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Wednesday, 28th June 2006 (3494 views)

Paramount Gold says that its collaboration with Teck Cominco has borne fruit in the identification of five South American sites as high priority for further examination.

Two of the sites identified are in Chile: the Maduro property, which has shown evidence of high gold-silver sulphidation and the Conali property in the Barrick Gold mining camp that contains some 50 million ounces of gold equivalent.

The other three are in Argentina – the Espota property, notable for porphyry gold mineralisation, the Fortuna property, for the existent of replacement pyrite-jarosite-gold mineralisation, as well as the Castanos property.

Alain Vachon, Paramount's general manager for South America, explained: "Teck Cominco Limited is a top-tier major mining company and we feel very fortunate to be their strategic partner for gold exploration in South America.

"We have acquired a very good portfolio of properties with significant upside potential and are confident that one of them will become a major discovery."

He said that the next stage of the project is for the five identified properties to be worked on heavily over the next year or so as Paramount tests the quality of these sites, during which time its highly skilled team of geologists will be key to the project's success.

 

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