Paramount Gold Completes Geophysical Survey on Newly Acquired Bald Peak Project in Nevada
October 19 2021 - 7:00AM
Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount”)
announced today that it has completed a promising ground
geophysical survey of its recently acquired Bald Peak Project
(“Bald Peak”) located in Mineral County, Nevada.
The Controlled Source Audio-frequency
Magnetotellurics Survey (“CSAMT”) totalling 21.4 km over 15 lines
defined three-dimensional continuity of silicified zones which
appear to be the source of surface gold on the property. These
zones are identified as areas of resistivity by CSAMT. The
Company’s technical team has reviewed and verified surface samples
from these zones completed by previous operators which returned
gold values of up to 8 g/T associated with strong silicification
and occasional brecciation, a favourable feature also identified by
the CSAMT survey.
Paramount President and COO, Glen Van Treek,
commented: “We are encouraged to find strong resistivity zones
immediately below surface rock samples grading over 2 g/T and up to
8 g/T Au in this never before drilled project. The next phase of
exploration is to design and execute our initial drill
program.”
The CSAMT survey measured the conductivity of
the ground to a depth of approximately 400 meters. Numerous highly
resistive bodies were found with values over 1,000 ohm-meters, a
very high reading typically associated with high silica bearing
bodies. The CSAMT survey was completed by Zonge International
Geophysical Services and monitored by Jim Wright of Wright
Geophysics, a well-known senior geophysicist with over 48 years’
experience in Nevada. An approximate 2-kilometer zone was
identified striking NNE with similar veining to Hecla Mining’s
Aurora mine immediately east of Bald Peak (see figures below).
Figure 1 surface samples showing the 50-100m
depth slice of CSAMT (higher resistivity in red, lower in purple)
- https://www.globenewswire.com/NewsRoom/AttachmentNg/c161c0fe-0917-4bbf-b0b7-5f6e1d0efa07
Figure 2 CSAMT line 4, showing strip of surface
samples with several samples over 2 g/T Au
- https://www.globenewswire.com/NewsRoom/AttachmentNg/21ce089c-5091-47ae-bbcc-396f34077121
To stay informed of future press releases,
subscribe to our E-Alerts Program and to learn more about our
projects visit the projects section of our website.
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 holds a 100% interest in four gold
projects: Grassy Mountain; Frost; Sleeper and Bald Peak.
The Grassy Mountain Gold Project 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”). An initial drill program
is ongoing.
The Sleeper Gold Project is 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.
The newly acquired Bald Peak Project in Nevada,
consists of approximately 2,260 acres.
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 Officer Christos
Theodossiou, Director of Corporate
Communications 866-481-2233 Twitter:
@ParamountNV
Paramount Gold and Silver (AMEX:PZG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Paramount Gold and Silver (AMEX:PZG)
Historical Stock Chart
From Jul 2023 to Jul 2024