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Paramount Gold Nevada Corp. Intersects 75 Meters of 8.15 g/t Au and 12.4 g/t Ag at Grassy Mountain Project, Oregon
WINNEMUCCA, Nev., June 21, 2017 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE MKT:PZG) ("Paramount”) announced today that assay results from four new ho
About this update from Paramount Gold Nevada Corp.
[{"type":"text","content":"WINNEMUCCA, Nev., June 21, 2017 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE MKT:PZG) (\"Paramount”) announced today that assay results from four new holes drilled at the Grassy Mountain Project confirm the consistency of grade and thickness of gold mineralization required for underground mining and may enhance the mineable resource. The 30-hole drill program is part of a Preliminary Feasibility Study (“PFS”) which Paramount is undertaking for construction and operation of an underground mine to exploit the high-grade gold core at its Grassy Mountain Project located on private ground in eastern Oregon. The PFS is expected to: convert, a significant portion of the underground measured plus indicated resources to proven and probable reserves; establish the parameters of a mining and milling operation; define capital and operating costs; and advance the project through the permitting process with the Bureau of Land Management (“BLM”), Oregon Department of Geology and Mineral Industries (“DOGAMI”) and the local agencies of Malheur County. The drilling is designed to: improve the confidence level of the resource; better define and potentially expand the high grade core; and acquire material for additional metallurgical testing and geotechnical data required to determine precious metal recovery processes and mining method. The PFS is scheduled for completion in early 2018. The four holes reported today were drilled into the southwest portion of the deposit (see the map below). All four confirmed or exceeded the expected grades and thicknesses predicted in the resource model contained in the project’s current Preliminary Economic Assessment (“PEA”). In particular, an impressive intercept in hole GM17-19 returned 8.15 g/T gold and 12.4 g/T silver over 245 feet (75 meters), which is likely to increase the overall grade of the resource in this area (see the cross section below). Drilling was completed using a reverse circulation (“RC”) rig for the upper portion of the deposit and a core rig for the high grade underground portion which will be incorporated into a mine plan. The tables below provide detailed assay results, objectives and observations for each drill hole: Hole ID Type From (ft.) To (ft.) Width (ft.) Width (m) Au(g/T) Ag (g/T) GM17-12 Core & RC 85 145 60 18.3 1.00 1.2 170 255 85 25.9 0.52 &nbs...