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Wednesday, Jun 19, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Silver

Sierra Nevada Gold shares soar after rich silver intercept south of Reno

The junior miner reported pulling a core sample with 1,270 grams per tonne Ag in a 0.5 metre interval

Sierra Nevada Gold shares jump up after rich silver intercept south of Reno
Maiden RC drilling underway last year at Sierra Nevada Gold's Colorback project in the Battle Mountain Trend. Photo credit: Sierra Nevada Gold

Australia’s Sierra Nevada Gold (ASX: SNX) saw its share price rise nearly two-fold after announcing that an impressive core sample had been pulled from the ground at its Blackhawk project.

The company revealed that it had intercepted an eye-turning 1,270 grams per tonne silver over 0.5 metres this week. Follow up drilling will now be completed.

“These results are very promising, coming from a vast and extensive vein network,” Executive Chairman Peter Moore said.

In 1915, Blackhawk had produced about 70,000 gold equivalent ounces. Production then ceased completely due to poor economic conditions. Sierra Nevada Gold aims to capitalize on the remaining resources.

“We’ve identified 22.5-line kilometres of veins at Blackhawk, but this known mineralization has sat largely untouched since mining ceased in the area in the 1920s,” Moore added.

Read more: Value of Calibre Mining’s assets rises by 78.5% to C$2 billion in Q1

Read more: U.S. Gold interview highlights importance of flagship site’s new mining permit

Fraser Institute ranks Nevada as second best mining jurisdiction in 2023

The Canadian think tank rated Nevada as the world’s best in 2022, but it has since dropped down a spot. Utah took the lead in 2023, jumping all the way up from spot number 17 the year prior, and Saskatchewan took third place.

In addition to Blackhawk, Sierra Nevada Gold is also focused on developing the New Pass, Colorback, Warrior and Generative projects. All of the company’s assets are located in Nevada.

New Pass and Colorback sit near Calibre Mining Corp’s (TSX: CXB) (OTCQX: CXBMF) Pan Mine and the newly inaugurated Goldrush operation run by Nevada Gold Mines. Large scale operations like those are the reason why Nevada produces the majority of all American gold. Pan produced over 6,750 ounces last quarter and Goldrush is on schedule for commercial production in 2026.

Exploration-stage operations like the Keystone project owned by U.S. Gold Corp. (Nasdaq: USAU) are plentiful in Nevada’s Cortez, Carlin, Battle Mountain and Walker Lane trends as well. The Silver State’s metal and mineral resources will not be depleted anytime soon.

The price of silver is currently sitting at an 11-year high, valued at US$32.06 per ounce.

 

Calibre Mining and U.S. Gold are sponsors of Mugglehead news coverage 

 

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