Sierra Nevada Gold Strikes 481g/t Silver at Endowment Mine in New Drilling

Exploration Success at Endowment Mine

Sierra Nevada Gold (ASX: SNX) has delivered a compelling update in its December 2024 quarterly report, highlighting significant progress at its Blackhawk Epithermal Project in Nevada. The company completed an 11-hole, 1,305-metre reverse circulation (RC) drilling program targeting the historic Endowment Mine, a site known for its high-grade silver-polymetallic mineralisation.

The standout result came from hole BHRC012, which intersected 4.88 metres grading 481 grams per tonne (g/t) silver, 0.61 g/t gold, 0.6% copper, and 0.4% antimony. This intercept was found within a remnant ore position of the Endowment Vein, situated between the third and fourth levels of the historic mine workings. The discovery validates historic records and suggests the vein remains open down plunge to the southeast, offering promising upside potential.

New Veins and Historic Workings

Beyond the Endowment Vein, drilling also intersected the South Vein in multiple holes, returning high-grade silver intercepts such as 1.22 metres at 275 g/t silver. Notably, a previously unknown near-surface vein was discovered, yielding 3.66 metres at 93.85 g/t silver from just 13.4 metres depth. These findings expand the known mineralised footprint and underscore the complexity and richness of the epithermal system.

Historic mine workings were intersected in three drill holes, which in some cases prevented the holes from reaching their planned depths. This intersection with old workings provides valuable geological context and confirms the continuity of mineralisation within the project area.

Encouraging Results at Two Shovels Mine

Complementing the drilling success at Endowment, rock chip sampling at the nearby Two Shovels Mine returned exceptional silver grades, including a sample with 5,180 g/t silver and 2.82% copper from mine dumps and outcrop. These results, combined with geological mapping, reinforce the prospectivity of the western periphery of the Blackhawk Porphyry and Epithermal alteration system.

Corporate Developments and Future Plans

On the corporate front, Sierra Nevada Gold successfully completed a A$2 million capital raising through a share placement, which was ratified at an Extraordinary General Meeting in December 2024. The funds are earmarked to support an expanded exploration program at Blackhawk in 2025.

Additionally, the company appointed Chief Geologist Brett Butlin to the Board as an Executive Director. Mr Butlin brings three decades of experience in mineral exploration and mine development, including significant project generation and discovery roles globally. His appointment is expected to strengthen SNX's technical leadership as it advances its exploration agenda.

Looking ahead, SNX plans to build on the Phase 1 drilling results with further drill programs targeting vein extensions and chargeability anomalies identified through recent geophysical surveys. The company also intends to continue mapping and sampling at other promising prospects within Blackhawk, including Nellie, Morning Star, and San Francisco.

Strategic Outlook

Executive Chairman Peter Moore expressed optimism about the project's potential, noting that the recent results have provided a clearer understanding of Endowment's historic workings and the broader epithermal system. The company is also exploring joint venture opportunities for its Warrior and Blackhawk Porphyry Projects to accelerate development and unlock value.