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Paramount Gold Nevada announced that drilling at its 100%-owned Grassy Mountain Gold Project in Oregon "continues to confirm the project's resource model." The current 29-hole drill program is part of an ongoing pre-feasibility study scheduled for completion at the end of this year. "We are pleased to see that drill results continue to confirm our expectations of the deposit. We are narrowing the gaps in past drilling and improving the confidence in the resource as required for moving to reserves," commented CEO Glen van Treek.
Paramount Gold Nevada has entered into a Memorandum of Understanding governing the preparation of a National Environmental Policy Act Analysis for its wholly-owned Grassy Mountain Gold Project in Oregon. The MOU is a signed agreement among the Bureau of Land Management, the Oregon Department of Geology and Mineral Industries and Calico Resources USA, a 100% owned subsidiary of Paramount. Paramount intends to construct an underground mine and process facilities on both private and public land for its Grassy Mountain Gold Project. The BLM has determined that an Environmental Impact Statement is required for the project. With an executed MOU, Paramount may now submit its proposed Plan of Operation to the BLM, which will trigger the initiation of the Environmental Impact Statement by the BLM. Paramount expects the BLM will direct HDR to commence the EIS by mid-2017 using the environmental data compiled over the past three years which has been reviewed and accepted by the DOGAMI. Paramount is advancing the mine facility layout under its ongoing Pre-feasibility Study work. Following completion of all required activities, Paramount expects to file with the DOGAMI, the Consolidated Application Plan in early 2018.
Paramount Gold Nevada announced that the Technical Review Team, or TRT, of the Oregon Department of Geology and Mineral Industries, or DOGAMI, has approved installation of deep monitoring wells at its 100%-owned Grassy Mountain Gold Project. Drilling will begin shortly. Water quality monitoring data is required as part of the process of preparing a Consolidated Permit Application for construction and operation of a proposed underground mine. Paramount expects to initiate the Consolidated Permit Application preparation later this year. Work is also progressing on schedule for completion of a Pre-Feasibility Study, or PFS, for the Grassy Mountain Gold Project before year end. The PFS is a highly detailed analysis of all the key parameters involved in constructing and operating a mine including projected capital and operating costs, production levels and the expected economic return under different scenarios. The PFS will form a central component of the Consolidated Permit Application. A 29-hole drill program was initiated in November, 2016 as part of the PFS to better define the Grassy Mountain deposit's high grade gold zone and potentially expand its size; acquire material for PFS-level metallurgical testing needed to design the gold recovery process; and obtain geotechnical data on rock stability for underground mine design and mining methodology. Major Drilling is currently operating three rigs on site. The first assay results from this program are expected shortly. The PFS will only use measured and indicated, or M&I, mineralized material as the basis for the mine design and economic analysis. Paramount expects a positive PFS report which would include estimated proven and probable reserves.