NYSE American-listed Paramount Gold Nevada has received a permit from the US Forest Service to drill its Balk Peak project, in Nevada.
The project is located in the Aurora-Borealis mining district, where Hecla Mining has produced more than two-million ounces of gold.
With significant gold grades identified at surface, Bald Peak displays similar surface features as Hecla’s Aurora mine, states Paramount.
In 2021, Paramount conducted additional surface sampling to supplement soil and rock samples taken by previous property holders. A total of 44 rock chip samples were assayed yielding an average of 2.62 g/t gold with values up to 10.58 g/t.
A control source audio magneto telluric (CSAMT) survey totalling 21 line kilometers was conducted over the most prospective areas. The CSAMT resulted in the mapping of several structural features and high resistivity zones that coincide with silicified outcrops host to significant gold values identified in rock chip samples
“Our team has been excited about this Nevada opportunity from the completion of the initial due diligence. When considering the proximity to openpit gold mines coupled with initial excellent mineralised surface samples and co-incident geophysical anomalies on this property, which has never been drilled, all indications point to the potential for an openpit deposit, comments president and COO Glen van Treek.
An initial drill programme is expected to begin next year.