Paragon Minerals Corporation (TSX VENTURE: PGR) ("Paragon") is
pleased to provide an update on the 2010 diamond drilling program
and down-hole Pulse EM geophysical surveys completed on its
100%-owned South Tally Pond volcanogenic massive sulphide ("VMS")
project in central Newfoundland. The project is located adjacent to
Teck Resources Duck Pond copper-zinc mine, where Paragon holds a
significant land position covering 21,400 hectares of this
producing volcanic belt. Highlights of the current program include:
- Infill drill hole LM10-43 intersected 30.10 metres of 9.30%
zinc, 2.28% lead, 0.91% copper, 60.37 g/t silver and 1.41 g/t gold
including 17.05 metres of 14.80% zinc, 3.56% lead, 1.40% copper,
80.90 g/t silver, 1.35 g/t gold.
- Down-hole geophysics outlined a strong off-hole conductor (in
3 holes) extending 300 metres north of previously completed
drillhole LM08-19 (section 104+50N). Drill testing of this target
area is underway.
- Down-hole geophysics indicates a strong off-hole conductor to
the south of previously completed drillhole LM07-13.
- The Lemarchant massive sulphide mineralization remains open
for expansion within the area of the current drilling and along
strike to the north and south.
Paragon has now completed four infill drillholes in 2010,
totaling 1,326 metres at the Lemarchant Prospect. The four
drillholes were completed on section 102+50N (1 drillhole) and
103+50N (3 drillholes) and provide 50-metre infill drillholes
between previously completed 100-metre spaced drillholes. The
reported core length intervals are interpreted to be near to true
width of the intervals. A summary of significant drill intercepts
and a drillhole location map are attached.
Drillhole LM10-43 (Section 102+50N) was located midway between
drillholes LM07-14 and LM07-15 and intersected semi-massive to
massive polymetallic sulphide mineralization over 30.10 metres
grading 9.30% zinc, 2.28% lead, 0.91% copper, 60.37 g/t silver and
1.41 g/t gold. The mineralization is hosted in a thick barite-rich
felsic volcanic sequence and includes a higher grade interval of
17.05 metres of higher grade massive sulphide grading 14.80% zinc,
3.56% lead, 1.40% copper, 80.90 g/t silver and 1.35 g/t gold. The
massive sulphide mineralization is underlain by intensely
chlorite-silica altered felsic volcanic rocks containing stringer
and disseminated sulphides including pyrite, sphalerite and
chalcopyrite over a 16-metre thickness (assay results pending).
Drillhole LM10-41 (Section 103+50N), was located 50 metres south
of LM07-17 and intersected strongly chlorite-silica altered felsic
volcanic rocks containing stringer and disseminated sulphides
including pyrite, sphalerite and chalcopyrite over 4.0 metres
thickness (assay results pending). The mineralized zone appears to
have been cut-off by a fault located along or near the overlying
pyritic mudstone horizon and by a mineralized felsic dyke down
hole. Drilling 90 metres down-dip of LM10-41 (drillhole LM10-42)
intersected mainly mafic volcanic rocks and lesser mineralized
felsic volcanic rocks (assay results pending). Drilling 60 metres
up-dip of LM10-41 (drillhole LM10-44) intersected stringer and
disseminated sulphides including pyrite, sphalerite and
chalcopyrite in moderately silica-chlorite altered felsic volcanic
rocks over a 54.4 metre thickness (assay results pending).
"We are very encouraged by semi-massive to massive sulphide zone
intersected in drillhole LM10-43. It shows a significant increase
in thickness between two 100-metre spaced drillholes and marks one
of the best holes on the property to date" stated Michael J. Vande
Guchte, President and CEO of Paragon Minerals. "We believe there is
still a lot of room for additional massive sulphides to be present
within the confines of the current drilling and along strike to the
north and south as indicated by the down-hole geophysics".
Drilling is continuing at the Lemarchant Prospect and will test
the conductors outlined in the recently completed down-hole
geophysical survey. The off-hole conductors are all located in
areas that have not been tested by previous drilling.
About the South Tally Pond VMS Project
The South Tally Pond Project has excellent road access and is
located in the same volcanic belt that host Teck Resource's Duck
Pond copper-zinc mine. Paragon holds a significant land position
covering 21,400 hectares of this highly prospective, producing
volcanic belt. Paragon has made a significant precious metal-rich
massive sulphide discovery at the Lemarchant Prospect, where
wide-spaced drilling has identified semi-massive to massive
sulphide mineralization over a 500-metre strike length at depths
from 165 to 300 metres below surface. The mineralization
intersected to date consists of massive to semi-massive
zinc-lead-copper sulphides and barite with local visible gold. The
footwall to the mineralization consists of strongly altered,
proximal felsic volcanic rocks containing stringer and disseminated
sulphides. The Lemarchant mineralization remains open for expansion
within the current drilled area and along strike to the north and
south.
