Paramount Receives Permits to Drill Frost Gold and Silver Prospect in Eastern Oregon
April 13 2021 - 7:00AM
Paramount Gold Nevada Corp. (NYSE American: PZG) announced today
that it has received all required permits to conduct exploratory
drilling at the Frost Project (“Frost”) in Eastern Oregon from the
Bureau of Land Management (“BLM”), the Oregon Department of Geology
and Mineral Industries (“DOGAMI”) and associated agencies.
Frost is comprised of 84 unpatented lode claims covering
approximately 1,730 acres located 12 miles southwest of the
Company’s proposed high-grade, underground Grassy Mountain gold
mine in Malheur County, Oregon (“Grassy”).
Paramount CEO, Rachel Goldman stated: “Our team is excited to
undertake the upcoming drill program at Frost given the high-grade
nature of the historic intercepts which yielded up to 25 g/T gold
and 27 g/T silver but were never properly evaluated.”
Given the proximity of Frost to Grassy, mineralized material
would be trucked as mill feed to the Grassy processing facility.
Every incremental 270,000 tonnes of economic mineralized material
would extend the mine life by a year, improving overall project
economics as defined in the Grassy Feasibility study.
The interpretation of the historic drilling data in conjunction
with geophysical survey results provided the basis for the planned
9,000 ft., 15-hole reverse circulation drill campaign which is
expected to start in late Q2, 2021.
The historic high-grade gold encountered at Frost was from
structures exhibiting magnetic lows in rock formations similar in
nature to those found at Grassy.
Since acquiring the Frost Project in 2018, Paramount has
completed multiple surveys, including: geology reconnaissance and
surface sampling; helicopter borne magnetometry and radiometric
(“Heli-mag”); and a 14-line Controlled Source Audio Magneto
Telluric survey, (“CSAMT”).
- Heli-mag & Radiometric: Due to the nature of deposits like
Grassy and the Frost prospect, alteration and/or oxidation along
mineralized or fluid conducting structures, exhibit a relatively
lower magnetic signature. Additionally, potassium rich minerals
such as adularia and sericite are often associated with gold
deposition and since potassium is a slightly radiometric element,
it can be mapped by sensors.
- CSAMT: This study measures the variation in electrical
conductivity of different rock types, enabling the favourable rocks
and faults to be mapped at varying elevations to create a
three-dimensional model. Grassy and Frost are the type of deposits
where gold is also associated with an increase in non-conductive
silica. By mapping conductivity, areas of increased silicification
are identified as zones of very low conductivity or inversely, as
high resistivity.
Paramount President and COO, Glen van Treek explained: “All of
these surveys, along with field examination, rock sampling,
mapping, geological staff experiences and 3-D analysis have helped
to design the upcoming drilling campaign.”
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6895e0c1-f156-418d-8d53-141d200e30f7
About Paramount Gold Nevada
Corp.Paramount Gold Nevada Corp. is a U.S. based precious
metals exploration and development company. Paramount’s strategy is
to create shareholder value through exploring and developing its
mineral properties and to realize this value for its shareholders
in three ways: by selling its assets to established producers;
entering into joint ventures with producers for construction and
operation; or constructing and operating mines for its own
account.
Paramount owns 100% of the Grassy Mountain Gold
Project which consists of approximately 8,200 acres located on
private and BLM land in Malheur County, Oregon. The Grassy Mountain
Gold Project contains a gold-silver deposit (100% located on
private land) for which results of a positive Feasibility Study
have been released and key permitting milestones accomplished.
Paramount owns a 100% interest in the Sleeper
Gold Project located in Northern Nevada, the world’s premier mining
jurisdiction. The Sleeper Gold Project, which includes the former
producing Sleeper mine, totals 2,322 unpatented mining claims
(approximately 60 square miles or 15,500 hectares). The Sleeper
gold project is host to a large gold deposit (over 4 million ounces
of mineralized material) and the Company has completed and released
a positive Preliminary Economic Assessment. With higher gold
prices, Paramount has begun work to update and improve the
economics of the Sleeper project.
Safe Harbor for Forward-Looking
StatementsThis release and related documents may include
"forward-looking statements" and “forward-looking information”
(collectively, “forward-looking statements”) pursuant to applicable
United States and Canadian securities laws. Paramount’s future
expectations, beliefs, goals, plans or prospects constitute
forward-looking statements within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and other
applicable securities laws. Words such as "believes," "plans,"
"anticipates," "expects," "estimates" and similar expressions are
intended to identify forward-looking statements, although these
words may not be present in all forward-looking statements.
Forward-looking statements included in this news release include,
without limitation, statements with respect to the use of proceeds
from the Offerings. Forward-looking statements are based on the
reasonable assumptions, estimates, analyses and opinions of
management made in light of its experience and its perception of
trends, current conditions and expected developments, as well as
other factors that management believes to be relevant and
reasonable in the circumstances at the date that such statements
are made, but which may prove to be incorrect. Management believes
that the assumptions and expectations reflected in such
forward-looking statements are reasonable. Assumptions have been
made regarding, among other things: the conclusions made in the
feasibility study for the Grassy Mountain Gold Project (the “FS”);
the quantity and grade of resources included in resource estimates;
the accuracy and achievability of projections included in the FS;
Paramount’s ability to carry on exploration and development
activities, including construction; the timely receipt of required
approvals and permits; the price of silver, gold and other metals;
prices for key mining supplies, including labor costs and
consumables, remaining consistent with current expectations; work
meeting expectations and being consistent with estimates and plant,
equipment and processes operating as anticipated. There are a
number of important factors that could cause actual results or
events to differ materially from those indicated by such
forward-looking statements, including, but not limited to:
uncertainties involving interpretation of drilling results;
environmental matters; the ability to obtain required permitting;
equipment breakdown or disruptions; additional financing
requirements; the completion of a definitive feasibility study for
the Grassy Mountain Gold Project; discrepancies between actual and
estimated mineral reserves and mineral resources, between actual
and estimated development and operating costs and between estimated
and actual production; the global epidemics, pandemics, or other
public health crises, including the novel coronavirus (COVID-19)
global health pandemic, and the spread of other viruses or
pathogens and the other factors described in Paramount’s
disclosures as filed with the SEC and the Ontario, British Columbia
and Alberta Securities Commissions.
Except as required by applicable law, Paramount
disclaims any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date of
this document.
Paramount Gold Nevada Corp. Rachel
Goldman, Chief Executive OfficerChristos
Theodossiou, Director of Corporate
Communications866-481-2233Twitter:
@ParamountNV
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