WINNEMUCCA, Nev., Dec. 05, 2022 (GLOBE NEWSWIRE) — Paramount Gold Nevada Corp. PZG (“Paramount” or the “Company”) announced today that it has received permission from the US Forest Service to drill at its Bald Peak project (“Bald Peak”) in Mineral County, Nevada.

The Bald Peak project consists of a 4-mile prospective area with significant gold mineralization identified in surface sampling, prospective geophysical targets and excellent geology within the Aurora-Borealis mining district. These two mines have produced over 2 million ounces of gold for owner Hecla Mining. Hecla plans to conduct exploration drilling on its property aurora location to replenish resources after solidifying their land position and the nearby open pit Borealis mine is currently in production with a heap leach operation.

Figure 1: Map showing the Bald Peak Prospect near the Aurora and Borealis Mines is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a52e2ab1-aec3-4f24-b5d0-e3c2a54a524c

With significant gold grades identified at surface, Bald Peak has similar surface characteristics to Hecla’s Aurora mine. In 2021, Paramount completed additional surface sampling to complement soil and rock samples collected by previous concession holders. A total of 44 rock chip samples were assayed that averaged 2.62 g/t gold with values ​​up to 10.58 Au g/t. Many of the rock samples were collected from areas of large vein structures and silicified outcrops (see Figure 2 below).

A Control Source Audio Magneto Telluric (“CSAMT”) survey covering a total of 21 line kilometers has been completed in the most prospective areas. The CSAMT resulted in the mapping of several structural features and high resistivity zones coincident with silicified outcrops that host significant gold values ​​identified in rock chip samples.

Figure 2: CSAMT pseudoresistance section showing interpreted structures and zones of high resistivity is available at