Oregon State Regulators Approve Two Critical Baseline Data Reports for the Proposed High-grade Grassy Mountain Gold Mine

Rhea-AI Summary

Paramount Gold Nevada Corp. (NYSE American: PZG) announced the approval of two Baseline Data Reports (BDRs) crucial to the permitting process of its Grassy Mountain underground gold mine. This approval marks a significant step as state agencies will now review the Consolidated Permit Application (CPA). Completion of this review is essential for initiating the Environmental Assessment, which will include all pre-approved BDRs. The recent public meetings revealed strong community support, with no objections raised, further facilitating the permitting process.

Positive

• Approval of critical Baseline Data Reports (BDRs) for Grassy Mountain project.
• Strong community support indicated by the absence of comments during public review.

Negative

• None.

WINNEMUCCA, Nev., July 05, 2022 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount” or the “Company”) announced today that the permitting process cleared another major hurdle with the approval of the two most critical Baseline Data Reports (“BDRs”) related to key environmental aspects of its proposed Grassy Mountain high-grade underground gold mine, Ground Water and Geochemistry.

Paramount President and COO, Glen Van Treek stated: “With the approval of these BDRs, the DOGAMI and all other participating agencies will shift focus to completing their review of the Company’s most recent Consolidated Permit Application (“CPA”) to determine completeness, which is a key step in the approval process. The Company continues to work collaboratively with all state agencies to ensure a complete application. Once the CPA is deemed complete the state will initiate the Environmental Assessment, which incorporates all the 22 pre-approved BDRs plus the Cultural Resource Report, and will direct the permitting agencies to write draft permits.”

On June 30, 2022, two separate public meetings were held by Oregon State regulators to approve the Geo-Chemistry and Groundwater BDR’s as complete. The Oregon State Technical Review Team’s (“TRT”) geo-chemistry sub-committee confirmed the completeness and accuracy of the geo-chemistry BDR and recommended it for approval by the full TRT. The full TRT, comprised of all agencies involved in the permitting process approved these two critical BDR’s.

“We continue to be encouraged by the level of support we are receiving from community stakeholders as evidenced by the State receiving no comments in either of the public review periods as part of the approval process for the BDR’s,” added Paramount CEO, Rachel Goldman.

More information about the permitting of Grassy Mountain is available on the DOGAMI website.

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About Paramount Gold Nevada Corp.
Paramount Gold Nevada Corp. is a U.S. based precious metals exploration and development company. Paramount’s strategy is to create shareholder value through exploring and developing its mineral properties and to realize this value for its shareholders in three ways: by selling its assets to established producers; entering joint ventures with producers for construction and operation; or constructing and operating mines for its own account.

Paramount holds a 100% interest in four gold projects: Grassy Mountain; Frost; Sleeper and Bald Peak.

The Grassy Mountain Gold Project consists of approximately 8,200 acres located on private and BLM land in Malheur County, Oregon. The Grassy Mountain Gold Project contains a gold-silver deposit (100% located on private land) for which results of a positive Feasibility Study have been released and key permitting milestones accomplished.

Frost is comprised of 84 unpatented lode claims covering approximately 1,730 acres located 12 miles southwest of the Company’s proposed high-grade, underground Grassy Mountain gold mine in Malheur County, Oregon (“Grassy”). An initial drill program is ongoing.

The Sleeper Gold Project is located in Northern Nevada, the world’s premier mining jurisdiction. The Sleeper Gold Project, which includes the former producing Sleeper mine, totals 2,322 unpatented mining claims (approximately 60 square miles or 15,500 hectares). The Sleeper gold project is host to a large gold deposit (over 4 million ounces of mineralized material) and the Company has completed and released a positive Preliminary Economic Assessment. With higher gold prices, Paramount has begun work to update and improve the economics of the Sleeper project.

The newly acquired Bald Peak Project in Nevada, consists of approximately 2,260 acres.

Safe Harbor for Forward-Looking Statements

This release and related documents may include "forward-looking statements" and “forward-looking information” (collectively, “forward-looking statements”) pursuant to applicable United States and Canadian securities laws. Paramount’s future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Words such as "believes," "plans," "anticipates," "expects," "estimates" and similar expressions are intended to identify forward-looking statements, although these words may not be present in all forward-looking statements. Forward-looking statements included in this news release include, without limitation, statements with respect to the use of proceeds from the Offerings. Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable. Assumptions have been made regarding, among other things: the conclusions made in the feasibility study for the Grassy Mountain Gold Project (the “FS”); the quantity and grade of resources included in resource estimates; the accuracy and achievability of projections included in the FS; Paramount’s ability to carry on exploration and development activities, including construction; the timely receipt of required approvals and permits; the price of silver, gold and other metals; prices for key mining supplies, including labor costs and consumables, remaining consistent with current expectations; work meeting expectations and being consistent with estimates and plant, equipment and processes operating as anticipated. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to: uncertainties involving interpretation of drilling results; environmental matters; the ability to obtain required permitting; equipment breakdown or disruptions; additional financing requirements; the completion of a definitive feasibility study for the Grassy Mountain Gold Project; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs and between estimated and actual production; the global epidemics, pandemics, or other public health crises, including the novel coronavirus (COVID-19) global health pandemic, and the spread of other viruses or pathogens and the other factors described in Paramount’s disclosures as filed with the SEC and the Ontario, British Columbia and Alberta Securities Commissions.

Except as required by applicable law, Paramount disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this document.

Paramount Gold Nevada Corp.
Rachel Goldman, Chief Executive Officer
Christos Theodossiou, Director of Corporate Communications
844-488-2233
Twitter: @ParamountNV

FAQ

What recent approval has Paramount Gold Nevada Corp. received regarding its Grassy Mountain project?

Paramount Gold Nevada Corp. received approval for two critical Baseline Data Reports (BDRs) related to its Grassy Mountain project.

How does the approval of the Baseline Data Reports affect the Grassy Mountain permitting process?

The approval allows state agencies to shift focus to reviewing the Consolidated Permit Application, a key step before the Environmental Assessment begins.

What was the community response to the Baseline Data Report approvals for PZG?

The community showed strong support, with no comments received during the public review periods.