Sun Peak Metals Corp. has announced the acquisition of seven new exploration licenses in Saudi Arabia through the Round 9 licensing auction led by the Saudi Ministry of Industry and Mineral Resources.
The newly awarded licenses cover a total area of 632 km², increasing the company’s total land position in Saudi Arabia to 1,072 km² across 13 exploration licenses.
Strategic Expansion in the Arabian-Nubian Shield
The licenses were finalized on March 26, 2026, and are located within the highly prospective Arabian-Nubian Shield—one of the world’s most significant geological belts for gold and base metals.
These new license areas are strategically positioned near key mining assets, including:
- Bulghah Gold Mine
- Sukhaybarat Gold Mine
- Nuqrah VMS Deposit
All of which are operated by the Saudi Arabian Mining Company (Ma’aden).
High-Potential Exploration Targets
The awarded license areas demonstrate strong geological indicators that support significant exploration potential, including:
- Historical mineral occurrences
- VMS gossans along established trends
- Extensive hydrothermal alteration zones
These features suggest favorable conditions for both volcanogenic massive sulfide (VMS) deposits and orogenic gold mineralization.
Exploration Programs Already Underway
Sun Peak has initiated early-stage exploration activities across the newly acquired licenses. The initial work program includes:
- Detailed geological mapping
- Rock and soil geochemical sampling
- Trenching programs
- Ground and airborne geophysical surveys
These efforts aim to identify high-priority targets for future drilling and resource development.
Data-Driven Growth Strategy
According to Greg Davis, the company’s Round 9 strategy was built on advanced geological research, data analysis, remote sensing, and multiple site visits.
He emphasized that the selected areas show strong potential for both VMS and gold mineralization within favorable geological environments, with fieldwork already progressing and further updates expected as exploration advances.
Expanding Regional Portfolio
With this latest acquisition, Sun Peak now controls 1,072 km² across 13 exploration licenses in Saudi Arabia, with an additional ~200 km² currently under application.
Beyond Saudi Arabia, the company also holds district-scale projects in Ethiopia, including the Shire Project, which spans approximately 1,450 km² within the same mineral-rich geological belt.
What This Means for Saudi Arabia’s Mining Sector
This development highlights the following:
- Increasing global investor interest in Saudi Arabia’s mining sector
- The effectiveness of government-led licensing rounds in attracting international companies
- The Kingdom’s growing position as a global mining hub aligned with Vision 2030
