Paramount Gold Nevada receives permit for Bald Peak Project

Paramount Gold Nevada announced today that it has received the permit from the US Forest Service to drill its Bald Peak Project in Mineral County, Nevada. The Bald Peak project consists of a 4-mile-long prospective area with significant gold mineralization identified in surface samples, promising geophysical targets, and excellent geology within the Aurora-Borealis mining district. These two mines have produced more than 2 million ounces of gold for owner Hecla Mining. Hecla plans to conduct exploration drilling at their Aurora site to replenish resources after having consolidated their land position, and the nearby, open pit Borealis Mine is currently in production with a heap leach recovery operation. With significant gold grades identified at surface, Bald Peak displays similar surface features as Hecla’s Aurora mine. 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 Au g/T. Many of the rock samples were taken from areas with large vein structures and silicified outcrops. A Control Source Audio Magneto Telluric 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.