Paramount Receives Permit To Drill Bald Peak Project In Mineral County, Nevada

Paramount Gold Nevada Corp. (NYSE:PZG) ("Paramount" or the "Company") announced today that it has received the permit from the US Forest Service to drill its Bald Peak Project ("Bald Peak") in Mineral County, Nevada.

The Bald Peak project consists of a 4-mile-long prospective area with significant gold mineralization identified in surface samples, promising geophysical targets, and excellent geology within the Aurora-Borealis mining district. These two mines have produced more than 2 million ounces of gold for owner Hecla Mining. Hecla plans to conduct exploration drilling at their Aurora site to replenish resources after having consolidated their land position, and the nearby, open pit Borealis Mine is currently in production with a heap leach recovery operation.

Figure 1: Location map showing Bald Peak prospect in proximity to the Aurora and Borealis mines is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a52e2ab1-aec3-4f24-b5d0-e3c2a54a524c

With significant gold grades identified at surface, Bald Peak displays similar surface features as Hecla's Aurora mine. In 2021, Paramount conducted additional surface sampling to supplement soil and rock samples taken by previous property holders. A total of 44 rock chip samples were assayed yielding an average of 2.62 g/T gold with values up to 10.58 Au g/T. Many of the rock samples were taken from areas with large vein structures and silicified outcrops (see Figure 2 below).

A Control Source Audio Magneto Telluric ("CSAMT") survey totalling 21-line kilometers was conducted over the most prospective areas. The CSAMT resulted in the mapping of several structural features and high resistivity zones that coincide with silicified outcrops host to significant gold values identified in rock chip samples.

Figure 2: CSAMT pseudo resistivity section showing interpreted structures and high resistivity zones is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f1107f84-5704-4d79-abf4-8646d8514e78

Paramount President and COO, Glen Van Treek commented: "Our team has been excited about this Nevada opportunity from the completion of the initial due diligence. When considering the proximity to open pit gold mines coupled with initial excellent mineralized surface samples and co-incident geophysical anomalies on this property, which has never been drilled, all indications point to the potential for an open pit deposit." An initial drill program is expected to begin next year.

The objectives of our drill program are to confirm the results of the surface sampling at depth. Targeting will focus on where the surface samples with the highest gold occurrences are clustering near the most intense area of the geophysical anomaly.

Figure 3: An approximate 60 foot long, strong silicified outcrop with gold grades from sampling that will be drill tested is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d5fbc8fe-c9c9-440e-a85b-deb098ba29bd