ASX-listed Sierra Nevada Gold (SNX) has commenced a strategic review of its Nevada-based assets, which aims to identify the most effective avenues to enhance shareholder value.

SNX has five projects with copper, gold and silver exposure.

The company’s review will focus on various strategic alternatives, including forming joint ventures, strategic partnerships, or selling projects.

It intends to concentrate its efforts on the most promising projects, thereby reinforcing its status as a leading junior explorer.

The company has historically focused on its flagship Warrior Project.

In February this year, SNX’s drilling at the Warrior gold project in central Nevada, US, returned positive results from shallow depths within the historic Warrior Mine.

SNX completed 12 reverse circulation holes for 913m at Warrior in December 2023.

The company's drilling focused on testing the upper portions of the Warrior Mine at both the Gold Coin and Discovery Shaft areas.

It also focused on testing a southern vein system first encountered in WARC007 located immediately south of the Warrior Mine workings.

However, it has recently reassessed the potential of its Blackhawk Epithermal Project, where 22.5km of high-grade silver-gold-lead-zinc veins have been identified.

These veins have seen little activity since mining operations ceased in the 1920s.

The Blackhawk project, which is fully permitted and ready for drilling, has become a key priority following the discovery of high-grade silver intercepts, with results up to 1,270g/t Ag.

SNX believes the Blackhawk project holds the potential for further high-grade discoveries that could be transformative for the company.

It anticipates that the outcome of this portfolio assessment and the conclusion of partnership discussions will provide a definitive direction for continued drilling at its most valuable prospects.

This strategic approach is expected to optimise shareholder returns and solidify the company's position in the mining sector.