Paramount Gold Nevada Corp., a U.S.-based precious metals exploration and development company, recently declared that it has commenced a drill program at the Frost project situated 12 miles to the southwest of the company’s high-grade Grassy Mountain gold project in Eastern Oregon.
As declared earlier, Paramount received all the necessary permits from State and Federal authorities to drill its Frost property in April 2021.
Glen van Treek, Paramount’s President and COO, explained that the Frost property is a closely attached analog to the Grassy Mountain high-grade deposit that is now in the final stages of permitting.
We are extremely excited to drill Frost. Discovering a deposit so close to our proposed mine would extend mine life and substantially improve overall project economics. We have carefully assembled a strong set of data confirming the key characteristics we would like to see in a drill target and the structures have the potential size to host a significant addition to reserves.
Glen van Treek, President and COO, Paramount Gold Nevada Corp.
Paramount intends to dispatch samples to the ALS lab in Twin Falls, Idaho, for evaluation. The lab is located roughly 200 miles from Grassy Mountain.
The initial drilling phase will include a 15-hole reverse circulation program of nearly 9,000 ft in total. The program has been engineered to test potential targets associated with interpreted silicification, and structures determined by the Paramount team based on geophysical surveys, field mapping and historic assays. Historic drilling ended in the early 1990s and sectioned up to 25 g/T of gold and 27 g/T of silver.
The short 12-mile distance from Frost to Paramount’s planned Grassy Mountain gold mine offers a major opportunity for the company to increase mine life as economic mineralized material that would be transported as mill feed to the Grassy processing facility.
NI 43-101 Disclosure
At Grassy Mountain, exploration activities are being carried out by Calico Resources USA Corp. personnel under the monitoring of Michael McGinnis (CPG 10914), Project Manager and a Qualified Person under National Instrument 43-101. McGinnis has examined and approved this release. An ongoing quality control or quality assurance protocol is being applied to the program, including blank, duplicate and reference standards in each batch of assays.