Paramount Gold and Silver Drills 15.6 Meters of 2.59 g/t Gold and 366 g/t Silver

Paramount Gold and Silver Corp. (TSX:PZG,NYSE:PZG) reported drill results for three additional holes from its San Miguel project in Mexico. The company stated that exceptional results from the three infill holes “are likely to upgrade resources to the measured and indicated categories and potentially increase the resource size and grade.”

As quoted in the press release:

Drill hole DS-049 intersected the Don Ese vein as expected with grades exceeding what had been previously predicted by the model as inferred resources. The vein intercept totaled 15.6 meters grading 2.59 grams per tonne of gold (g/T Au) and 366.0 grams per tonne of silver (g/T Ag), a gold equivalent grade of 8.69 g/T Au using a 1 to 60 Au:Ag ratio. Included in this intercept are 5.95 meters grading 4.24 g/T Au and 561 g/T Ag.

Paramount is currently drilling the Don Ese and Dana structures with three core rigs as part of its program of moving the San Miguel Project towards a Pre-Feasibility Study. Don Ese and the closely related, parallel Dana are located about 800 meters from Coeur Mining Inc.’s Guadalupe deposit on its flagship Palmarejo Project. Don Ese, Dana and Guadalupe are similar occurrences which appear to be parts of the same mineralizing system.

Paramount’s CEO, Christopher Crupi, said:

This is an ideal time to explore given the significant drop in costs due to the current environment and thus ensuring that when the precious metals market turns, we have added substantial value to our projects.

Click here to read the Paramount Gold and Silver Corp. (TSX:PZG,NYSE:PZG) press release.