Paramount Initiates Drill Program at Frost Project in Eastern Oregon
August 30 2021 - 7:00AM
Paramount Gold Nevada Corp. (NYSE American: PZG) ("Paramount” or
“the Company”) announced today that it has initiated a drill
program at the Frost project located 12 miles southwest of the
Company’s high-grade Grassy Mountain gold project in Eastern
Oregon. As previously announced, Paramount received all required
permits from State and Federal authorities to drill its Frost
property in April 2021.
Paramount President & COO Glen van Treek
noted that the Frost property is a very close analog to the Grassy
Mountain high grade deposit now in the final stages of permitting.
“We are extremely excited to drill Frost. Discovering a deposit so
close to our proposed mine would extend mine life and substantially
improve overall project economics. We have carefully assembled a
strong set of data confirming the key characteristics we would like
to see in a drill target and the structures have the potential size
to host a significant addition to reserves.”
Paramount plans to send samples for assaying to
the ALS lab in Twin Falls, Idaho located approximately 200 miles
from Grassy Mountain.
The first phase of drilling will be a 15-hole
reverse circulation program of approximately 9,000 ft in total. The
program is designed to test prospective targets related to
interpreted silicification, and structures identified by the
Paramount team based upon historic assays, field mapping and
geophysical surveys (see drill hole location in maps below).
Historic drilling completed in the early 1990’s intersected up to
25g/T of gold and 27g/T of silver.
Proposed Drill hole location over CSAMT level
showing resistivity (high=white /
low=purple)https://www.globenewswire.com/NewsRoom/AttachmentNg/a548841b-23bc-4c24-ab04-d4b32bac88bf
The short 12-mile distance between Frost and
Paramount’s proposed Grassy Mountain gold mine presents a
significant opportunity for the Company to increase mine life as
economic mineralized material would be trucked as mill feed to the
Grassy processing facility. For additional details on the Frost
Project see our press release of April 13, 2021.
NI 43-101 Disclosure
Exploration activities at Grassy Mountain are
being conducted by Calico Resources USA Corp. personnel under the
supervision of Michael McGinnis (CPG 10914) Project Manager and a
Qualified Person under National Instrument 43-101, who has reviewed
and approved this release. An ongoing quality control/quality
assurance protocol is being employed for the program including
blank, duplicate and reference standards in every batch of
assays.
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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