Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount”)
announced today that it has entered into an agreement with Nevada
Select Royalty (“Nevada Select”) to purchase a 100% interest in the
Bald Peak Project (“Bald Peak”) located in Mineral County, Nevada.
Nevada Select is a wholly owned subsidiary of Ely Gold Royalties
Inc., which was recently acquired by Gold Royalty Corp. (NYSE
American: GROY).
Paramount President and COO, Glen Van Treek,
commented: “We are thrilled to expand our portfolio of assets in a
cost-effective manner to fuel future growth. This project has
excellent gold values at surface but has never been drilled and is
in one of the world’s best mining jurisdictions. Bald Peak fits our
strategy of applying our team’s technical expertise to de-risk and
advance US precious metals assets through the mine development
cycle.”
Bald Peak is a large gold and silver epithermal
system with several miles of prospective ground in the prolific,
Bodie-Aurora-Borealis district which has produced over 3 million
ounces of gold from open pit mines. Gold and silver mineralization
is associated with strongly silicified rock in a well-defined
4-mile-long structural system. Surface outcropping has returned
rock samples grading over 8 g/T gold. The gold-bearing silicified
material exhibits a strong, easy-to-follow resistivity signature
(see table below).
During due diligence, the Paramount technical
team identified an alteration system stretching beyond the Bald
Peak property and has staked additional claims extending towards
Hecla Mining’s Aurora Mine.
Paramount’s plan is to initiate surface
sampling, geological reconnaissance, and a subsequent geophysical
survey to map silicification at depth to identify drill
targets.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e546d92c-710e-455d-8066-899aed9410b5
Paramount has the right to acquire a 100% interest
in the Bald Peak Project for total consideration of $300,000
payable to Nevada Select as follows:
- $20,000 on closing of the
transaction (paid);
- $30,000 upon the receipt of a
drilling permit (the “Permit Date”);
- $50,000 one year following the
Permit Date;
- $50,000 due on each of the second
and third years following the Permit Date; and
- A final payment of $100,000 four
years following the Permit Date.
- Nevada Select, upon option
exercise, will retain a 3% Net Smelter Royalty (“NSR”), on the
Nevada Select Claims
- Paramount has the right to reduce
the NSR to 2% for a payment of $1 million.
The following rock samples identify some of
multiples the high-grade gold and silver potential at Bald
Peak.
Geological Description |
Au g/T |
Ag g/T |
Quartz bladed oxidized float with Manganese (Mn) staining plus
oxidation. Sugary/drusy quartz |
8.12 |
24.2 |
Bladed quartz float rock sample with significant oxidation and dark
brown Mn-staining hosted within the lithic breccia |
6.33 |
18.45 |
Quartz vein with oxidation and boxwork within altered
trachyandesite |
5.79 |
4.5 |
10-18cm quartz vein boulder |
5.74 |
21.7 |
Southern end of the resistant quartz vein outcrop |
5.36 |
3.9 |
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/296311bf-a02a-45c6-b81d-ae5495dc5946
https://www.globenewswire.com/NewsRoom/AttachmentNg/a4cee8f9-7710-459e-908f-0f60aa56f290
https://www.globenewswire.com/NewsRoom/AttachmentNg/b5c521bb-1256-4e6f-8e3a-a44b637acdb5
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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.
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 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 Statements
This 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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