Paramount Gold Acquires Strategic Claims Two Miles South of the Historic Sleeper Pit
April 20 2021 - 7:00AM
Paramount Gold Nevada Corp. (NYSE American: PZG) announced today it
has completed the purchase of 152 unpatented lode claims (~3,100
acres) from South Sleeper Resources LLC. The claims are located
only two miles south of Paramount’s wholly-owned former high-grade
producing Sleeper Gold Mine.
With the acquisition of the South Sleeper claims, Paramount has
increased its total land position to over 40,000 acres in the
prolific and highly prospective Sleeper district situated at the
intersection of two major Nevada mining trends - the Battle
Mountain-Eureka and Western Nevada Rift.
The claims were formerly owned by several Nevada companies that
collectively conducted numerous geophysical surveys and completed a
total of 11 drill holes which intersected gold values up to 9.48
g/T over 3.05 meters (10 ft.) in alluvium. These drill results were
never properly assessed or followed up.
Paramount CEO, Rachel Goldman commented: “This acquisition fits
with our strategy of consolidating prospective targets near our
material projects and applying our significant district knowledge
of the geology to develop and execute successful exploration
programs.”
On the merits of these new claims, Glen van Treek, Paramount
President and COO, explained: “The Sleeper deposit sits on the
margins of one of many major structural and lithological
occurrences known as a ‘range front fault’ where several Nevada
deposits have been found. In the Sleeper district, this feature,
which is found throughout Nevada, is marked by a transition from
‘high density’ Jurassic-Triassic rock to the ‘lighter’ Tertiary
volcanic sequences where the Sleeper mineralization is hosted. This
major transition or break, together with other favourable
structural zones, can be mapped in the field by geologists or, when
covered by alluvium, using geophysical surveys. Our team has used a
gravimetric survey to map the variations in density due to rock
changes or significant alteration processes. At Sleeper, these
favourable structures trend south-south-west (SSW), converging on
our newly acquired claims.” (see image below)
Paramount acquired the South Sleeper claims for $350,000 in a
combination of cash and shares.
Paramount has engaged several renowned consultants including
Mine Development Associates, Inc. (a division of RESPEC) to assist
the Paramount team in the review of all available data including
drilling, geophysical surveys and geochemistry with the objective
of developing an exploration program at the district sized Sleeper
project which is now complemented by the addition of the South
Sleeper claims. The drill program is expected to commence this
summer.
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 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
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1a73191d-d6ea-4bfb-8834-b1864c3fbc7b
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