Sierra Nevada Gold's Blackhawk Project Yields High-Grade Silver and Copper Discoveries
SIERRA NEVADA GOLD INC. (SNX) Share Update October 2024 Tuesday 22nd
Sierra Nevada Gold Announces Promising Exploration Results at Blackhawk Project
Sierra Nevada Gold Inc. (ASX: SNX) has released its quarterly report, highlighting significant exploration progress at its Blackhawk Epithermal Project in Nevada, USA. The company has announced promising results from its ongoing exploration activities, revealing high-grade silver and copper findings.
Instant Summary:
- Sampling at Two Shovels Mine returns 5,180g/t silver and 2.82% copper.
- 1,500m drilling program initiated at Blackhawk Epithermal Project.
- New high-grade silver-gold-copper-antimony prospects at Crystal Peak and G-Mine.
- Successful A$2.6 million capital raising completed.
Blackhawk Epithermal Project
The Blackhawk Epithermal Project in Nevada has been a focal point for Sierra Nevada Gold's exploration efforts. Recent sampling at the Two Shovels Mine, located on the western periphery of the Blackhawk Porphyry system, returned impressive results of 5,180g/t silver and 2.82% copper. These findings extend the known footprint of the mineralization systems in the area.
In response to these promising results, SNX has mobilized a drill rig to commence a 1,500m drilling program aimed at exploring near-surface mine extensions and following up on previous high-grade discoveries. This includes targeting the discovery hole BHD006, which previously returned 12m at 219 g/t silver and 11.6% lead plus zinc from 250m.
New Prospects at Crystal Peak and G-Mine
In addition to the Blackhawk Project, SNX has staked two new areas, Crystal Peak and G-Mine, which show potential for high-grade silver, gold, copper, and antimony. Initial sampling at Crystal Peak returned silver assays as high as 1,880g/t, indicating significant mineralization potential.
Corporate Developments
On the corporate front, SNX successfully completed a A$2.6 million capital raising, strengthening its financial position to support ongoing exploration activities. Additionally, Brett Butlin, the company's Chief Geologist, has been appointed to the board, following the passing of Non-Executive Director Dr. David Ransom.
The high-grade silver and copper findings at the Blackhawk Project are likely to enhance investor confidence in Sierra Nevada Gold's exploration potential. The initiation of a comprehensive drilling program could lead to further discoveries, potentially increasing the company's resource base. The successful capital raising also provides financial stability, allowing SNX to continue its aggressive exploration strategy.
Investor Reaction:
Analysts are optimistic about the recent exploration results, noting the potential for significant resource expansion at Blackhawk. The market is likely to respond positively to the high-grade findings and the company's proactive exploration approach.
Conclusion:
Investors should keep a close watch on the results of the ongoing drilling program at Blackhawk and the development of new prospects at Crystal Peak and G-Mine. Sierra Nevada Gold's strategic focus on high-potential projects positions it well for future growth in the precious and base metals sector.