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Paramount Gold Nevada Receives Permits to Drill Frost Gold and Silver Prospect in Eastern Oregon
WATCH VIDEO SUMMARY OF THE PRESS RELEASE WINNEMUCCA, Nevada, April 13, 2021 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American: PZG) announced today
About this update from Paramount Gold Nevada Corp.
[{"type":"text","content":" WATCH VIDEO SUMMARY OF THE PRESS RELEASE WINNEMUCCA, Nevada, April 13, 2021 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American: PZG) announced today that it has received all required permits to conduct exploratory drilling at the Frost Project (“Frost”) in Eastern Oregon from the Bureau of Land Management (“BLM”), the Oregon Department of Geology and Mineral Industries (“DOGAMI”) and associated agencies. 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”). Paramount CEO, Rachel Goldman stated: “Our team is excited to undertake the upcoming drill program at Frost given the high-grade nature of the historic intercepts which yielded up to 25 g/T gold and 27 g/T silver but were never properly evaluated.” Given the proximity of Frost to Grassy, mineralized material would be trucked as mill feed to the Grassy processing facility. Every incremental 270,000 tonnes of economic mineralized material would extend the mine life by a year, improving overall project economics as defined in the Grassy Feasibility study. The interpretation of the historic drilling data in conjunction with geophysical survey results provided the basis for the planned 9,000 ft., 15-hole reverse circulation drill campaign which is expected to start in late Q2, 2021. The historic high-grade gold encountered at Frost was from structures exhibiting magnetic lows in rock formations similar in nature to those found at Grassy. Since acquiring the Frost Project in 2018, Paramount has completed multiple surveys, including: geology reconnaissance and surface sampling; helicopter borne magnetometry and radiometric (“Heli-mag”); and a 14-line Controlled Source Audio Magneto Telluric survey, (“CSAMT”). Heli-mag & Radiometric: Due to the nature of deposits like Grassy and the Frost prospect, alteration and/or oxidation along mineralized or fluid conducting structures, exhibit a relatively lower magnetic signature. Additionally, potassium rich minerals such as adularia and sericite are often associated with gold deposition and since potassium is a slightly radiometric element, it can be mapped by sensors. CSAMT: This study measures the variation in electrical conductivity of different rock type...