Paramount Gold (NYSE Amex:PZG)(TSX:PZG) (FRANKFURT:WKN:A0HGKQ) announced today that its drill program to expand gold resources at its recently acquired Sleeper Gold Project in Nevada will commence next week.
Details of the $3 million exploration program were announced by Paramount on September 13, 2010.
Summary of drill program:
The exploration program will focus on two resource areas near historical mining, the West Wood Vein and the Facilities target.
At West Wood, the program is designed to:
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Confirm the geological model on which the existing resource estimate was based;
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Test the potential for a significant strike extension to the north of the West Wood resource area and;
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Collect samples for use in metallurgical test work as the next step in completing a Preliminary Economic Assessment of the West Wood resource.
On the Facilities target drilling will concentrate on:
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Evaluating the potential for expansion of high grade vein occurrences in the target area;
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Collect new mineralized material for use in metallurgical test work; and
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Increase the drill density to upgrade the classification of inferred resources in the resource area.
Other existing targets are being evaluated and prioritized for inclusion in the program. "Paramount is aggressively pursuing its strategy of developing new gold resources around existing mining camps situated in geological environments with exceptional potential for the discovery of large deposits and we are especially excited to commence drilling on the Sleeper project, our second large-scale resource expansion program", Paramount CEO Christopher Crupi said.
Source: Paramount Gold & Silver Corp.