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Tuesday, 20th May 2008 (1272 views)

Drilling at the San Miguel joint venture project in Mexico has expanded the Clavo 99 gold deposit at depth, the company developing the site has confirmed.

Paramount Gold said the new mineralisation has been confirmed at a depth of up to 300 metres below the surface by three drill holes completed on the San Miguel vein.

Results from these holes included gold values of 8.24 g/t gold over a true width of 0.64 metres, 4.98 g/t gold over 0.50 metres and 1.36 g/t gold over 4.18 metres.

There were also intercepts graded at 1.34 g/t gold over 3.80 metres, 3.04 g/t gold over 3.15 metres and 2.46 g/t gold over 1.67 metres.

New core drilling will now test for further mineralisation at depth along the strike length of the vein, the company said.

Paramount chief operating officer Larry Segerstrom said the results had extended "excellent" mineralisation encountered in previous work at the site.

"Clavo 99 now has been shown to have a depth extent greater than 300 meters, a width of at least 450 meters and to remain open," he said.

The San Miguel gold project is located in Chihuahua, northern Mexico. It is part of the Temoris mining district, which is situated on a prolific gold and silver belt in the Sierra Madre Occidental mountains.

 

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