Mr. Christopher Crupi reports
PARAMOUNT GOLD AND SILVER DRILLING EXTENDS SILVER-RICH ZONE BY 2 KM AT SAN MIGUEL PROJECT WITH INTERCEPTS UP TO 144 G/T AG
Paramount Gold and Silver Corp. has released results from 18 new core holes drilled in the continuing exploration of its 100-per-cent-owned San Miguel project in northern Mexico. Of the 18 new holes, 15 returned good silver grades including 18 intercepts greater than one ounce of silver per ton. These holes were completed after the San Miguel resource update by MDA (see news release of Sept. 5, 2012) and they are likely to increase the overall size and quality of the project's resource.
Paramount's exploration objective is aggressive expansion of the existing deposits on its San Miguel project with a current focus on the 7.5-kilometre-long Guazapares megastructure. These 18 new holes have successfully filled in the two-kilometre gap in the Guazapares megastructure between the San Antonio and La Veronica resource areas with continuous silver mineralization.
Paramount chief executive officer Christopher Crupi commented: "At San Miguel, progress continues unabated. Once we have found a deposit, it typically expands considerably. Paramount has now demonstrated that the Guazapares megastructure has over 7.5 kilometres of continuous mineralization including zones of high-grade gold and silver. With completion of a preliminary economic assessment expected later this year, we believe San Miguel will stand out as the best undeveloped precious metals project in the Sierra Madre."
DRILL RESULTS
Hole No. Length From To Width Au Ag
(m) (m) (m) (m) (g/t) (g/t)
SA-12-099 210.10 39.30 45.30 6.00 - 46.96
SA-12-100 216.20 75.55 83.75 8.20 - 44.76
129.65 133.35 3.70 - 20.91
SA-12-101 206.85 No significant intervals
SA-12-102 310.85 1.10 4.60 3.50 - 17.41
17.75 20.95 3.20 - 39.30
32.15 36.15 4.00 - 18.28
48.65 54.40 5.75 - 34.68
64.40 71.50 7.10 - 31.66
127.00 130.00 3.00 - 41.94
145.90 153.50 7.60 - 52.71
191.50 196.15 4.65 - 22.81
SA-12-103 335.00 13.25 15.35 2.10 - 26.40
140.80 143.85 3.05 - 82.59
283.95 287.60 3.65 0.290 6.12
SA-12-104 271.20 74.20 75.30 1.10 - 115.00
119.65 121.05 1.40 - 28.70
SA-12-106 167.40 14.90 16.40 1.50 - 27.30
86.55 88.40 1.85 - 57.70
117.40 125.30 7.90 - 24.56
SA-12-105 161.30 No significant intervals
SA-12-107 173.50 4.55 7.25 2.70 - 20.05
LV-12-035 170.45 62.25 66.85 4.60 - 19.09
156.00 158.00 2.00 0.045 94.00
LV-12-036 173.50 22.55 27.10 4.55 - 47.50
42.30 51.90 9.60 - 34.91
92.65 95.65 3.00 - 111.50
LV-12-038 219.35 110.70 113.65 2.95 - 22.94
LV-12-039 209.80 21.65 23.95 2.30 0.410 5.91
75.05 80.85 5.80 - 24.29
90.05 103.90 13.85 0.050 26.80
LV-12-037 194.25 133.65 137.00 3.35 0.150 144.29
LV-12-040 219.30 76.20 101.55 25.35 - 10.85
LV-12-041 279.95 No significant intervals
LV-12-042 274.15 178.45 189.35 10.90 - 34.38
205.30 212.20 6.90 - 57.90
LV-12-043 316.10 230.10 231.45 1.35 - 49.30
296.30 296.80 0.50 1.320 37.70
National Instrument 43-101 disclosure
Exploration activities at San Miguel are being conducted by Paramount Gold de Mexico SA de CV personnel under the supervision of Glen van Treek, exploration vice-president of the company, and Bill Threlkeld, a qualified person as defined by National Instrument 43-101, who have both reviewed and approved this press release. A continuing quality control/quality assurance protocol is being employed for the program including blank, duplicate and reference standards in every batch of assays. Cross-check analyses are being conducted at a second external laboratory on 10 per cent of the samples. Samples are being assayed at ALS Chemex, Vancouver, B.C., using fire assay atomic absorption methods for gold and aqua regia digestion ICP methods for other elements.
We seek Safe Harbor.