive ground time-domain electromagnetic anomalies located 500 meters south of Safra Main beneath shallow sand cover.
Arron Albano, project geologist of Sun Peak Metals, stated in a company news release, "Safra has advanced from early-stage targeting to drill-ready status in approximately six months, illustrating both the quality of the project and the efficiency of our operations in-country."
The company said the Safra project covers approximately 93 square kilometers within the Nuqrah volcanogenic massive sulphide belt, located about 185 kilometers northeast of Medinah. Exploration work completed to date has included geological mapping, sampling, trenching, gravity surveys, and time-domain electromagnetic surveys. Sun Peak stated that recent surveys outlined multiple high-priority conductors south of Safra Main, which will also be targeted during the current drill campaign.
Sun Peak also noted that Safra is one of 13 licenses in its Saudi Arabian portfolio, which collectively cover approximately 1,072 square kilometers.
Gold and Copper Sectors React to Interest Rate Expectations and Geopolitical Developments
According to a May 5 report from Morgan Stanley, gold prices weakened following the start of the conflict in Iran, with the firm stating that the metal had "underperformed other major asset classes since the beginning of the Iran conflict." The report stated that gold fell 14.5% in March, while the FTSE All-World Index declined 9% and the S&P 500 lost 7.8%.
Morgan Stanley stated that gold's recent trading activity reflected sensitivity to monetary policy and interest rate expectations rather than geopolitical tensions. Amy Gower, Morgan Stanley Research's Metals & Mining Commodity Strategist, stated, "Gold's sensitivity to monetary policy has taken over as the key price driver." She added that this dynamic had "overshadowed its safe-haven status and reduced its effectiveness as a hedge against both geopolitical and inflation risks."
The report also noted changes in central bank and ETF activity. According to Morgan Stanley, central banks paused purchases in March, while ETFs liquidated approximately 90 tons of previously accumulated gold holdings. However, the report stated that ETFs later repurchased nearly half of those sales and that China reported its largest monthly increase in gold reserves since January 2025. Morgan Stanley stated that it expected gold prices could rise to US$5,200 per ounce later in the year as central banks and ETFs resumed purchases.
Thomson also discussed activity across the broader precious metals and mining sector, stating that silver remained "well above its most recent low" despite a decline from approximately US$83 to US$70. He added that copper stocks, silver miners, and junior mining equities were also trading in what he described as buy zones tied to technical indicators.
Regarding junior mining equities, Thomson wrote that "many smaller juniors can roar 100% higher when gold moves just 10%." He also stated that "the seniors" in the mining sector were experiencing similar trading conditions, adding that "the situation with the seniors is similar to the other metals market sectors."
Yahoo Finance wrote that the increase in precious metals prices occurred while Brent crude oil prices declined and the U.S. dollar index fell 0.6% over a one-day period. The publication also noted that gold prices remained up 35.8% year over year despite recent volatility.
The report stated that global stock markets moved higher, oil prices declined, and the U.S. dollar weakened following Trump's comments regarding negotiations and vessel escort operations through the Strait of Hormuz. ADVFN UK also noted that nickel prices climbed above the US$2,000 mark for the first time in approximately two years.
As of May 8, the spot price for gold is approximately US$4,734.90.
Saudi Gold-Copper Explorer Expands Saudi Footprint With Multiple High-Grade Targets Advancing Across Portfolio
The publication highlighted recent exploration activity at the Al Miyah project, where it stated that Sun Peak identified "Hilux, a new, 6km north-south trend marked by artisanal mining" with rock-chip sampling values of up to 6.74 grams per tonne gold. According to Paydirt Prospector, the company planned to follow up with "detailed mapping, rock and soil sampling, and IP geophysical surveys to properly test the zone and learn more about the potential for more gold at depth."
The report also referenced additional sampling results from the Hishashat volcanogenic massive sulphide target at Al Miyah, where grab samples returned up to 1.53% copper, 1.45 grams per tonne gold, and 29.8 grams per tonne silver. Paydirt Prospector stated that detailed mapping was completed at the Al Miyah Main volcanogenic massive sulphide target ahead of its first ground gravity survey, while additional regional targets were identified for follow-up sampling and mapping.
Regarding the Halahila project, Paydirt Prospector stated that Sun Peak identified "two new VMS gossan zones south of the project's Main Zone." According to the report, the two zones measured approximately 200 meters in length and between two and 14 meters in width, with rock-chip and grab sampling returning values of up to 1.32 grams per tonne gold, 11 grams per tonne silver, 0.64% copper, and 1.05% zinc.
The publication also noted that surveying at Halahila's Main Zone defined "strong conductors coincident with a 650m gossan zone," where previous results returned up to 16.35 grams per tonne gold and 180 grams per tonne silver. Paydirt Prospector stated that the area was expected to undergo further evaluation through drilling later in the quarter.
The report stated that exploration activity was continuing across Sun Peak's broader Saudi Arabian license portfolio, including Safra and newly acquired license areas. Paydirt Prospector wrote that "more updates expected from different projects imminently" as exploration work progressed across multiple targets.
Paydirt Prospector also discussed market performance, noting that Sun Peak shares had declined 6%, following the release of the Al Miyah results during a period of broader sector volatility. The publication stated that it remained "staunchly bullish on Sun Peak" and described the company as having "rare first-mover exposure to Saudi Arabia, a rapidly expanding land position, and active exploration across several promising targets."
Saudi Exploration Activities and Project Pipeline
Following the completion of drilling at Safra, Sun Peak stated that drilling will immediately advance to the Halahila project. The company said recent work at Halahila defined a 650-meter gold and silver-rich gossan zone with assays of up to 16.35 grams per tonne gold and 180 grams per tonne silver. Sun Peak also stated that two additional volcanogenic massive sulphide gossan zones, each approximately 200 meters long, were identified south of Halahila Main. The company presentation stated that drilling at Halahila was scheduled to begin in late Q2 2026.
The company presentation also outlined exploration activity at the Al Miyah project, a volcanogenic massive sulphide copper-gold target covering approximately 235 square kilometers. Sun Peak stated that initial gravity work identified a significant gravity anomaly along the Hishashat volcanogenic massive sulphide zone and that drilling at Al Miyah is planned for Q4 2026. The project includes three sub-parallel prospects associated with ancient mining activities, including pits, trenches, and slag.
In addition, Sun Peak stated that it acquired seven licenses covering 632 square kilometers through Saudi Arabia's Round 9 licensing auction. According to the company presentation, initial exploration work on those licenses has begun.
The company presentation stated that Sun Peak established an expanded exploration team in 2026, consisting of 12 geologists, and that office, compound, and guest house facilities were established at three locations in Saudi Arabia. The presentation also stated that the company continued research and project investigation activities across its license portfolio.
Ownership & Share Information1
Sun Peak Metals has a market cap of CA$51.08 million, with 164.22 million shares outstanding. The company's 52-week range is CA$0.15-CA$0.55.
Management & Insiders own 21.19% of shares, and the remaining shares are held by Retail.
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James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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.
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