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Paramount Gold and Silver Corp. (TSX:PZG) released an updated resource estimate for the San Miguel Gold Project in Mexico that includes data from 139 new core holes, increasing the gold resource estimate by 547%.
Paramount Gold and Silver Corp. (TSX:PZG) released an updated resource estimate for the San Miguel Gold Project in Mexico that includes data from 139 new core holes, increasing the gold resource estimate by 547%.
As quoted in the press release:
The new estimate reports 639,000 ounces of gold in the indicated category and another 830,000 ounces of gold classified as inferred.
Christopher Crupi, CEO of Paramount, commented:
This new estimate demonstrates the strength and quality of the San Miguel Project. We are delighted to see that infill drilling not only significantly increased the tonnage of the indicated resource but also increased its grade. Meanwhile, exploration drilling has continued to generate new discoveries. We are highly confident that inferred resources will continue to convert to indicated and that the overall resource will also continue to grow. We believe this resource estimate will support a robust PEA which is being led by Scott E. Wilson Consulting and is scheduled for completion by the end of this year.
The success we have had over the past two years at San Miguel is attributable to a first rate team of geologists and a patient, conservative approach of building on what we know. The nearest equivalent property from a geological perspective is the Palmarejo Mine right next door which is owned by Coeur d’Alene Mines. It is worth noting that when the decision was made to capitalize that mine, its resources looked very similar to the San Miguel of today.