Paragon Minerals and GFE Capital Begin Drilling on the Winterhill VMS Project, Newfoundland
13 Mai 2010 - 3:15PM
Marketwired
Paragon Minerals Corporation (TSX VENTURE: PGR) ("Paragon") is
please to report that partner GFE Capital Corp. (GFC: TSX-V; "GFE
Capital") has started a 500-metre drill program on the Winterhill
VMS Project in south-central Newfoundland, Canada.
The drill program will test a priority airborne EM conductor and
coincident ground EM conductor located below a small lake. The EM
conductors coincide with a conductive trend that continues on
surface through the Winterhill East massive sulphide prospect. An
historical drillhole (WH91-16) at the Winterhill East prospect
intersected 9.6 metres of semi-massive to massive pyrite
mineralization (no significant base metal assays). The best section
of this airborne EM conductor occurs over a 700-metre strike length
making it a potentially large target.
The Winterhill massive sulphide mineralization is hosted within
Neoproterozoic-aged volcanic rocks similar to those of the
Arabian-Nubian Shield which host numerous large tonnage and
high-grade VMS deposits. The property covers a 3.5-kilometre long
zone of altered felsic volcanic and calcareous sedimentary rocks
that host a number of base metal prospects including Winterhill,
Winterhill East and Winterhill West. Previous drilling by Noranda
at these prospects (18 holes, 3,872 metres) intersected massive
sulphide mineralization with assays of 1.41% copper over 6.0 metres
and 10.1% zinc over 4.0 metres.
Under terms of the option agreement, GFE Capital may earn a 70%
interest in the property by funding $700,000 in exploration
expenditures over a four year period ($100,000 firm in first year)
and making cash payments of $60,000 to Paragon. Paragon will be the
operator during the option earn-in period.
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.
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 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: 32,902,181
"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 Mineral Corporation Michael Vande Guchte
President & CEO (604) 629-2353 www.paragonminerals.com
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