It's appointed Mine Development Associates to analyse the dataset, identify drill targets produce a scoping level study and define parameters of a prefeasibility or feasibility study.
Paramount planned to start drilling in the first half of 2021.
"Gold at current levels makes Sleeper a much more valuable asset," CEO Rachel Goldman said.
The Sleeper mine was said to produce 1.66 million ounces of gold and 2.3Moz of silver between 1986-1996, at an average head grade of about 7g/t gold.
President and COO Glen Van Treek said the team had always believed the original Sleeper vein was not a unique occurrence.
"We look forward to the prospect of discovering a new ‘Sleeper type' deposit and applying our extensive database and our understanding of the local geology to a bigger land package," he said.
The project has a current measured and indicated resource of almost 3 million tonnes grading 0.33g/t gold for 3.1Moz and 3g/t silver for almost 29Moz, and an inferred 1.49Moz gold and 6.7Moz silver.
Paramount's 2015 preliminary economic assessment for Sleeper had put initial capex at $175 million and estimated annual production of more than 90,000oz of both gold and silver.
It had put the after-tax NPV5 at $125.8 million and IRR at 20%, using base case prices of $1,250/oz for gold and $16/oz silver.
Today's spot gold and silver prices are about $1,857/oz and $24/oz respectively.
Paramount is also planning "to build Oregon's first gold mine", where a recent feasibility study on its Grassy Mountain project outlined initial capex of US$98 million for an eight-year mine.
Grassy Mountain was expected to produce 47,000 ounces of gold and 55,000oz of silver annually and provide an after-tax NPV5 of $195 million and IRR of 40.9%, using a $1,900/oz gold price.
The company is chaired by Rudi Fronk, who is also chairman and CEO of Seabridge Gold.
It reported a net loss of $1.3 million for the September quarter and ended the period with $4.5 million in cash and equivalents.
Paramount had raised $5 million in June through a US offering and concurrent best efforts agency offering in Canada at $1.04 per share.
Its shares (NYSE American: PZG) have ranged from 47.1c-$1.48 over the past year.
They gained 2.6% to close at $1.16 yesterday, capitalising it at $39.8 million.