Paramount Gold Nevada Corp. (Paramount) engages in the business of acquiring, exploring and developing precious metal projects in the United States of America. The company owns both exploration and development stage projects in the states of Nevada and Oregon. The company’s material Nevada interest, the Sleeper Gold Project, is located in Humboldt County, Nevada. The company’s material Oregon property, known as the Grassy Mountain Project (Grassy Mountain), is located in Malheur County, Oregon,...
Paramount Gold Nevada Corp. (Paramount) engages in the business of acquiring, exploring and developing precious metal projects in the United States of America. The company owns both exploration and development stage projects in the states of Nevada and Oregon. The company’s material Nevada interest, the Sleeper Gold Project, is located in Humboldt County, Nevada. The company’s material Oregon property, known as the Grassy Mountain Project (Grassy Mountain), is located in Malheur County, Oregon, and was acquired by way of statutory plan of arrangement in the Province of British Columbia, Canada with Calico.
The company has three active wholly owned direct subsidiaries:
New Sleeper Gold LLC and Sleeper Mining Company, LLC, which operate the company’s mining interests in Nevada.
Calico Resources USA Corp., which holds the company’s interest in the Grassy Mountain Project in Oregon.
Individual Properties
Grassy Mountain Gold Project
The Grassy Mountain Project is located in Malheur County, Oregon, approximately 22 miles south of Vale, Oregon, and roughly 70 miles west of Boise, Idaho. The project site is situated in the rolling hills of the high desert region of the far western Snake River Plain and consists of 455 unpatented lode claims and 3 patented lode claims all totaling roughly 8,280 acres. The local terrain is gentle to moderate, with elevations ranging from 3300 to 4,300 feet above mean sea level.
Internal Controls – Grassy Mountain Property
Paramount’s internal controls at the Grassy Mountain project are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results, as well as mineral resource and reserve estimation, and are reasonable and in line with industry best practices. These internal controls include quality assurance and quality control (QA/QC) programs in the collection and analysis of drill hole assay information based on:
Third-party certified labs used for assays reported in public disclosure or resource models;
Drill programs with insertion of blank, duplicate, and certified reference materials; and
Sufficient QA/QC results for the analytical programs.
All core and reverse-circulation samples were cataloged and stored in secure and designated areas on the company’s warehouse in vale Oregon.
Prior to use in mineral resource or mineral reserve estimation, the selected data to support estimation were compiled from the company’s databases into RESPEC’s GeoSequel database and reviewed for improbable entries.
Sleeper Gold Project
Sleeper is a material exploration property of the company. The company has the rights to explore, develop and mine the property through its 100% ownership of unpatented lode mining claims. Sleeper is located 26 miles northwest of Winnemucca, Nevada.
The Sleeper Gold mine and its 1,044 unpatented lode mining claims were acquired by Paramount Gold and Silver Corp. (PGSC) through its acquisition of X-Cal Resources Ltd. in August 2010. Additional mining claims have been staked or acquired, which comprise the Sleeper Gold Project.
Property Agreements and Royalty Obligations
The Snyder Syndicate, a private company, holds a one percent (1%) net smelter return royalty on the 1,044 Sleeper Gold mine claims in a mining scenario.
Franco-Nevada U.S. Corporation (Franco), holds a two percent (2%) net smelter return royalty on minerals produced from 2,474 mining claims at the Sleeper Gold Project.
Evolving Gold holds a 2% net smelter return royalty on minerals produced from the SSG, SP and SS mining claims.
Dry Lake Placer Association hold a 3% net smelter return royalty on minerals produced from the Dry Creek Placer mining claims.
ICN holds a 0.5% net smelter return royalty on the SS & SP mining claims as well as a 1.5% net smelter return royalty on the Blue mining claims.
PGSC conducted its first exploration program at the Sleeper Gold mine in October 2010. It consisted of 19 drill holes totaling 18,065 feet and focused on verifying data on existing models and confirming continuity and strike extension of known mineralized zones.
In 2021, the company purchases 152 unpatented lode claims from South Sleeper Resources LLC. The claims are located approximately 2 miles south of past producing Sleeper Gold Mine.
Internal Controls - Sleeper Gold Property
The company’s internal controls at the Sleeper project are designed to provide reasonable assurance that information and processes utilized in assessing its exploration results, as well as mineral resource and reserve estimation, and are reasonable and in line with industry best practices. These internal controls include quality assurance and quality control (QA/QC) programs in the collection and analysis of drill hole assay information based on:
Third-party certified labs used for assays reported in public disclosure or resource models;
Drill programs with insertion of blank, duplicate, and certified reference materials; and
Sufficient QA/QC results for the analytical programs.
All core and reverse-circulation samples were cataloged and stored in secure and designated areas on Paramount’s property.
Other Non-Material Properties
NEVADA
The company owns additional mining claims in the state of Nevada that represents its non-material properties. The Mill Creek property, which consists of 36 unpatented lode mining claims are located in Lander County.
In August 2021, Paramount enters into an agreement with Nevada Select Royalty (Nevada Select) to purchase 100% interest in the Bald Peak Project located in Mineral County, Nevada.
OREGON
In 2018, Paramount owns an agreement with Cryla LLC (Cryla) that gives the company the right to acquire 44 mining claims covering 580 acres located immediately to the west of the proposed Grassy Mountain Project.
In 2018, Paramount owns an agreement with Nevada Select to purchase 100% interest in the Frost Project, which consists of 40 mining claims located approximately 12 miles west of its Grassy Mountain Project.
History
Paramount Gold Nevada Corp. was founded in 1992.
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.
