Paramount Gold and Silver Corp. Discovers Bulk Mineable Gold Targets at San Miguel Project
Delineation drilling to begin immediately on disseminated gold deposits
CHIHUAHUA, MEXICO–(Marketwire – Jan. 7, 2010) – Paramount Gold and Silver Corp. (NYSE Amex:PZG)(TSX:PZG)(FRANKFURT:P6G)
The initial phase of target test drilling at Paramount`s 100% owned San Miguel Project in the Palmarejo Mining Camp, Chihuahua State, Mexico has discovered a new, gold-rich, bulk-mineable style of deposit with the potential to meet Paramount`s goal of adding two million ounces of gold resources in the current program.
The test phase has to date drilled 10,191 meters of core into seven different targets. Three of these targets with bulk mineable potential have been moved to the next phase of work– resource definition drilling– to begin in January 2010 using a diamond core drill and a reverse circulation drill both contracted from Layne de Mexico SA de CA. Another three targets will continue in the test phase.
Chris Crupi, CEO of Paramount, commented that “our efforts during the past year have focused on understanding the different target styles within our very large property position and identifying the controls governing gold concentrations. With these questions largely answered, we can now focus on resource expansion at the highest priority targets. We are most excited about a new, gold-rich bulk deposit style which could rapidly expand the size and quality of our project.” The bulk targets were defined by the following drill hole intersections:
Read about the drill results at www.paramountgold.com
