SNX Prepares to Drill Silver Targets at Blackhawk Epithermal Project, Nevada

Sierra Nevada Gold (ASX: SNX) is pleased to announce it is preparing a drilling program to follow up drill hole BHD006 which returned results including 0.5m at 1,270 g/t Ag and 1m at 823g/t Ag at Endowment Mine, part of its Blackhawk Epithermal project in Nevada, USA.¹

Highlights

• SNX plans seven-hole 1,500m reverse circulation (RC) drill program to follow up on drillhole BHD006, which was drilled beneath the historic Endowment Mine.
• High-grade silver intercepts are associated with very high-grade lead-zinc (see table 1), demonstrating potential for extremely high value ore at Blackhawk Epithermal Project.
• SNX’s geological team will initiate a field program to complete geological mapping, soil geochemistry surveys and rock chip sampling on vein target areas, to further refine drill targets in preparation for drilling in the third quarter of 2024.
• Underground 3D scanning survey of accessible historic workings at the Endowment Mine will map extent and location of historic workings to accurately target planned drill holes following up on drill hole BHD006.
• SNX will initiate a focused, 100m dipole-spaced Induced Polarization (IP) geophysics survey over preferred portions of the vein field to assist with drill hole targeting.
• Blackhawk epithermal project has potential for a significant silver discovery, with 22.5- line kilometres of high-grade silver-gold-lead-zinc veins identified1.
• SNX completed a $2.6 million capital raising in May 2024 to advance exploration at Blackhawk epithermal project.²
• It has commenced a strategic review to progress full or partial asset sales or joint venture partnerships over remaining copper, gold and silver assets in Nevada, USA.

SNX Executive Chairman Peter Moore said “We were encouraged by the strong support for our recent $2.6 million share placement and proceeds from this will allow the company to accelerate our exploration program at Blackhawk as we look to uncover its potential to be a significant silver discovery. We have several activities planned to ensure our drill targets are well defined ahead of mobilising a rig to site in Q3 2024 to follow up these exciting earlier silver results.”

SNX has identified a large and high-grade intermediate sulphidation polymetallic epithermal Ag-Au-Pb-Zn vein system at Blackhawk, which is related to a large porphyry system. Partially coincident with, and located north of the Blackhawk Porphyry system, the vein field covers about 5km² and is open under cover to the north and northeast, with 22.5-line km of veins identified to date (see figures 1 & 2).

Figure 1: Oblique view looking north of the Blackhawk Epithermal Project with a 3.5km by 2.5km field of view. The Blackhawk Porphyry project is situated in the foreground with the epithermal system being partially coincident with the porphyry system’s surface expression.3

SNX’s geological team will initiate a field program to complete geological mapping, soil geochemistry surveys and rock chip sampling on mapped vein target areas, to further refine drill targets in preparation for drilling. A program of seven reverse circulation (RC) holes is planned for 1500m in the third quarter of 2024 to follow up the result of 1,270 g/t Ag hit in BHD006 drilled in 2017.

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