Paragon Minerals Corporation (TSX VENTURE: PGR) ("Paragon") reports
additional results from its partner-funded diamond drill program at
the Golden Promise JV Gold Project, located in central
Newfoundland, Canada. Paragon's joint venture partner, Crosshair
Exploration & Mining Corp. (NYSE Amex: CXZ) (TSX: CXX)
("Crosshair") has completed the planned 36-hole (7,220 metre)
diamond drill program. Highlights from the program include:
-- Near surface vein zone continuity demonstrated in the central portion of
the Jaclyn Main Deposit with high-grade gold assays up to 129.1 grams
per tonne (g/t) gold (3.76 oz/ton) over 0.3 metres;
-- Jaclyn Main Deposit extended 150 metres east of the current NI43-
101compliant resource estimate.
Jaclyn Main Deposit - Central Zone
Twelve shallow infill drillholes (641.1 metres, all NQ-size
drillholes) were completed at approximately 25-metre spacing over a
300-metre strike length in the central portion of the Jaclyn Main
Deposit. Each drillhole intersected the gold-bearing vein zone over
widths of 0.16 to 8.45 metres, with ten of the twelve drillholes
containing visible gold (3 to 86 gold grains). Assay highlights
include:
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Drillhole From (m) To (m) Interval (m) Grade (g/t)
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GP10-102 12.70 13.20 0.50 19.9
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GP10-114 28.00 28.85 0.85 11.1
Including 28.00 28.40 0.40 18.9
And 52.85 53.45 0.60 78.1
Including 53.15 53.45 0.30 129.1
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GP10-115 23.60 25.88 2.28 6.1
Including 25.08 25.88 0.80 16.7
Including 25.08 25.38 0.30 34.2
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GP10-116 31.42 36.00 4.58 3.9
Including 35.00 36.00 1.00 12.9
Including 35.70 36.00 0.30 32.7
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GP10-126 29.27 29.73 0.46 20.8
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The infill drilling has demonstrated the quartz-vein zone
continuity in the upper portion of the Jaclyn Main Deposit and the
variable nature of the gold grade between drillholes. Two of the
infill drillholes (GP10-116 and GP10-117) intersected the quartz
vein zone within 10 metres of two, previously completed, larger
diameter (HQ) drillholes (GP02-01 and GP02-05). Comparison of the
assay results between the two-infill drillholes and the two larger
diameter drillholes provides evidence that the larger sample size
yields a higher assay grade.
Drill core samples from the 12 infill drillholes and from 6
previously completed drillholes (GP02-01, 05, 06, 11, 17 and
GP03-24) have been submitted to SGS Lakefield Research Limited for
preliminary metallurgical testing including gravity separation,
flotation and determination of the cyanide leaching
characteristics. Metallurgical results are pending.
Jaclyn Main Deposit - East Extension
A total of 15 drillholes (4,577 metres) were completed on the
eastern extension of the Jaclyn Main zone. The drilling has
extended the gold-bearing quartz vein zone 150 metres to the east
of the currently defined NI43-101 compliant resource. Significant
assays from the drilling include 19.9 g/t gold over 1.6 metres
(GP10-121) (see news release dated April 8, 2010) and 5.77 g/t Au
gold over 1.15 metres (GP10-131). The Jaclyn Main Deposit now
extends over a 950-metre strike length and to a depth of 415 metres
(GP10-130). The zone remains open along strike and to depth.
Assays, drill plans and sections for the Golden Promise JV
Project are available on the Paragon website.
Following the drill program and after detailed review of the
exploration data and metallurgical results, Crosshair and Paragon
plan to conduct a surface bulk sampling program. The bulk sample is
aimed at providing a more representative gold grade, testing
structural and grade continuity and mining/milling characteristics
for the Jaclyn Main Deposit. The 2010 exploration programs are
being funded by Crosshair as part of the 2009 Joint Venture
Agreement (see Paragon News Release dated April 9, 2009). Paragon
retains a 40% interest in the Golden Promise JV Gold Project.
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 J. Vande Guchte, President & CEO
Qualified Person and QA/QC - Exploration work on the Golden
Promise JV Project is being carried out by Barry Sparkes,
Consulting Geologist to Crosshair and supervised by Stewart Wallis,
P.Geo., a member of the Professional Engineers and Geoscientists of
BC, the President and CEO of Crosshair and a Qualified Person as
defined by NI 43-101. Mr. Wallis has verified that the assay
results presented above have been accurately summarized from the
official assay certificates provided to Crosshair. True widths of
the reported intercepts vary depending on the angle of the
individual drill holes and are estimated to be between 50% and 85%
of the core interval as reported. Assay composites are reported
uncut. All assay samples were prepared from sawn NQ-sized half-core
sections on site in Newfoundland. Samples were shipped to
Accurassay Laboratories prep facility in Gambo, Newfoundland and
assayed at their Thunder Bay, Ontario laboratory using standard
fire assay methods on a 50-gram sample with an AA finish. Samples
that contain visible gold are automatically assayed using the
metallic screen method. All samples that assay over 1g/t gold are
also rerun using the metallic screen method. Standards, blanks and
duplicate assays are included at regular intervals in each sample
batch submitted from the field as part of an ongoing QA/QC program.
Gold standards were prepared by CDN Resource Laboratories Ltd., of
Delta, BC and certified by Licensed Assayer Duncan Sanderson.
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. 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 Minerals Corporation Michael Vande Guchte
President & CEO (604) 629-2353 www.paragonminerals.com
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