Paramount Gold Geophysical Survey Confirms High Priority Exploration Targets at the Frost Project in Eastern Oregon
June 11 2019 - 7:00AM
Paramount Gold Nevada Corp. (NYSE American: PZG) ("Paramount” or
“the Company”) announced today that a new Controlled Source
Audio-frequency Magneto-Tellurics (“CSAMT”) ground geophysical
survey recently completed at the Frost Project (“Frost”) has
confirmed high value gold targets that coincide with previous
geophysical surveys and surface mapping. Frost is located
approximately 12 miles west of Paramount’s 100%-owned Grassy
Mountain (“Grassy”) project in eastern Oregon where the Company is
in the late stages of permitting a high grade underground gold
mine.
The CSAMT ground geophysical survey identified
favorable resistivity anomalies along the same mineralized trend
found in a helicopter-borne magnetic and radiometric survey
completed over the entire Frost Project in 2018 (see October 2,
2018 news release). This survey found a promising large magnetic
low correlating with a structural corridor hosting historical high
grade gold drill intercepts. Based on the positive results of the
helicopter survey, Paramount staked additional claims at Frost in
December 2018 (see January 9, 2019 news release). Surface mapping
along the corridor delineated by the geophysics has confirmed the
presence of sinter outcrops which are a key indicator of gold
concentrations at Grassy.
Although Frost has never been explored systematically,
historical drilling from 1989 through 1990 generated very promising
near surface gold intercepts including 1.5 meters grading 20 g/T
Au, 4.6 meters of 14.5 g/T Au, another 4.6 meter intercept grading
8.0 g/T Au and 7.6 meters of 1.2 g/T Au.
Paramount CEO, Glen Van Treek, commented: “Frost is in a
favourable geological setting strikingly similar to the Grassy
Mountain deposit and is located within trucking distance to our
proposed mine and mill operation. We think Frost has the potential
to add valuable mine life to our Grassy project. The geophysical
data we have collected is very encouraging because it confirms that
the historical drill intercepts at Frost lie within favourable
structures that have the potential for size and continuity.”
Paramount has designed an initial drill program and has begun
the required permitting process with the US Bureau of Land
Management.
NI 43-101 Disclosure
Paramount’s exploration programs are supervised by Michael F.
McGinnis, CPG 10914. Mr. McGinnis is a Qualified Person under
National Instrument 43-101. He has reviewed and approved this press
release.
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About Paramount Gold Nevada Corp.
Paramount Gold Nevada 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 into 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 11,000 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 PFS have been
released and key permitting milestones accomplished (see press
release dated May 24, 2018). Additionally, Paramount owns a 100%
interest in the Sleeper Gold Project located in Northern Nevada.
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).
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:
production estimates and assumptions, including production rate and
grade per tonne; revenue, cash flow and cost estimates and
assumptions; statements with respect to future events or future
performance; anticipated exploration, development, permitting and
other activities on the Grassy Mountain project; the economics of
the Grassy Mountain project, including the potential for improving
project economics and finding more ore to extend mine life; and
mineral reserve and mineral resource estimates. 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 PFS; the quantity and grade of resources included in resource
estimates; the accuracy and achievability of projections included
in the PFS; 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 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; 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. Glen Van Treek, President,
CEO and Director Christos Theodossiou,
Director of Corporate
Communications866-481-2233Twitter:
@ParamountNV
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