The final assays results from the remaining 28 holes completed during the 2010 drill program on Paramount Gold and Silver‘s (PZG-T, PZG-X) San Miguel project in Mexico continue to confirm the potential for near-surface, bulk-tonnage mineralization at the San Francisco prospect.
Selected highlights include: 78.5 metres averaging 0.53 gram gold per tonne and 19 grams silver per tonne, starting from surface in core hole 21; 30.2 metres of 0.63 gram gold and 18.9 grams silver in hole 22; 24 metres of 1.62 grams gold and 7.5 grams silver in hole 23; and 15.7 metres of 1.11 grams gold and 15.7 grams silver in hole 26.
San Francisco is one of many defined prospects on the 1,880-sq.-km San Miguel project that surrounds Coeur d’Alene Mines‘ (CDM-T, CDE-N) Palmarejo gold-silver mine in Mexico’s northern Chihuahua state.
Results from the 2009 and 2010 drilling campaigns on the San Francisco, Veronica, Monte Cristo and San Miguel vein targets are being incorporated into a new resource estimate that is expected to be completed by March.
The last resource estimate, based on drilling completed through to 2008, showed the San Miguel and La Union target areas contained inferred resources of 406,000 oz. gold and 17.7 million oz. silver in 6.1 million tonnes grading 2.08 grams gold and 90.8 grams silver.
Last December, Paramount announced the discovery of significant gold and silver mineralization while drilling the Don Ese target. The discovery hole into the blind target intercepted 16 metres averaging 2.1 grams gold and 90 grams silver, including a higher-grade 7.6-metre section of 4.25 grams gold and 133 grams silver.
Drilling is expected to resume in February to test the southeast extension of the Don Ese discovery following the receipt of drill permits. Paramount also plans to drill four new targets at San Miguel in the coming months.
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