Paramount raises San Miguel gold project resources estimate by 547%
Canadian Paramount Gold and Silver Corp. (TSX:PZG) released an updated resource estimate Wednesday for its 100%-owned San Miguel Gold Project in Mexico, which includes data from 139 new core holes and increases the gold resource estimate by 547%.
The new estimate reports 639,000 ounces of gold in the indicated category and another 830,000 ounces of gold classified as inferred. For silver, indicated resources are now estimated at 53.6 million ounces plus an additional 46.2 million ounces of inferred.
Paramount's CEO Christopher Crupi said the updated results confirm the strength and quality of the San Miguel Project. "The nearest equivalent property from a geological perspective is the Palmarejo Mine right next door which is owned by Coeur d`Alene Mines," he added.