Paramount Gold & Silver Corp's Trenching Program Extends the New La Veronica Zone to over 700 Meters with Assays up to 241 g/t Silver at San Miguel, Mexico
Thursday August 30, 8:39 am ET
CHIHUAHUA, MEXICO--(MARKET WIRE)--Aug 30, 2007 -- Paramount Gold & Silver Corp. (AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) is pleased to announce trenching results from its ongoing exploration program in the central part of its San Miguel concession block near Temoris, Chihuahua, Mexico. These 18 trenches are located in the new La Veronica zone, and have extended the zone south towards San Antonio, where Paramount reported drill results of 468 g/t silver with 0.81% lead + zinc across 10.2 meters, including 5,370 g/t silver across 0.4 meters true width.
Paramount's Manager of Exploration in Mexico, Bill Reed, commented, "The trench results at La Veronica compare very well with earlier trenches from other zones. More importantly, these results continue to infill this zone that possibly extends the total strike length about 2,000 meters to the north from San Antonio. Our drill and trench results at La Union, San Jose, San Luis, San Antonio, Santa Clara and La Veronica have now identified a mineralized zone over a considerable length of approximately 5.7 kilometers (5,700 meters) and it remains open in all directions."
The trenches are excavated to a depth of 2-3 meters and extend from west to east across the quartz veins and stockwork quartz veins that host silver and gold mineralization in the Guazapares mining district. The trenches were cut through thin overburden to better define drill targets and were spaced approximately 50 to 75 meters apart. The geology of the trenches is mapped in detail and continuous rock chip samples are collected from the trench walls. In altered areas of the trench, continuous rock chip samples of no more than one meter in length are collected. Elsewhere, samples are still collected, but sample lengths can be more than one meter.
La Veronica is sub divided into La Veronica North and South (ZLV-13, 14, 15)
Trench # Length Average Average Notes
(m) Ag(g/t) Au(g/t)
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ZLV - 06 12.0 14.0
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ZLV - 07 4.7 13.0 Extension of
ZLV - 06
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ZLV - 08 No significant
values
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ZLV - 09 21.0 44.0 0.04
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15.5 29.0
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ZLV - 10 2.5 62.0 0.03
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11.5 17.0
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ZLV - 11 15.0 11.0
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ZLV - 12 19.0 106.0 0.02
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ZLV - 13 2.0 119.0 La Veronica
South
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ZLV - 14 2.0 140.0 La Veronica
South
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ZLV - 15 24.0 38.0 La Veronica
South
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ZLV - 16 No significant
values
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ZLV - 17 27.0 25.0
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9.0 67.0 0.14
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12.2 23.0
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ZLV - 18 31.0 52.0 0.04
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11.0 27.0
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ZLV - 19 12.5 6.0 0.01
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Previously reported in the La Veronica zone
ZLV-00 - 12.0 meters averaging 134.0 g/t Ag, including
2.7 meters of 241 g/t Ag with 0.14 g/t Au and
3.0 meters of 222 g/t Ag with 0.10 g/t Au.
ZLV-01 - 45.0 meters averaging 121.0 g/t Ag, including
10.0 meters of 201 g/t Ag and
11.0 meters of 180 g/t Ag.
ZLV-02 - 30.8 meters averaging 82.0 g/t Ag, including
8.0 meters of 161 g/t.
ZLV-03 - 19.5 meters averaging 87.0 g/t Ag, including
8.0 meters of 128 g/t silver.
The new zone, La Veronica South area (trenches ZLV-13, ZLV-14 and ZLV-15) is located a little over 200 meters south of ZLV-6 towards the San Antonio zone where trench ZLV-13 is located 760 meters from drill hole SA-07 in the northern area of the San Antonio zone. The La Veronica North zone (from TAJO LV-12 to ZLV-6) is now defined over a length of 510 meters. The best results from this zone are from ZLV-12 with values of 0.02 ppm Au and 106 ppm Ag across 19 metres. Note that ZLV-12 is a pit rather than a trench. The La Veronica south and north zones combine for a length of 710 meters.
C.W. (Bill) Reed, B. Sc. Mineralogy, is the qualified person and has prepared the detail and review with respect to this news release.
About San Miguel
San Miguel is currently comprised of 17 concessions covering an estimated +8 kms strike of silver and gold mineralization. It is located in Chihuahua, Mexico and lies in the Guazapares mining district, part of the gold-silver belt of the Sierra Madre Occidental. Paramount has earned a 70% interest in the San Miguel project.
About Paramount Gold & Silver Corp.
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