American Paramount Gold, www.americanparamountgold.com – the adept exploration and development firm with a world-class geological team, took some time today to report completion of the CSAMT (controlled source audio magnetotellurics) geophysical survey on the Company’s high-grade Capgold project.
James Wright, Geophysical Consultant to APGA and principal of respected Spring Creek, Nevada firm Wright Geophysical, managed the data collection and will be handling the analytical interpretation. A full report is expected by management any time now.
Gold and silver mineralization at Capgold has already been shown in large zones of silicification which were readily identified by gradient array resistivity surveying and drilling in 2004.
Example of data showing sequential zones of mineralization:
Hole T00-18, 5 feet of 31 g/t Au and 55 g/t Ag, followed by another 5 feet of 9.5 g/t Au and 31 g/t Ag
Hole AC-02, 4 feet of 15.5 g/t Au and an impressive 196 g/t Ag
The CSAMT survey is the final piece in the puzzle needed at Capgold before drilling can commence, and the Company is ready to invest some $2.5M drilling into the vast aurific epithermal system previously identified and now likely correlated by the CSAMT data.
Capgold is located in Nevada’s Nye County, within the historically proven Walker Lane geological Structural Belt, a region which has historically produced world famous mines like the Comstock Lode District and Paradise Peak.
With the current survey pushing the coverage area out 500% from previous analysis, to an approximately 6 square mile area, management at APGA is confident that the planned drilling program will effect positive results, translating into high-grade underground and large low-grade surface open-pit operations.
President and CEO of APGA, Hugh Aird, affirmed this bold position, citing economic-grade mineralization identified in both reverse circulation and core drill holes, saying that the Company eagerly awaits receipt of Mr. Wright’s report.
Needless to say this is very encouraging news for APGA shareholders who can look forward to a rousing production buildup at Goldcap.