Para Resources (TSXV: PBR; US-OTC: PRSRF) will drill five holes totalling 3,750 feet in conjunction with a geophysical program at its Tr-Ue gold vein near Oatman, Arz., and 1.5 miles from the company's Gold Road mill and mine.
The program will begin in May 2019 and explore around the historic United Western and United Eastern gold mines.
United Western operated between 1928 and 1940, producing 40,000 oz. gold at 0.3 oz. per tonne while United Eastern operated from 1917 to 1923, producing 550,000 oz. gold at 1.12 oz. per tonne.
The company says it wants to find resources that could provide higher grade feed or expansion to the Gold Road mill. Gold Road can process 500 tons per day, but is permitted to process up to 1,000 tons per day from any Oatman district mine with similar ore chemistry.
If its drilling is successful, the company plans to drill an additional 27,000 feet at Tr-Ue across 45 holes to develop an inferred resource. The company is targeting at least 100,000 oz. gold at 0.3 oz. per tonne.
Para owns 88% of Gold Road Mining, its subsidiary. It bought the mine and mill for $7 million, and acquired the adjacent Tr-Ue claims in early 2018.
Para shares are trading at 21 ? with a 52-week range of 12 ? to 24 ?. The company has a $34-million market capitalization.