Paramount Gold and Silver Corp. owns 100% of the Reese River Property, which is ideally located along the prolific Battle Mountain-Cortez-Eureka Mineral Belt and on the margin of the Caetano Caldera, approximately 20 km northwest of the Pipeline/Cortez Mine Complex and approximately 35 km southeast of Battle Mountain. The project can be accessed by good paved and graded dirt roads. The Reese River Property consists of 148 unpatented lode mining claims (2% NSR due to Barrick Gold). The claims are not contiguous and are separated into 3 claim blocks. The area of the combined claim blocks is approximately 1198 hectares (2960 acres).
The Reese River Property and area has been explored primarily for barite (FMC and MI Drilling Fluids), however, more recently for gold by Placer Dome and Barrick, but most recently by Paramount’s predecessor, X-Cal Resources. The surface exploration activities by Placer Dome (now Barrick) included soil sampling and geophysics. There is a barite mine on adjacent claims (the Mountain Springs Mine) and some small barite prospect pits on the Reese River Property. Exploration work completed by X-Cal included a gravity survey, geological mapping and geochemical sampling of rocks and soils.
A NI-43-101 Technical Report was completed by Robert Thomason (X-Cal Resources Project Manager, US) on Reese River in 2006.
An extensive rock sampling program by X-Cal included 329 rock chip samples, collected where hydrothermally altered rocks were exposed. Unfortunately, exposures are sparse and rock samples are from only a few areas of the property. Figures 4 and 5 show the gold and arsenic results, respectively, in the rock samples. There are very few outcrops at Reese River and the target of exploration is beneath the alluvial cover or beneath the locally exposed Upper Plate siliceous rocks. Weak anomalies may indicate mineralization at depth or deep seated structures.
Gold in Rock Samples - Reese River
Arsenic in Rock Samples - Reese River
Soil samples were taken along ridges and spurs, generally at 25m spacing. All samples have data for gold and some have data for trace elements also. The soil samples intervals were also re-evaluated based on the suggestions by McGibbon, 2012.
The regional gravity of Reese River is seen in the maps below. Placer Dome (now Barrick) completed a gravity survey of the property and X-Cal added additional survey points along roads.
Regional gravity map of the Mill Creek property and nearby gold mines and properties
Residual gravity on shaded topography, with interpreted structures
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