Paramount drilling hits snag in Argentina

Drilling difficulties at the Juramento property in Argentina’s Salta province have prompted Paramount Ventures & Finance (PVF-V) to halt work and bring in a new drill contractor.

Paramount holds a large ground position in the Salta Basin, where the company believes it has identified a 250-km-long sedimentary copper belt analogous to that which hosts deposits in Zaire and Zambia.

Drilling began on the Juramento property earlier this year in a program aimed at testing a previously identified copper-silver horizon.

Previous work by Rio Algom, carried out in 1980, indicated the presence of a 14-metre-thick horizon grading greater than 1% copper and 17 grams silver per tonne over a strike length of 500 metres.

Paramount reports that surface work indicates the horizon extends for a strike length of at least 4 km, with the potential for further extension to more than 11 km.

A drilling grid was established over a 300-by-4,000-metre area, and three holes were completed by an Argentinean contractor.

Core recovery was poor, and little can be deduced from the work except that the mineralization zone is 10-20 metres thick and grades in the range of 1-6% copper.

Paramount has hired a Canadian drill contractor with more suitable drill rigs, and the program is expected to resume shortly.

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