Sierra Nevada Gold announced it has successfully completed the first six holes (1353m) of the planned Phase 1, 3600m reverse circulation (RC) drill program at its New Pass gold project in Nevada, USA. This is the first drill testing at New Pass in more than 40 years. New Pass is an exciting high-grade gold vein system with two parallel north trending veins that were mined for more than 100 years.

RC drilling completed to date appears to have intersected the main historically productive gold veins targeted below the level of historic workings, however SNX has suspended the program after six holes due to the onset of winter conditions at higher elevations. The Company plans to resume drilling at New Pass as soon as weather conditions allow, to complete the remaining 2200m (10 holes) of planned drilling. SNX has submitted samples from the first six holes, with some results expected this month and the balance in First Quarter 2023.

New Pass background: The New Pass project displays all the characteristics of a large-scale mineral system. It has witnessed both historic and recent mining with high grade vein hosted mineralisation exposed at surface. North-south oriented gold-bearing veins are present at the historically and recently worked 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 vein 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 mapped 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.

Warrior drilling commences: SNX has commenced a 2000m initial RC drilling program at its Warrior project. The company plans to complete as much of the program as possible before drilling is suspended due to winter conditions. The company has also commenced a 3-line, 9km Dipole-Dipole Induced Polarisation (DDIP) survey targeting interpreted hydrothermal fluid conduits/outflow zones potentially feeding the known mining centres.

Warrior is a high-grade epithermal gold target. It is located just 15km from the world-class past producing Paradise Peak high sulphidation epithermal mine (2Moz Au & 40Moz Ag). Blackhawk Porphyry drilling SNX completed the first diamond core hole (SNX001D) since listing on the ASX at its Blackhawk porphyry project to a total depth of 1196.98m.

SNX planned the hole to test depth extensions of previously mined high-grade precious and base metal and porphyry style "D" type veins, and the northern limits of a large and vertically attenuated high chargeability anomaly. It also aimed to test a well-defined zone of high resistivity interpreted as a potential zone of silicification or intrusion. SNX extended the hole beyond the planned depth of 800m to a total depth of 1196.98m, due to encountering encouraging porphyry style alteration throughout the hole.

Core processing, logging, and sampling is underway, and assays are expected in First Quarter 2023.