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Highlights
Sierra Nevada Gold Inc. secures $2 million for drilling and exploration at the Blackhawk Epithermal Project.
The planned 1,500 metre drilling program aims to follow up on exceptional silver grades found in previous results.
Recent sampling reveals significant mineralisation, including high-grade silver and copper near the Endowment mine.
Sierra Nevada Gold Inc. (ASX:SNX) is set to raise $2 million through a recent capital placement aimed at enhancing its exploration and drilling initiatives at the Blackhawk Epithermal Project. The placement, priced at five cents per share, received support from both existing and new shareholders, highlighting confidence in the company's strategic direction.
The funds will primarily be allocated to a 1,500 metre drilling program designed to build upon prior drilling results, which have indicated remarkable silver grades reaching as high as 1,270 grams per tonne at the Endowment mine. This upcoming drilling campaign is strategically important, focusing on identified high-grade silver and gold mineralisation located within extensive veins mapped over a 22.5-kilometre stretch at the Blackhawk site.
Additionally, recent sampling efforts have identified strong mineralisation at the nearby Two Shovels mine, including exceptional grades such as 5,180 grams per tonne of silver and 2.82% copper. These results, sourced from mine dumps and surface outcrops, underscore the promising potential of the area, further solidifying the rationale for the upcoming drilling program.
Peter Moore, Executive Chairman of SNX, expressed satisfaction with the robust shareholder support reflected in the placement. The funds raised are expected to facilitate an accelerated exploration strategy, aimed at unlocking the value inherent in the high-grade silver and gold mineralisation present at the surface. Moore noted that the exceptional results from the outcropping mineralisation at Blackhawk extend over a significant area, suggesting considerable opportunities for further exploration.
Despite the positive outlook for the upcoming initiatives, SNX shares experienced a decline, trading at 4.9 cents, reflecting a decrease of 12.5% since the market opened. Ongoing discussions among stakeholders can be followed on platforms such as HotCopper, where market dynamics and developments are actively shared.
