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Para Resources Announces Drilling Program on the Tr-Ue Vein in Oatman Arizona and Private Placement Extension
Vancouver, British Columbia--(Newsfile Corp. - April 10, 2019) - Para Resources, Inc. (TSXV: P...
About this update from Soma Gold Corp.
[{"type":"text","content":"Para Resources Announces Drilling Program on the Tr-Ue Vein in Oatman Arizona and Private Placement ExtensionVancouver, British Columbia--(Newsfile Corp. - April 10, 2019) - Para Resources, Inc. (TSXV: PBR) (WKN: A14YF1) (OTC Pink: PRSRF) (the \"Company\" or \"Para\") announces an initial exploration plan for the Tr-Ue Vein near Oatman, Arizona and approximately 1.5 miles from the Gold Road mill and mine. The program, anticipated to begin in May, will start with the first phase of approximately 5 holes totaling 3,750 feet in conjunction with a geophysics program to orient future drilling. The program focuses on the Tr-Ue vein around the historic United Western and United Eastern mines. The United Western mine operated between 1928-1940 and produced 40,000 oz at an average gold grade of 0.30oz/t (10.3 g/mt). The United Western mine is located 1.7 miles on a paved road to the Gold Road mill. The United Eastern mine ran from 1917-1923 producing 550,000 oz at an average grade of 1.12 oz/t (38.40 g/mt)¹.The objective of Phase 1 is to identify potential resources that could provide higher grade feed or expansion to the Gold Road mill. The capacity of the Gold Road mill is 500 tons per day, but it is permitted up to 1,000 tons per day fed from any Oatman District Mine with similar ore chemistry. Phase 2 of the program is estimated to contain an additional 45 holes for an additional 27,000 feet of drilling to develop an inferred resource, with a target of over 100,000 oz above 0.30 oz/t.¹ Ian Harris, President of Para Resources, stated: \"The long-term strategy for Gold Road has been to increase grade and tonnage through exploration of the entire Oatman district, especially the Tr-Ue Vein that has historically produced higher grade. We have built a solid base with the successful restart of Gold Road, including doré production, and with the mine continuing to add production faces and we look forward to moving forward with exploration on the Tr-Ue vein with the goal of identifying significant tonnage of higher grade material which will dramatically improve gold production at the Gold Road Mill.\"The Company also announces that, further to its news release dated February 20, 2019, the TSX Venture Exchange has granted an extension of 30 days for filing final documentation in respect of closing the Company's previously announc...