Thursday, 22nd May 2008 (551 views)

Paramount Gold has issued the first assay results from drilling carried out under its strategic partnership arrangement with Mexico Minerals at the Cieneguita project in Chihuahua, Mexico.

The company said results from six drill holes have been received, showing "significant" intercepts of precious metals at the formerly producing mine.

Overall, the drilling work involved the completion of 25 diamond drill holes to a total core depth of 5,323 metres.

Intercepts returned from the work include gold graded 1.72 g/t gold over 74 metres, which included sections of 2.42 g/t gold over 10.5 metres and 2.66 g/t gold over 16.50 metres.

Other highlights included grades of 1.66 g/t gold over 12 metres, 2.15 g/t gold over 10.5 metres and 0.47 g/t gold over 46.50 metres.

The Cieneguita gold project covers 822 hectares near Mexico's largest producing gold mine, El Sauzal. It is located around 375 kilometres from the state capita Chihuahua City in the north of the country.

 

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