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Paramount Gold Nevada Acquires Strategic Land Package at Its Grassy Mountain Gold Project in Eastern Oregon
WINNEMUCCA, Nev., Nov. 06, 2018 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount”) today announced that it has entered into a de
About this update from Paramount Gold Nevada Corp.
[{"type":"text","content":" WINNEMUCCA, Nev., Nov. 06, 2018 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount”) today announced that it has entered into a definitive agreement with Cryla LLC. (“Cryla”), giving Paramount the right to acquire a 100% interest in 44 mining claims covering approximately 580 acres located immediately to the west of the proposed Grassy Mountain Mine site and associated infrastructure. Paramount now owns or controls all of the mining claims within its ~10,000 acre Grassy Mountain land package. Figure 1 Glen Van Treek, Paramount CEO stated, “We are pleased to secure the Cryla mining claims, the only claims within our land package that we did not control. We believe these claims offer excellent exploration potential and owning them eliminates any risk of having another party control mining claims in close proximity to our proposed mine site.” The Cryla claims sit between the Wally/Wood target and the Crabgrass target, a zone with a small historical resource. Paramount’s recently completed air mag and radiometric study identifies that a portion of the Cryla claims contain elevated radiometric potassium, which is analogous to the Grassy deposit itself. Radiometric potassium is interpreted to correspond to adularia sericite alteration, which is part of the alteration system associated with gold deposition at Grassy Mountain. Additionally, a significant break in the magnetometry could correspond to a structure that lies within the Cryla claims, aligning the Crabgrass and Wally/Wood areas (see images below). Figure 2 Figure 3 Highlights of the agreement:The definitive agreement is structured as a lease to own. Paramount will make annual payments to Cryla, an Alaska corporation, which are credited against a production Net Smelter Royalty (“NSR”) of 2% with a gold price less than $1,500 per ounce and 4% with a gold price equal to or greater than $1,500 per ounce. Following year three, Paramount has the right to purchase the claims for a payment of $560,000 but Cryla would maintain its NSR. Paramount also has the right to reduce the NSR to 1% for a payment of $800,000. 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 is a U.S...