About Paragon Minerals Corporation
Paragon Minerals Corporation is a Canadian-based mineral
exploration company focused on gold and base metal exploration in
eastern Canada. Paragon's flagship base metal project is the
100%-owned South Tally Pond VMS project where it has made a
significant precious metal-rich massive sulphide discovery in a
proven mining district in central Newfoundland. Paragon is also
exploring an exceptional portfolio of gold properties through both
company and partner-funded exploration. For more information on
Paragon and its properties, please visit the website at
www.paragonminerals.com.
PARAGON MINERALS CORPORATION
Michael Vande Guchte, President & CEO
Qualified Person - David A. Copeland, M.Sc., P.Geo., Exploration
Manager for Paragon Minerals Corporation is a Qualified Person as
defined by NI43-101 and has reviewed and approved the technical
contents of this news release. Historical information contained
herein was obtained from reports filed with the Government of
Newfoundland & Labrador. Samples were analyzed for Au (1 assay
ton), Ag, Cu, Pb and Zn at Eastern Analytical Labs in Springdale,
NL from sawn NQ-sized half core sections. Data quality is monitored
through the insertion of control samples comprising one prepared
base and precious metal standard and one blank sample for every 20
samples of diamond drill core. All control samples conformed to the
accepted contained grades of base and precious metals. Sample pulps
were shipped to ALS Chemex in North Vancouver, BC for analysis for
33-element ICP analysis on all samples and check assays of
significant base and precious metal bearing samples.
Forward-looking statements - This news release contains certain
statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical
fact, that address events or developments that Paragon expects to
occur, are forward looking statements. Forward-looking statements
are statements that are not historical facts and are generally, but
not always, identified by the words "expects", "plans",
"anticipates", "believes", "intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Forward-looking
statements in this document include statements regarding use of
proceeds, current and future exploration programs, activities and
results. Although Paragon believes the expectations expressed in
such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in
forward-looking statements. Factors that could cause the actual
results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration
success, continued availability of capital and financing, inability
to obtain required regulatory or governmental approvals and general
economic, market or business conditions. Investors are cautioned
that any such statements are not guarantees of future performance
and actual results or developments may differ materially from those
projected in the forward-looking statements. Forward-looking
statements are based on the beliefs, estimates and opinions of
Paragon's management on the date the statements are made. Except as
required by securities laws, Paragon undertakes no obligation to
update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change. These statements are based on a number of
assumptions, including, among others, assumptions regarding general
business and economic conditions, the timing of the receipt of
regulatory and governmental approvals for the transactions
described herein, the ability of Paragon and other relevant parties
to satisfy stock exchange and other regulatory requirements in a
timely manner, the availability of financing for Paragon's proposed
transactions and exploration and development programs on reasonable
terms and the ability of third-party service providers to deliver
services in a timely manner. The foregoing list of assumptions is
not exhaustive. Events or circumstances could cause results to
differ materially.
Shares Issued: 32,802,181
Summary of Significant Assay Results from Drilling by Paragon at the
Lemarchant Prospect
--------------------------------------------------------------------------
Inter- Cop-
From val per Lead Zinc Silver Gold
Hole Section (m) To (m) (m) (%) (%) (%) (g/t) (g/t)
--------------------------------------------------------------------------
LM07-13 101+00N 164.50 169.55 5.05 0.77 0.07 7.49 40.29 1.21
--------------------------------------------------------------------------
LM07-14 102+00N 203.50 208.90 5.40 1.06 1.52 5.26 92.56 0.85
--------------------------------------------------------------------------
LM10-43 102+50N 202.00 232.10 30.10 0.91 2.28 9.30 60.37 1.41
--------------------------------------------------------------------------
including 210.30 227.35 17.05 1.41 3.56 14.80 80.90 1.35
--------------------------------------------------------------------------
LM07-15 103+00N 219.00 233.60 14.60 0.81 2.13 9.46 73.44 1.85
--------------------------------------------------------------------------
LM08-33 103+00N 219.20 246.00 26.80 0.48 0.93 4.98 37.70 0.83
--------------------------------------------------------------------------
LM10-41 103+50N Assay results pending
--------------------------------------------------------------------------
LM10-44 103+50N Assay results pending
--------------------------------------------------------------------------
LM07-17 104+00N 236.00 250.60 14.60 0.45 2.61 12.38 50.32 0.74
--------------------------------------------------------------------------
LM08-37 106+00N 296.2 299.2 3.0 0.97 0.45 9.32 16.10 0.26
--------------------------------------------------------------------------
(Note - Results for LM07-13, 14, 15, 17, 33, and 37 have been reported
previously and shown in italics - see News releases dated January 18, 2008
and October 30, 2008 for further details)
To view the map accompanying this news release, please click on
the following link:
http://media3.marketwire.com/docs/paragonmap.JPG.
"Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: Paragon Minerals Corporation Michael Vande Guchte
President & CEO (604) 629-2353 Paragon Minerals Corporation
Bill Cavalluzzo VP Investor Relations (604) 629-2353
www.paragonminerals.com
Paragon Minerals Corp. (TSXV:PGR)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Paragon Minerals Corp. (TSXV:PGR)
Historical Stock Chart
Von Jun 2023 bis Jun 2024