Paramount Gold Nevada Corp. [PZG-NYSE American] has entered into an agreement with Nevada Select Royalty to purchase a 100% interest in the Bald Peak Project located in Mineral County, Nevada. Nevada Select is a wholly owned subsidiary of Ely Gold Royalties Inc. , which was recently acquired by Gold Royalty Corp. [GROY-NYSE American].
Paramount President and COO, Glen Van Treek, commented: “We are thrilled to expand our portfolio of assets in a cost-effective manner to fuel future growth. This project has excellent gold values at surface but has never been drilled and is in one of the world’s best mining jurisdictions. Bald Peak fits our strategy of applying our team’s technical expertise to de-risk and advance US precious metals assets through the mine development cycle.”
Bald Peak is a large gold and silver epithermal system with several miles of prospective ground in the prolific, Bodie-Aurora-Borealis district which has produced over 3 million ounces of gold from open pit mines. Gold and silver mineralization is associated with strongly silicified rock in a well-defined 4-mile-long structural system. Surface outcropping has returned rock samples grading over 8 g/t gold. The gold-bearing silicified material exhibits a strong, easy-to-follow resistivity signature.
During due diligence, the Paramount technical team identified an alteration system stretching beyond the Bald Peak property and has staked additional claims extending towards Hecla Mining’s Aurora Mine.
Paramount’s plan is to initiate surface sampling, geological reconnaissance, and a subsequent geophysical survey to map silicification at depth to identify drill targets.