Paramount Gold and Silver Corp PZG:CA announced drill results from its San Miguel Project in Mexico. Assays include 2.11 g/t gold and 90.4 silver over 16 metres (including 4.25 g/t gold and 133.4 g/t silver over 7.6 metres), 1.6 g/t gold and 62 g/t silver over 16.3 metres, 6.53 g/t gold and 590.4 g/t silver over 13.4 metres, 1.31 g/t gold and 179.9 g/t silver over 6.3 metres, 3.11 g/t gold and 169.4 g/t silver over 27 metres, and 5.35 g/t gold and 387.4 g/t silver over 9.7 metres.
CEO Christopher Crupi tells ResourceClips.com, “We had a resource at the end of 2008 of 2.6 million ounces [gold equivalent] and we’ve been drilling ever since. This target will be fairly significant because it’s right up against the Coeur d’Alene property (Coeur d’Alene Mines Corporation CDM:CA), which is basically an extension of their main Palmarejo vein. That mine is one of the largest silver mines in the world, and it’s really wide open. We completely surround them on the land position—and we are the only two companies here. We have 450,000 acres.
“We thought there was some mineralized structure there, but we didn’t think the grades would be so high. We’re going to keep drilling it at length and down-dip and hopefully this thing exceeds a million ounces in just this one high-grade ‘orchard.’ There being a mill in the neighbourhood, the turn to production could be very quick as well, given that there’s capacity at that mill.
“We’re extremely excited about these results and I think the market is too,” concludes Crupi. “We’re very focussed on it and drilling will continue right through the holidays.”
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or Chris Theodossiou
by Ted Niles