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Paramount Gold and Silver Corp. (TSX:PZG,NYSEMKT:PZG) announced that with the first drill hole completed at its Mexico-based San Miguel project it has discovered a new high-grade precious metals structure. It is called Dana.

Paramount Gold and Silver Corp. (TSX:PZG,NYSEMKT:PZG) announced that with the first drill hole completed at its Mexico-based San Miguel project it has discovered a new high-grade precious metals structure. It is called Dana.

As quoted in the press release:

The new discovery runs about 500 meters west of the Don Ese structure and parallel to it, and has a strike length potential on Paramount ground of about one kilometer. Don Ese is the highest grade and most valuable gold/silver deposit at San Miguel.

The first hole drilled into Dana returned multiple intercepts of high grade silver with gold including 3.6 meters of 157.1 grams per tonne of silver (g/T) and 0.40 g/T of gold, with some assays up to 659 g/T of silver (21 ozs per ton) and 1.18 g/T gold.

Christopher Crupi, CEO of Paramount, commented:

Like Don Ese, Dana is relatively narrow at the surface but it quickly opens up at depth. Our first hole at Dana intersected an impressive 28 meters of hydrothermal breccia, quartz stock work and quartz veins containing precious metal mineralization. This hole is still high in the system and it’s therefore silver rich, similar to Don Ese at the same elevation. We expect Dana to generate considerably higher gold values as we get deeper into the system, just as we found at Don Ese.

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

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