Paramount Gold Completes Geophysical Survey on Newly Acquired Bald Peak Project in Nevada
WINNEMUCCA, Oct. 19, 2021 - 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) -
Figure 2 CSAMT line 4, showing strip of surface samples with several samples over 2 g/T Au -
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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.
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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