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Author Topic: Why the excitement about Paramount
Silverrado
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I just read the news release below on Palmarejo; I thought I should share it. Palmarejo’s property is adjacent to Paramount Gold’s property; they are really cooking. Palamarejo opened trading at .50 last December and is now trading over 3 bucks with a 200MM plus market cap. I was at the Cambridge House gold show and visited them. They are really excited about their potential in the area. The word is that Paramount has even better grades than Palmarejo. I missed the boat with PJO but I am really excited about Paramount at 1/3 the price of PJO stock. The other thing I like about Paramount is that they have access to a mill. When I spoke to Palmarejo they were in the planning process of their facilities. I think Paramount has a leg up in that aspect; I am look forward to seeing results from Paramount.


(COMTEX) B: Palmarejo Gold Announces Significant Widths of Gold-Silver Min
ralisation at Depth in Las Animas, Guadalupe ( CCNMat
B: Palmarejo Gold Announces Significant Widths of Gold-Silver Mineralisation at
epth in Las Animas, Guadalupe ( CCNMatthews )

LONGUEUIL, QUEBEC, Oct 6, 2005 (CCNMatthews via COMTEX) -- Palmarejo Gold
Corporation (TSX VENTURE:PJO) is pleased to announce further results from its
Guadalupe Silver-Gold Project in the Temoris District, Chihuahua, Mexico.

The Guadalupe Project is approximately 7 kilometres southeast of the Palmarejo
Project on the 100% owned San Carlos tenement and is within the Trogan
exploration licence area held by the Corporation's 100% owned subsidiary, Planet
Gold SA de CV ('Planet Gold').

Drill hole TGDH035D, drilled to intersect deeper portions of the Las Animas
clavo, returned 29.5 metres * 2.84 g/t Au and 193 g/t Ag (5.81 g/t AuEq). This
hole confirms the down-dip continuity of Las Animas and supports the exploration
model that gold grades improve at depth. All results from holes TGDH023D to
TGDH036D have been received and some highlights (at a 1 g/t AuEq cutoff and 1
metre internal waste) include:


- 29.5 metres * 2.84 g/t Au and 193 g/t Ag (5.81 g/t AuEq) (TGDH035D)
- 6.5 metres * 0.49 g/t Au and 99 g/t Ag (2.01g/t AuEq) (TGDH029D)
- 4.5 metres * 0.92 g/t Au and 131 g/t Ag (2.93 g/t AuEq) (TGDH023D)
- 4.3 metres * less than 0.05 g/t Au and 356 g/t Ag (5.43g/t AuEq)
(TGDH033D)
- 3.5 metres * 1.44 g/t Au and 143 g/t Ag (3.64 g/t AuEq) (TGDH034D)
- 2.5 metres * 0.66 g/t Au and 292 g/t Ag (5.15 g/t AuEq) (TGDH028D)
- 2.5 metres * 0.88 g/t Au and 136 g/t Ag (2.97g/t AuEq) (TGDH030D)

This current drilling program is designed to test potential for high grade
silver-gold mineralisation at depth along the Guadalupe structure. The results
from TGDH035D confirm the Corporation's geological hypothesis of gold-silver
occurrence at Guadalupe and give the Corporation confidence to expand its
drilling program, subject to rig availability.

Diamond core drilling commenced on 23 June 2005 and 21 holes have been completed
since the last announcement including 4 diamond tails of RC drill holes. The
Guadalupe and Las Animas structures have only been tested to a maximum depth of
100 metres below natural surface.

The Guadalupe Project consists of a series of northeast dipping quartz veins
that can be traced for 1,500 metres along strike. The northern portion of the
structure is known as Guadalupe, the central portion is known as El Salto and
the southern portion of the structure is known as Las Animas.

See map of "Guadalupe Geology Animas Discovery" at
http://www.ccnmatthews.com/docs/guad1006.jpg

Details of the reported drill hole locations are available at the following
address: http://www.ccnmatthews.com/docs/pjo1006.pdf

See map of "Guadalupe prospect" at http://www.ccnmatthews.com/docs/guad21006.pdf

Discussion

Drill holes TGDH024D to TGDH030D were drilled to confirm structural continuity
between Las Animas and Guadalupe. All holes crossed the structure between 80
metres and 100 metres below surface. True width of the Guadalupe/Las Animas
structure averages 8 metres. Mineralisation is characterised by quartz-vein
breccia with high grade commonly localised near the footwall contact of the
structure. Two mineralisation styles have been observed:

- Quartz-carbonate-base metals-Ag

- Quartz-carbonate-pyrite (A Au)

The quartz-carbonate-pyrite (A Au) style predominates at high levels in the main
Guadalupe and El Salto structures. Visible gold, interpreted to be of supergene
origin, has been identified at El Salto.

Hole TGDH035D targeted the Las Animas clavo at depth and intersected the main
structure between 140 metres and 160 metres (below surface). The mineralised
QVBX is 19 metres wide and dips 45 degrees to 65 degrees northwest. Gold values
are higher near the hanging wall and footwall contacts relative to the central
part of the structure, however Ag values are more uniform than Au throughout the
mineralised interval. Both quartz-carbonate-base metals-silver and
quartz-carbonate-pyrite mineralisation styles are present.

TGDH015D is a core tail of RC hole TGDH015 and shows the down-dip extension of
the mineralisation encountered in drill hole TGDH016. Drill hole TGDH031D is a
core twin hole of RC drill hole TGDH016. TGDH016 was abandoned and had bottom of
hole mineralisation. TGDH031D not only twinned the RC hole but went beyond the
RC hole depth to determine the extent of the mineralisation in the footwall
splay.

Hole TGDH033D intersected a 4.35 metre wide zone of high Ag values (30 metres
from surface) in a footwall structure oblique to the main Guadalupe Fault. This
intercept supports the hypothesis that oblique footwall faults are significantly
dilated and may contain high-grade silver mineralisation at shallow levels

Confirmation of high grades over significant widths at Las Animas permits
confidence that additional clavos may exist at depth. Furthermore, numerous
zones of high level clay alteration remain to be tested along strike to the
north beyond the limit of existing drill coverage. Future drilling is planned to
test down-dip and along strike of the main Guadalupe structure, and to further
delineate the Las Animas clavo.

Qualified Person

The technical information contained in this release was compiled in accordance
with the Listing Rules of the Australian Stock Exchange Limited, by a competent
person who is a corporate member of the Australasian Institute of Mining and
Metallurgy and who has consented to the inclusion of such technical information
in the form in which it appears in this release. The competent person is Kenneth
M. Phillips, geologist of VOP Mining Services Pty Ltd who is also a director of
Bolnisi Gold NL, the Corporation's majority shareholder. Mr. Phillips is a
qualified person under Canadian Securities Administrators National Instrument
43-101 ("NI 43-101").

Posts: 22 | From: Ottawa | Registered: Jan 2005  |  IP: Logged | Report this post to a Moderator
   

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