EXPLORATION & DEVELOPMENT

Sierra Nevada's New Pass passes muster at first hurdle

SIERRA Nevada Gold's maiden RC drilling program at its New Pass project, within the underexplored Austin Trend in the US, has delivered encouragement from the first hole completed in 40 years.

 RC drilling at New Pass

RC drilling at New Pass

The Austin Trend sits between the Carlin and Battle Mountain trends, Nevada, and while some 40,000 ounces of gold was recovered from the New Pass mine there has been little drilling for decades, so Sierra Nevada completed an initial six RC holes for 3600m and delivered precious metals in the first hole assayed.
 
The results were 1.22m at 26.7 grams per tonne gold and 25.1gpty silver from 186m about 80m down-dip beneath the deepest workings.
 
The hole also logged a previously unknown but lower-grade hanging wall vein, and 1.22m at 7.79gpt in a near-surface expression of the high-grade True Blue gold vein that runs parallel to the Superior Vein, about 120m away.
 
While assays from the other five holes are pending, the company says it has already proven that the Superior and Thomas West veins continue at depth. 
 
Another 10 holes are planned once the weather improves. 
 
It intends to complete underground drilling once the existing New Pass underground is declared safe. 
 
The mine was worked between 1965 and 2012 by local prior to his retirement when it was sold too Sierra Nevada.
 
Sierra Nevada, which listed in May, believes it can define a maiden resource within 18 months.
 
Its work suggests a 6.5km long strike at New Pass that could host a large-scale mineral system, but where the past was limited to 150m. 
 
It has since shifted its drilling focus to the Warrior gold project with 2000m of RC planned.
 
It has also completed a 1197m-deep diamond core hole at its Blackhawk porphyry project. The test of the Badger prospect was designed to 800m but was extended due to the identification of alteration. 
 
It initially tested the Colorback oxide prospect.
 
All assays are expected in the new year. 
 
Having drilled at all of its projects, the company has A$4.4 million cash remaining from its $10 million IPO that was priced at 50c.
 
The shares were up 32% this afternoon at 29c, valuing it at $16 million. 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.