Paramount Gold starts drilling at historic Sleeper mine
NYSE-listed Paramount Gold Nevada has initiated a reverse circulation drill programme to test several exploration targets at the Sleeper mine, a former high-grade openpit producer near the town of Winnemucca.
CEO Rachel Goldman says that the current gold price environment has made Sleeper a “much more attractive asset” and, as such, affords it a more prominent exploration focus.
The initial 2 400-m drill programme has been designed to drill an area east of the original Sleeper mine that lies on the margin of a structure occurrence known as a ‘range-front fault’. In Nevada, these geological occurrences have acted as, or generated, conduits for precious metal bearing fluids that fed mineralised deposits, including Sleeper.
“After a thorough review of the extensive database of historic assays and geophysical data during the first half of the year, our technical team has identified numerous drill targets. We are excited to have started this first phase of drilling and for the potential of discovering another high-grade ‘Sleeper type’ deposit,” says president and COO Glen Van Treek.
Paramount contracted Mine Development Associates in December last year in a joint evaluation of the mine.
The Sleeper mine was operated by AMAX gold from 1986 to 1996, producing 1.66-million ounces of gold and 2.3-million ounces of silver.
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