Business
Paramount Gold Nevada Acquires Promising High Grade Gold Prospect Near Its Grassy Mountain Project in Eastern Oregon
HISTORICAL DRILLING INCLUDES INTERCEPTS OF UP TO 20 G/T GOLD NEAR SURFACE FROST PROJECT 12 MILES FROM GRASSY MOUNTAIN, HAS SIMILAR GEOLOGICAL SIGNATURES WINNEMU
About this update from Paramount Gold Nevada Corp.
[{"type":"text","content":" HISTORICAL DRILLING INCLUDES INTERCEPTS OF UP TO 20 G/T GOLD NEAR SURFACE FROST PROJECT 12 MILES FROM GRASSY MOUNTAIN, HAS SIMILAR GEOLOGICAL SIGNATURES WINNEMUCCA, Nev., Nov. 14, 2018 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount”) today announced that it has entered into an agreement with Nevada Select Royalty (“Nevada Select”), a wholly owned subsidiary of Ely Gold Royalties, Inc. (TSX-v: ELY) (OTCQB: ELYGF) (“Ely Gold”), to purchase a 100% interest in the Frost Project (“Frost”), which totals approximately 900 acres and is located approximately 12 miles west of its 100%-own Grassy Mountain Project. Paramount CEO, Glen Van Treek, commented: “The Frost gold occurrence is in a favourable geological setting which is strikingly similar to the Grassy Mountain Deposit and located within trucking distance to our proposed mine and mill operation. We are very encouraged by the historical drill intercepts at Frost, although it has not been systematically explored. We believe that there is excellent potential to find a deposit similar to Grassy Mountain using the expertise we have developed in the area and at other epithermal deposits.” The historical drilling conducted in 1989 through 1990 intersected very promising gold intercepts including 1.5 meters grading 20 g/T gold at a relatively shallow depth (between 18 to 93 meters). A few other examples of these historical intercepts are: 4.6 meters grading 14.5 g/T Au; 4.6 meters grading 8.0 g/T Au; and 7.6 meters grading 1.2 g/T Au. Additionally, as part of its due diligence process, Paramount extended the Grassy Mountain helicopter magnetic and radiometric surveys over the entire Frost Project (See October 2, 2018 news release). “Data from the recently completed magnetic survey reveals a large magnetic low. This suggests the existence of a favourable structural corridor which could have transported precious metal-bearing fluids. The historic drill holes yielding high grade gold intercepts correlate with this magnetic low and represent an excellent drill target that we expect to include in our 2019 exploration program. If an economic deposit is found at Frost, we expect to truck the ore to the proposed Grassy Mountain Mill for processing”, Van Treek added. “We see this as a potentially low-cost option to increase the life of the proposed Gra...