Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount” or
the “Company”) has issued an S-K 1300 Technical Report Summary
(“TRS” or the “Study”) for its 100% owned Sleeper Gold-Silver
Project (the “Project”) improving upon the total resources and
associated confidence in the resources previously reported.
Paramount’s President and COO Glen Van Treek
stated that, “Our team is thrilled with the progress we have made
advancing the Sleeper project since the complete database
verification process commenced. We are very optimistic this new
resource estimate will support a robust Initial Assessment of
project economics as recommended by our consultants, MDA of Reno,
Nevada, a division of RESPEC.”
CEO Rachel Goldman noted that, “The database
verification process has captured the value of tens of millions of
dollars of historical work done on the Sleeper Project. Sleeper is
a significant asset which we think is not reflected in our current
valuation and the future potential of our Company. This resource
restatement is a major step forward towards realizing Sleeper’s
value for our shareholders.”
The digitizing and validation of the Sleeper
database included over 4,200 drill holes completed since the
original AMAX gold discovery hole in the 1980’s, a span of over 40
years. The database review included a revision of gold and silver
values against original assay certificates, drill hole logs, sample
sheets and verification of over 300,000 samples containing gold and
silver assays. Additionally, the team re-assayed over 3,000 samples
of old pulps and split core from drilling conducted in the 80’s and
90’s, bringing the overall database to current industry
standards.
The new resource model based on the verified
database increased total gold resources from 2.4 million ounces to
3.1 million ounces and improved the confidence level by upgrading
60% or 1.9 million ounces of total gold resources to the measured
and indicated categories from inferred resources in the TRS filed
in September of 2022.
Mineral Resources
Category |
Tonnes(000’s) |
Au(g/T) |
Au(000’s oz) |
Ag(g/T) |
Ag(000’s oz) |
Measured |
4,902 |
0.537 |
85 |
3.61 |
570 |
Indicated |
158,337 |
0.356 |
1,812 |
4.06 |
20,661 |
Inferred |
119,909 |
0.315 |
1,214 |
2.45 |
9,454 |
Notes:
- The estimate of mineral resources
was done by RESPEC in metric tonnes.
- Mineral Resources comprised all
model blocks at a 0.14 g Au/t cut-off for Oxide and Mixed, 0.17 g
Au/t for Sulfide within an optimized pit and 0.14 g Au/t for
dumps.
- The average grades of the Mineral
Resources are comprised of the weighted average of Oxide, Mixed,
Sulfide, and dumps mineral resources. Alluvium mineralized
materials are not included in the mineral resources.
- Mineral Resources within the
optimized pit are block-diluted tabulations. Dumps mineral
resources are undiluted tabulations.
- Mineral Resources that are not
Mineral Reserves do not have demonstrated economic viability.
- Mineral Resources potentially
amenable to open pit mining methods are reported using a gold price
of US$1,800/oz, a silver price ofUS$22/oz, a throughput rate of
30,000 tonnes/day, assumed metallurgical recoveries of 84.6% for Au
and 52.3% for Ag, mining costs of US$2.40/tonne mined, heap leach
processing costs of US$3.08/tonne processed, floatation with
bio-oxidation processing costs of US$8.52/tonne processed, general
and administrative costs of $0.46/tonne processed. Gold and silver
commodity prices were selected based on analysis of the three-year
running average at the end of July 2023.
- The effective date of the estimate
is June 30, 2023.
- Rounding may result in apparent
discrepancies between tonnes, grade, and contained metal
content.
Source: (As Filed) S-K 1300 Technical Report Summary
Initial Assessment
RESPEC recommends the completion of a TRS
Initial Assessment to test the preliminary project economics and if
positive, recommends additional metallurgical testing and a
7,600-meter infill drill program to provide additional information
related to geotechnical data, hydrology, improvements to resource
reliability and confidence. RESPECs detailed recommendations,
outlined in the Study, provide a clear path forward through to the
completion of a Pre-Feasibility Study.
S-K 1300 is a Securities Exchange Commission
("SEC") requirement that requires registrants with material mining
operations including those in the exploration and development stage
to provide certain disclosures about its mining activities in its
SEC filings.
Qualified Person DisclosureThe mineral resource
estimate was completed and reviewed by a Qualified Person at
RESPEC, and metallurgical inputs were given by a Qualified Person
at Woods Process, who are independent of Paramount Gold Nevada
Corp.
All the above-named Companies have reviewed and
approved this news release.
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”).
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
2,474 unpatented mining claims (approximately 44,917 acres).
The drill ready, Bald Peak Project in Nevada,
consists of approximately 2,260 acres.
Cautionary Note to U.S. Investors
Paramount is subject to the reporting
requirements of the Securities Exchange Act of 1934 and this filing
and other U.S. reporting requirements are governed by Subpart 1300
of Regulation S-K promulgated by the SEC. Additionally, Paramount
is subject to certain reporting requirements under applicable
Canadian securities laws with respect to our material mineral
properties under National Instrument 43-101 Standards of Disclosure
for Mineral Projects (NI 43-101). We caution investors that certain
terms used under Canadian reporting requirements and definitions of
NI 43-101 to describe mineralization may not be classified as a
“reserve” unless the determination has been made that the
mineralization could be economically and legally produced or
extracted at the time the reserve determination is made. Therefore,
investors are cautioned not to assume that all or any part of the
mineralized material contained at any of our material projects will
ever be converted to Subpart 1300 of Regulation S-K compliant
reserves.
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
Communications844-488-2233Twitter:
@ParamountNV
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