NYSE American-listed Paramount Gold Nevada has bought 152 unpatented lode claims, about 3.2 km south of its former high-grade-producing Sleeper gold mine, increasing its total land position to more than 16 100 ha in the prolific Sleeper district.
The claims were formerly owned by several Nevada companies that collectively conducted numerous geophysical surveys and completed a total of 11 drill holes, which intersected gold values up to 9.48 g/t over 3.05 m in alluvium. These drill results were never properly assessed or followed up.
“This acquisition fits with our strategy of consolidating prospective targets near our material projects and applying our significant district knowledge of the geology to develop and execute successful exploration programmes,” said Paramount CEO Rachel Goldman.
On the merits of these new claims, Paramount president and COO Glen van Treek explained: “The Sleeper deposit sits on the margins of one of many major structural and lithological occurrences known as a ‘range front fault’ where several Nevada deposits have been found. In the Sleeper district, this feature, which is found throughout Nevada, is marked by a transition from ‘high density’ Jurassic-Triassic rock to the ‘lighter’ Tertiary volcanic sequences where the Sleeper mineralization is hosted. This major transition or break, together with other favourable structural zones, can be mapped in the field by geologists or, when covered by alluvium, using geophysical surveys. Our team has used a gravimetric survey to map the variations in density due to rock changes or significant alteration processes. At Sleeper, these favourable structures trend south-south-west, converging on our newly acquired claims.”
Paramount acquired the South Sleeper claims for $350 000 in a combination of cash and shares.