Paramount Gold and Silver Corp TSX:PZG announced drill results from the West Wood Target at its Sleeper Gold Mine Project in Nevada. Highlights include 5.32 g/t gold over 3.7 metres, 3.04 g/t over 7.6 metres, 1.31 g/t over 6.1 metres, 1.52 g/t over 33.6 metres, 1.35 g/t over 6.1 metres, 0.95 g/t over 28.9 metres, 2.72 g/t over 42.1 metres, 1.57 g/t over 30.5 metres and 1 g/t over 16.5 metres.
CEO Christopher Crupi tells ResourceClips.com, “The Sleeper Mine was mined until the late 80s. We bought it last August and started to understand a little bit about what had gone on. There was basically a historic, compliant indicated resource of 1.1 million ounces in the ground. We want to make that bigger and better. And so our first drill program was to take one of the more developed areas—called the West Wood area—which is basically just stepping-out from the edge of the existing pit—and do some of the infill drilling and make the vein a little bit bigger. That’s exactly what we’ve done.
“The first four holes that we’ve just got back basically prove the theory that the model they had in place is valid and the resource is getting bigger. We got some nice grades as well. So we’re moving this along towards an economic scoping study. By this drilling we’ve got 10 more holes to come out still.
“We want to make this a Sandman-sized deposit. We’re right next to Fronteer Gold’s Sandman Project, that just got bought by Newmont, and so all of a sudden the focus is here. So we’re in a great spot to be building ounces right now. If we can get it over the economic hurdle of perhaps two million ounces of gold, I think we’re going to have some fun with the property in terms of redeveloping or selling it or partnering it.
“Another drill program has started at Sleeper, and we’ve started a resource update based on that program. And we’re going to move towards an economic scoping study. So we’ve got three steps to get through this year and make it over that two-million-ounce hurdle.
“I think the project has tremendous upside. We’ve got 30 square miles here that’s basically never been touched except for the existing pit. We’ve also got resource underneath the pit.” Crupi concludes, “So the potential to build a five-million-ounce gold deposit is very real, and that’s what we’re shooting for in the long term.”
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or Chris Theodossiou
by Ted Niles