Paramount Commences Drilling To Find Second Sleeper Mine

Paramount Gold and Silver Corp. (TSX:PZG) began drilling on 920 new lode mining claims in areas adjacent to its Gold Sleeper Project in Nevada.

As quoted in the press release:

Paramount acquired Sleeper to pursue two opportunities:

(1) Potential to define and exploit previously unrecognized resources in the vicinity of the original mine. Paramount expects to release results of an NI 43-101-compliantPreliminary Economic Assessment (PEA) for this opportunity in July, 2012.

(2) Potential to find other high grade deposits similar to Sleeper using the mine’s extensive data base. Paramount’s exploration emphasis has now shifted to this opportunity.

Christopher Crupi, CEO of Paramount, commented:

The Sleeper stands out as one of the very few Nevada producers to mine out its original reserve without adding to it. We believe that a major opportunity was missed to use the wealth of data from Sleeper and established technologies to find similar deposits in the area. We are very excited to begin drilling the targets on the Mimi claims. We have also started to follow up last year’s success around the Sleeper pit where we plan to drill the Bedrock Casino, recently-discovered PAD zone, South Sleeper and other new targets. Our initial program is for 7,000 meters (23,000 feet) using two rigs. 

Click here to read the full press release.