Paramount Nevada - Non-core Assets

Bald Peek Project

Overview and Location

In August 2021, we completed the acquisition of the Bald Peak project, located in the well-known Aurora mining district in Mineral County, Nevada, and situated on a parallel structure to that which hosts the prolific open-pit Bodie, Aurora, and Borealis mines.

Prior to completing the acquisition, our technical team identified an extensive alteration system with multiple prospective areas stretching for over 6 km and beyond the Bald Peak property which led to the staking of additional claims extending towards Hecla Mining’s Aurora Mine.

As part of initial exploration, our team completed surface sampling and geological reconnaissance to test historic rock samples that returned grades of over 8 g/T of gold and significant silver values. The initial program included the completion of a Controlled Source Audio Magneto Telluric Survey (“CSAMT”) totalling 21.4 km over 15 lines defined shallow silicified zones identified by resistivity.

Surface samples primarily taken from silicic outcrops averaged 2.62 g/T gold and 4.2 g/T silver, and as high as 10.85 g/T gold. The best surface values are clustered in close proximity to the most intense areas of the geophysical anomaly which measures about 600 meters by 1,400 meters.

Bald Peak has never previously been drilled despite having surface samples in excess of 10g/t gold, We will look to follow up on the positive CSAMT results and surface samples with the implementation of an initial drill program.

Mill Creek Property

Mill Creek has been a part of the Company’s portfolio of assets since our inception following the 2015 acquisition of the former Paramount by Coeur Mining. Mill Creek is not currently a material property to the Company.

The project comprises a contiguous block of 36 unpatented lode mining claims . The claims totals approximately 720 acres and are located in the NW part of the Shoshone Range, 33 km south of Battle Mountain. Access from Battle Mountain is south by paved Highway 305 for 33 km., then eastward on the graded dirt Mill Creek Road for 10 km., and then northeast for 2.9 km on a secondary dirt road to the property.

This property is currently without a known mineral reserve, and there is no current exploratory work being performed.

The Mill Creek property is in hilly, grass, sagebrush, juniper and pinyon-covered mountain brush high desert terrain, on the lower western slopes of the Shoshone Range. The climate is favorable for year-round mining, with all supplies and services needed for an exploration program available in the Battle Mountain - Elko area.

The Mill Creek property is an early-stage gold exploration project. The main exploration targets on the Mill Creek Property will be the Carlin-Style gold-silver ores found in altered, metamorphosed, and locally skarnified Lower Plate carbonate and limy to dolomitic clastic sedimentary rocks of the Devonian Wenban Limestone, Silurian Roberts Mountain Formation, and the Ordovician Hanson Creek Formations. A secondary target host rock type is mafic volcanic rock of the Upper Plate rock sequence, similar to Newmont’s Twin Creeks Mine. The economic Battle Mountain - Cortez - Eureka Trend gold deposits were deposited as mineralized hydrothermal sedimentary-host replacement horizons and breccia zones along major fault structural zones where alteration and anomalous gold-silver-arsenic-antimony-thallium mineralization are present. Marbles in metamorphic aureoles and iron-rich skarns appear to be favored sites for gold mineralization in these deposits, perhaps due to the rheological character, permeability after fracturing, and chemical reactivity of those rocks to alteration by hydrothermal fluids.