Sierra Nevada Gold (ASX: SNX) has commenced a 3,600m reverse circulation (RC) drill program at its New Pass gold project in central Nevada, USA.
Drilling is part of a 5,000m RC program across three high-impact targets – Colorback, which was completed last month, New Pass and Warrior.
It is the first drill testing at New Pass in more than 40 years. New Pass is an exciting high-grade gold vein system, where two parallel north trending veins were mined for more than 100 years. SNX expects to drill 16 holes at New Pass during the programme and is anticipated to be concluded in four to six weeks.
“New Pass is an exciting target for us, as the site of historic mining at an average grade of 17 g/t gold from two parallel north-south striking veins, and it offers early resource potential. New Pass is prospective for epithermal-style gold deposits and Carlin-style gold deposits within the Austin Trend, and we are looking forward to completing the first drilling here in a very long time,” Executive Chairman Peter Moore said.
“New Pass has existing mining infrastructure and workings and part of our work over the next few months will be an assessment of these assets to expedite the potential delivery of a gold resource for this project.
“With this drilling at New Pass and our plans to drill at Warrior in addition to our recent drilling at Colorback and diamond drilling at Blackhawk, we are on track to complete initial drill testing of our entire project portfolio in our first six months of listing on the ASX. We are looking forward to completing this programme and using the results to help shape our plans for further exploration and development across our Nevada exploration properties.”
New Pass background
The New Pass mineral system displays all the characteristics of a large-scale epithermal system. It has witnessed both historic and recent mining, with vein hosted mineralisation exposed at surface. North-south oriented gold-bearing veins are present at the previously mined New Pass, Superior, Thomas West and Valley View mines and the unexploited Julie, Lander, True-Blue, and Wildcat zones. Complementary datasets across the project indicate a large-scale and highly prospective structural, hydrothermal, and geochemical setting for the formation of epithermal deposits.
With targeted drilling both down dip and along strike of already defined veins, SNX believes that a pathway to a high-grade gold resource can be outlined within 18 months. Considerable potential exists north of the mine area within the “Saddle Target”, an area of extensive argillic and pyrite alteration displaying highly enriched zinc anomalism.
Next steps
SNX expects the remainder of its phase 1 RC drilling programme at New Pass and Warrior to be completed by December 2022 with first assay results from Colorback expected to be received by early December 2022 and results from New Pass to follow in Quarter 1 2023.
At New Pass, SNX will also complete detailed 3D infrastructure and void modelling of historic workings, together with geomechanical investigations of underground workings. Once these studies are complete and the mine workings declared safe, SNX will commence a program of detailed underground mapping and sampling of available ore positions with a view to confirming the historic estimates of past production and prospective remnant mineralisation.
SNX is confident that a pathway to a high-grade gold resource can be outlined within 18 months.
For further information please visit: https://sngold.com.au/
