Paragon Commences Drilling at South Tally Pond VMS Project
16 Febbraio 2010 - 3:15PM
Marketwired
Paragon Minerals Corporation (TSX VENTURE: PGR) is pleased to
announce the start of the 2010 drill program on its wholly-owned
South Tally Pond zinc-lead-copper-silver-gold volcanogenic massive
sulphide ("VMS") project in central Newfoundland. The project has
excellent road access and is located adjacent to Teck Resources
Duck Pond copper-zinc mine. Paragon holds a significant land
position covering 21,400 hectares of this highly prospective,
producing volcanic belt. The planned drill program includes up to
12 drillholes (3,200 metres) focused on expanding the Lemarchant
massive sulphide discovery and testing several other high priority
targets located elsewhere on the property.
"We're pleased to get the drilling underway again at the South
Tally Pond project," said Michael Vande Guchte, President and CEO
of Paragon. "We believe there is tremendous potential for
additional massive sulphide deposits to be found in this already
producing volcanic belt, starting with the Lemarchant massive
sulphide discovery."
About the South Tally Pond VMS Project
The South Tally Pond Project is located in the same volcanic
belt and has many similarities to the rocks that host Teck's Duck
Pond copper-zinc mine. 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. Significant drill intercepts
include 9.46% zinc, 2.13% lead, 0.81% copper, 73.44g/t silver, 1.85
g/t gold over 14.6 metres (LM07-15) and 12.38% zinc, 2.61% lead,
0.45% copper, 50.32 g/t silver, 0.74 g/t gold over 14.6 metres
(LM07-17). 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.
The planned winter drill program at Lemarchant will focus on
further defining the mineralization between the wide-spaced
drillholes where thickening of the massive sulphides is suggested
by down-hole geophysics and testing high-priority target areas
located along strike. Paragon also plans to drill test several
other high priority targets located elsewhere on the property
including the Beaver Lake prospect.
Paragon Minerals Corporation is a Canadian-based mineral
exploration company listed on the TSX Venture Exchange. Paragon and
its exploration partners are focused on gold and base metal
exploration in the province of Newfoundland & Labrador, Canada.
Further details on the properties can be found on the Company
website at www.paragonminerals.com.
PARAGON MINERALS CORPORATION
Michael J. 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 results were obtained
from published reports available in the public domain.
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: 31,373,409
"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
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