Paramount Gold and Silver Corp. Commences Drilling at their San
Miguel Project Focusing on Gold-Rich
Paramount Gold and Silver Corp. Commences Drilling at their San Miguel Project Focusing on Gold-Rich Targets
(Thomson Reuters ONE) - CHIHUAHUA, MEXICO--(Marketwire - July 15, 2009) - Paramount Gold andSilver Corp. ("Paramount") (TSX: PZG)(NYSE: PZG)(FRANKFURT: P6G)(WKN:A0HGKQ) is pleased to announce that the drilling campaign on the SanMiguel project was restarted. This drilling program will be conductedin 2 distinct stages, target testing and follow-up resourcedelineation. Exploration drilling is focusing on the gold-rich partsof the San Miguel mineral system with the goal of defining 2 milliongold ounces within the next 12 months. It is anticipated that asignificant silver credit would accompany successfully attaining thisgoal. The initial target testing stage is utilizing 1 diamond coredrill contracted from Layne de Mexico S.A. de C.V.Ongoing surface exploration and compilation of past drilling haveidentified 7 target zones and additional work is expected to identifymore zones. Three different geological concepts have been recognizedamong the identified target zones:- Synvolcanic structural basins with gold concentrations along thebasin margin in veins, breccias and as detritus within the basin(Monte Cristo Target).- Quartz veins with localized high-grade gold concentrations inplunging shoots distributed along the strike of the vein (GdlRTarget, San Francisco Target, La Tinaja Target, and San MiguelTarget).- Sheeted quartz vein zones where a broad zone of subparallel quartzveins provides potential for bulk minable targets (San AntonioTarget, Alisitos Target).It is anticipated that the ongoing surface exploration will identifyadditional target zones. These areas will be compared to existingopportunities and the best targets will be tested. The initial targettesting is designed for 8,000 meters of drilling and is expected tobe completed in October. The resource delineation stage of theprogram would begin upon completion of this first stage of drilling.Exploration activities at San Miguel are being conducted by Paramountde Mexico personnel under the supervision of Bill Threlkeld aQualified Person as defined by National Instrument 43-101. An ongoingand rigorous quality control/quality assurance protocol is beingemployed during the program including blank, duplicate and referencestandards in every batch of assays. Cross-check analyses are beingconducted at a second external laboratory on 10% of the samples.Samples are being assayed at ALS Chemex., Vancouver, B.C., using fireassay atomic absorption methods for gold and aqua regia digestion ICPmethods for other elements.Paramount Gold and Silver holds a 100% interest in several NorthAmerican gold projects. The Corporation's principal asset is the SanMiguel property in Chihuahua State, Mexico. For more information onthe Corporation visit the Company's website athttp://www.paramountgold.com.Contacts:Paramount Gold and Silver Corp.Christopher CrupiCEO866-481-2233 / 613-226-9881Paramount Gold and Silver Corp.Chris TheodossiouInvestor Relations866-481-2233 / 613-226-9881This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Bereitgestellt von Benutzer: hugin
" alt="Van der Moolen makes announcement regarding Board>">Datum: 15.07.2009 - 23:52 Uhr
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