American Paramount Gold Corp. (OTCBB:APGA) has reported the CSAMT geophysical survey data collection phase of the survey at the Company's Capgold epithermal gold & silver project is complete.
“Completion of the CSAMT data collection is the final step in readying the Capgold project for our drilling program. The Company intends to spend approximately $2.5 million drilling the large aurific epithermal system identified in earlier work at Capgold.”
Mr. James Wright, the Company's Geophysical Consultant and principal of Wright Geophysical of Spring Creek, Nevada, was responsible for supervising the data acquisition and is responsible for the interpretation of the survey data, and for reporting the results to American Paramount Gold. The Company expects Mr. Wright's report will be presented to management shortly. Mr. Hugh Aird, American Paramount Gold's President and CEO stated "Completion of the CSAMT data collection is the final step in readying the Capgold project for our drilling program. The Company intends to spend approximately $2.5 million drilling the large aurific epithermal system identified in earlier work at Capgold."
Previous drilling and a 2004 Gradient Array Resistivity geophysical survey indicate potential for identifying economic quantities of high-grade gold and silver mineralization in the Capgold epithermal system, as most of the gold and silver identified at Capgold to date has been found within large zones of silicification which are receptive to identification by resistivity measurement surveys. Capgold is located in Nye County, Nevada, approximately 55 miles east-south-east of Tonopah. The current survey has expanded the area of coverage to approximately 6 square miles, from the approximately 1 square mile area covered by the previous survey. Examples of encouraging historic drill results from Capgold include drill holes T00-18 and AC-02 which intersected 5 feet of 31.0 grams gold per ton and 55.0 grams silver per ton followed by another 5 feet of 9.5 grams gold per ton and 31.0 grams silver per ton, and 4 feet of 15.5 grams gold per ton and 196 grams silver per ton respectively.
Mr. Aird continued, "It is management's current opinion that the necessary critical elements are in place at Capgold (including economic-grade mineralization in both RC and core drill holes) for the potential identification and development of both high-grade underground and large low-grade surface open-pit mineable deposits. We look forward to receipt of Mr. Wright's report."
Source: American Paramount Gold Corp.