Sierra Nevada Gold Inc (ASX:SNX) has seen its share price rise more than 4% as it told investors that Phase 1 reverse circulation (RC) drilling at its Endowment Mine in Nevada had been completed successfully, with several proofs of high-grade silver being intersected.

The company drilled a total of 11 holes for 1,317.5 metres at the mine – which is part of the wider Blackhawk Epithermal Project – with the holes ranging from 50-metre to 206-metre depths, with the focus on near-surface vein extensions, geophysical chargeability (IP) targets and historic locations where high-grade ore had been found.

Among the results from this work was the intersection of argillic alteration with sulphides in several holes, with the sulphides in question including pyrite and silver-sulfosalt minerals. Historic workings from the mine were also hit through the drilling.

SNX is expecting to release detailed results from first assays in the next four weeks, with the rest to come in the first quarter of 2025.

Executive chairman Peter Moore said first indications from Endowment had been promising.

“Completion of our drill program at Endowment is a positive step and we are excited to see what assay results will return, given the argillic alteration and sulphides observed in the RCdrill chips,” he said.

“This has given us confidence to plan a follow-up program, expected in Q2 2025, with the results from the program, expected in Q1, to help inform future drilling plans.”

At 15:02 AEDT, SNX shares were trading at 5 cents – a rise of 4.17% since the market opened.

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