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Mining industry

Paramount Gold Mining Corp. Receives Environmental Permit, Commits to 2000 Meter Drill Program

Strategic Insights

— 1 min read

Paramount Gold Mining Corp. has announced the receipt of an environmental permit to commence drilling at their Linda project in Peru, a significant milestone in the company's efforts to explore and develop the prospective gold property. The permit clears the way for a 2000 meter drill program, which will be conducted by Bradley-MDH, a subsidiary of Bradley Group Ltd, a leading drilling company with extensive experience in Peru. The program is expected to begin in mid-March, weather permitting, and will test a moderate to high resistivity anomaly that underlies a surface Au geochemical anomaly.

Key Takeaways:

  • Paramount Gold Mining Corp. has received an environmental permit to commence drilling at the Linda project in Peru, a crucial step in the company's exploration and development efforts.
  • The company has signed a contract with Bradley-MDH, a subsidiary of Bradley Group Ltd, to conduct a 2000 meter drill program, which will test a moderate to high resistivity anomaly.
  • The drill program is expected to begin in mid-March, weather permitting, and will consist of approximately 12 HQ sized angle holes probing the anomalous zone at a depth varying from 50 to 150 m.
  • Paramount believes that the Linda property has the potential to host a low-grade, large-tonnage heap-leached gold deposit, with previous sampling yielding an arithmetic average of 0.93 g/t Au over a 1.5 km x 1.0 km area.
  • The company has extensive experience in the region, with over 781,000 meters of core drilling completed for more than 50 clients, including major mining companies.
  • Paramount's objective is to grow the company into a significant gold and precious metals producer by developing the San Miguel and Linda projects in Mexico and Peru, and by acquiring other advanced-stage projects.

Statistics:

  • Release of 928 surface samples from a 1.5 km x 1.0 km area, with 263 (28%) returning gold values greater than 300 ppb (0.3 g/t) Au.
  • Average gold value of 0.93 g/t Au over the sampled area.
  • Bradley Group Ltd has drilled over 781,000 meters of core drilling for more than 50 clients, including major mining companies.
  • Paramount's drill program is expected to cover an area of approximately 4,500 hectares, with the potential for extensive gold mineralization.

Sources:

  • Paramount Gold Mining Corp. Press Release, undated.
  • Bradley Group Ltd, company website, undated.
  • Paramount Gold Mining Corp. website, undated.

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