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Friday, 29th February 2008 (4247 views)

Paramount Gold and Silver has announced the assay results from its drilling programme at its San Miguel project in Mexico.

The company said the drilling, which focussed on the San Miguel zone, has extended the high-grade gold and silver mineralisation it reported in January 2008.

Paramount said the nature of the mineralised deposits indicate that the area hosts what is known in Mexico as a Clavo - an ore body inside a vein with high-grade values. The company has therefore designated the new area Clavo 99.

Results from Clavo 99, which now measures approximately 275 metres wide and reaches a depth of 150 metres, include 93.70 g/t gold over 0.77 metres and 64.70 g/t gold over 0.77 metres.

Other key intersects returned values of 15.40 g/t gold across 0.60 metres, 12.65 over 0.51 metres and 7.94 g/t gold over 1.62 metres.

The San Miguel project is located within the Guazapares mining district in Chihuahua state, northern Mexico. It forms part of a gold and silver belt running through the Sierra Madre Occidental mountains.

 

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