Paramount Gold Nevada Corp. reported assay results from drill work completed in conjunction with the re-assessment and expansion of the multi-million-ounce gold and silver resource on its 100%-owned Sleeper Gold Project, a former mine currently being evaluated for a production restart given the significant increase in gold prices. This first phase of exploratory drilling consisted of six holes drilled to the east of the Sleeper pit along a continuation of the range front (“Range Front”), a system of faulting that it is believed to have played a key role in the location and genesis of Sleeper and other important gold deposits in Northern Nevada.

The objective is to find an analog to the original high grade Sleeper vein as these deposits are known to exhibit periodicity along strike or along parallel structures. Drilling into the Range Front extension returned grades up to 1.17 g/t of gold, a promising indication of the potential for another high-grade occurrence. A second initiative is to develop a plan to exploit high grade sulphide material left behind by the previous operator that was not amenable to the heap leach recovery employed in the original mine given the mineralogy and the low gold prices at the time.

Three reverse circulation drill holes were completed through overburden to bedrock in the West Wood zone, a high grade, sulphide-rich occurrence, to prepare for future metallurgical core drilling in this area. One of these holes was drilled through the overburden into ore and was sampled, returning grades up to 4.0 g/t of gold and 100 g/t of silver, confirming the resource model and presence of higher-grade mineralization in a zone not drilled since 2013 and not included in the current mine plan.