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Spring Valley

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Paramount Claims

The Spring Valley Property is ideally situated adjacent to Rye Patch Gold’s Lincoln Hill, Rochester and Gold Ledge properties and is also within a few thousand meters of Barrick`s and Midway’s Spring Valley high-grade gold deposit and Coeur D’Alene Mines’ prolific Rochester silver mine (see Project Location Maps). Paramount Gold and Silver controls 100% of 38 unpatented lode mining claims which host historic underground mine workings and surface exposures of quartz veins, hydrothermal alteration and anomalous gold and silver.

Paramount geologists, in November 2011, conducted initial reconnaissance of the property which included rock chip sampling (22 samples) and geologic mapping but not enough work at present to define initial drill targets. The geological and structural setting, hydrothermal alteration, gold-bearing quartz veins and trace element geochemistry indicate that precious metal mineralization on nearby exploration properties may extend onto Paramount’s Spring Valley property. Rochester and Lincoln Hill style mineralization is the main target.

Prospecting of the area began in the 1860’s (Johnson, 1977) and occurred across the Humboldt Range. In 1912, silver mineralization was discovered in the area of the present Rochester Mine and in the 1920’s, gold was discovered at Lincoln Hill. After 1930, production decreased. A table of production from the Rochester District is below. Coeur Rochester has been producing silver and gold since 1986, with some work stoppages during times of low silver prices. They recently restarted production and are conducting exploration, expansion activities and drilling.

Summary of Production from the Rochester District
Au oz. Ag oz.
1912-1929 74,353 8,683,280
1931-1951 3665 192,370
1951-1986 not reported
1986-2009 Coeur Rochester 1,000,000 122,000,000
Total 1,078,018 128,875,650
from Johnson, 1977 and
Spring Valley, Midway Gold, 2009 Resource Estimate
Au, oz
Measured 931,000
Indicated 1,229,000
Inferred 1,971,000
M+I 2,160,000
M+I+I 4,131,000
Rochester Mine, Coeur, 2010 Reserve
Ag, oz
Measured 83,398,300
Indicated 38,554,700
Inferred 14,288,300
M+I 121,953,000
M+I+I 136,241,300
Past Production for Rochester
Au, oz Ag, oz
Mined 1,200,000 125,000,000
Lincoln Hill, Rye Patch, 2010 Resource
Inferred 380,000 9,488,000
M+I+I 380,000 9,488,000
Wilco/Colado, Rye Patch Gold, 2009 Resource
Au, oz Ag, oz
Measured 164,000 1,111,000
Indicated 522,000 3,638,000
Inferred 1,660,000 19,871,000
M+I 686,000 4,749,000
M+I+I 2,346,000 24,620,000
Jessup, Rye Patch Gold, 2009 Resource
Au, oz
Measured 128,000
Indicated 172,000
Inferred 77,000
M+I 300,000
M+I+I 377,000