Paramount Receives Permit to Drill Bald Peak Project in Mineral County, Nevada
December 05 2022 - 10:06AM
Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount” or
the “Company”) announced today that it has received the permit from
the US Forest Service to drill its Bald Peak Project (“Bald Peak”)
in Mineral County, Nevada.
The Bald Peak project consists of a 4-mile-long
prospective area with significant gold mineralization identified in
surface samples, promising geophysical targets, and excellent
geology within the Aurora-Borealis mining district. These two mines
have produced more than 2 million ounces of gold for owner Hecla
Mining. Hecla plans to conduct exploration drilling at their Aurora
site to replenish resources after having consolidated their land
position, and the nearby, open pit Borealis Mine is currently in
production with a heap leach recovery operation.
Figure 1: Location map showing Bald Peak
prospect in proximity to the Aurora and Borealis mines is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a52e2ab1-aec3-4f24-b5d0-e3c2a54a524c
With significant gold grades identified at
surface, Bald Peak displays similar surface features as Hecla’s
Aurora mine. In 2021, Paramount conducted additional surface
sampling to supplement soil and rock samples taken by previous
property holders. A total of 44 rock chip samples were assayed
yielding an average of 2.62 g/T gold with values up to 10.58 Au
g/T. Many of the rock samples were taken from areas with large vein
structures and silicified outcrops (see Figure 2 below).
A Control Source Audio Magneto Telluric
(“CSAMT”) survey totalling 21-line kilometers was conducted over
the most prospective areas. The CSAMT resulted in the mapping of
several structural features and high resistivity zones that
coincide with silicified outcrops host to significant gold values
identified in rock chip samples.
Figure 2: CSAMT pseudo resistivity section
showing interpreted structures and high resistivity zones is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f1107f84-5704-4d79-abf4-8646d8514e78
Paramount President and COO, Glen Van Treek
commented: “Our team has been excited about this Nevada opportunity
from the completion of the initial due diligence. When considering
the proximity to open pit gold mines coupled with initial excellent
mineralized surface samples and co-incident geophysical anomalies
on this property, which has never been drilled, all indications
point to the potential for an open pit deposit.” An initial drill
program is expected to begin next year.
The objectives of our drill program are to
confirm the results of the surface sampling at depth. Targeting
will focus on where the surface samples with the highest gold
occurrences are clustering near the most intense area of the
geophysical anomaly.
Figure 3: An approximate 60 foot long, strong
silicified outcrop with gold grades from sampling that will be
drill tested is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d5fbc8fe-c9c9-440e-a85b-deb098ba29bd
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 OfficerChristos
Theodossiou, Director of Corporate
Communications866-481-2233Twitter:
@ParamountNV
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