Paramount Mining Corporation (ASX: PCP) has been granted a trading halt pending an announcement on drilling results from its high grade Gunung Rosa gold, silver and base metal project in West Java, Indonesia.
Gunung Rosa, which hosts a JORC Resource of 358,832 ounces of gold and Reserves of 146,700 ounces of gold, has potential to become a long term producer of high grade gold and silver, with base metal credits.
Recent helicopter-borne magnetic survey program had identified at least six new prospective targets, confirming initial expectations that the existing gold-silver-base metal mesothermal vein system might be associated with a potentially much larger gold-copper porphyry system.
This increased the likelihood that further resources could be found in the near term as Paramount moves to refurbish the old operating mine and bring it into production as quickly as possible.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 10th July.
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