Paramount Gold Oregon green light gets closer
Paramount Gold Nevada has taken a critical step forward in permitting its Grassy Mountain gold and silver project in Oregon, US, with a key state agency confirming that its permit application is complete.
The confirmation from Oregon's technical review team (TRT) that Paramont's Consolidated Permit Application is complete means state agencies can start writing the permit. The TRT unanimously approved the decision at a public meeting. Grassy Mountain is the first mining project in Oregon to receive this key approval.
The Oregon Department of Geology and Mineral Industries (DOGAMI) can now issue a Notice to Proceed, with the final consolidated permits for Grassy Mountain expected to be given one year from the Notice issuance.
"Since the acquisition of Grassy, this is the green light we have been working towards, which signals the state's willingness for us to proceed with building and operating the Grassy Mountain mine," Glen Van Treek, Paramount Gold Nevada president and COO, said.
The environmental evaluation and socio-economic analysis scope was agreed earlier this year, with completion due in early 2024. This analysis then has to be approved by Oregon State.
A 2020 feasibility study for Grassy Mountain detailed production of 47,000ozpa of gold and 55,000ozpa of silver for an initial eight-year mine life, at an all-in sustaining cost of US$671/oz following initial capital expenditure of $97.5 million.
The project contemplates developing a 750Mtpd operation to exploit proven and probable reserves of 390,000oz of gold grading 6.5gpt. The project includes infrastructure upgrades to existing powerlines and roadway, the construction of a processing facility and the development of the underground mine.
The progress is likely to be welcomed by other mineral project explorers in Oregon, such as Jindalee Resources, whose McDermitt lithium project is also in Malheur County in the state's southeast.
Jindalee said McDermitt is the largest lithium deposit in the US by contained lithium with resources of 3Bt grading 1340ppm lithium for 21.5Mt of lithium carbonate equivalent.
Shares in Paramount Gold Nevada are trading at 30c, valuing the company at US$18 million.
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