Resource World Magazine

j u n e / j u l y 2 0 1 4 www.resourceworld.com 11 to back the work. The company is aiming for a 2014 campaign of 30-35 holes between May and November, with an initial eight to 10 holes to be started May 7. The campaign will also be instrumental in NuLegacy earning a 70% project stake from Barrick Gold. Paramount Gold and Silver Corp. [PZG-TSX, NYSE; PG6- FSE] is advancing the Sleeper gold project, a past-producing open-pit mine that was operational between 1986 and 1996. On April 1, the company announced results from samples taken from non-assayed cores drilled between 2004 and 2007 by Sleeper's previous owners, who had considered them barren. Over 1,800 samples were taken from the cores, with 383 having a weighted average grade of 0.49 g/t gold and 1.9 g/t silver. This new data, along with 33 core holes drilled by Paramount since the last resource update will be incorporated into an updated resource estimate set for release in June. Pershing Gold Corp. [PGLC-OTCQB] has begun its US $1.5 mil- lion 2014 drilling program (20,000-30,000 feet in 40 holes) at the Relief Canyon Mine property in Pershing County to define mine- able ounces to add to its recently expanded NI 43-101 resource estimate. The program will test previously undrilled zones overly- ing the current resource blocks, with the objective of expanding those blocks towards the surface to add near-surface ounces north of the existing pit. The 2014 drilling program is a key step in mine development and resource expansion programs. Pilot Gold Inc. [PLG-TSX] has 79% stake in the Kinsley Mountain gold project, with Nevada Sunrise holding the remain- der. On March 12, Pilot released further results for step-out drilling at the project's Western Flank zone. Highlights were hole PK131C, which intersected 10.5 g/t gold from 262.7-305.4 metres, including 18.3 g/t gold from 276.5-299.3 metres. Hole PK132C returned 7.53 g/t gold from 249.6-303 metres, including 14.9 g/t gold from 269.4- 292.3 metres, and 4.67 g/t gold from 324.3-331.9 metres. Final results were announced on April 23, including infill hole PK137C, which returned 21.3 g/t gold over 29 metres. A new three-hole campaign will start in early May. On April 2, Pilot also announced completion of its bought deal financing for aggregate gross pro- ceeds of just over C$20 million. Premier Gold Mines Ltd. [PG-TSX] released the final assay results on February 19 for its 2013 drill campaign at its Cove Deep gold project. Highlights include hole PG-01 drilled at the Cove North Deep Zone, which intersected 3.74 g/t gold and 718.72 g/t silver from 618.5-623.5 metres, and 28.05 g/t gold and 15.81 g/t silver from 632.5-637 metres. Step-out hole AX-51 at the 2201 Zone included an intersect of 13.22 g/t gold and 38.67 g/t silver from 765.7-776 metres. The Cove Project is held under lease from Newmont Mining. Quaterra Resources Inc. [QTA-TSXV; QTRRF-OTCQX] is advancing the Yerington copper project. In November 2013 it announced an updated resource, with a combined measured and indicated resources standing at 128 million tons at a 0.29% cop- per grade for 751 million lb copper contained. On March 17, the company announced it had finalized the sale its uranium assets that will free up time to focus on Yerington and provide working capital of C$500,000. Renaissance Gold Inc. [REN-TSX] announced on April 8 a new purchase agreement with First Liberty Power Corp. (FLPC) for the Arabia polymetallic project in Pershing County. Mineralization comprises lead, silver, antimony and gold and FLPC is keen to start near-term, small-scale mining. FLPC is also planning to build a nearby processing mill that will produce antimony concen- trate and recover the other metals. Among the agreement's terms, Renaissance will receive $100,000 per year and hold a 10% NSR that will fall to 7% after $1 million is paid. A buy-down provision to 4% is also included. Rye Patch Gold Corp. [RPM-TSXV] started to receive a 3.4% NSR on output from the Coeur Rochester gold-silver mine effective January 1. The royalty will yield estimated total cash disburse- ments of $32 million to Rye Patch between January 1, 2014 and December 31, 2017. On April 9, the company highlighted Q1 out- put at Rochester, with around 750,000 oz silver and 8,192 oz gold reported. On February 14, Rye Patch outlined forthcoming drill programs for its Oreana and Cortez projects, with $3.8 million to be invested in exploration. Scorpio Gold Corp. [SGN-TSXV] has a 70% stake in the Mineral Ridge open-pit, heap-leach, gold mine in Esmeralda County, with Waterton Global Value holding the remainder. Scorpio is entitled to

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