Paragon Minerals Corporation (TSX VENTURE: PGR) is pleased to
announce 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) has
completed 31 drillholes (5,089 metres) of a planned 36 drillhole
(6,500 metres) diamond drill program. Highlights of the current
program include:
- Jaclyn Main gold zone extended 100 metres east of the current
43-101 compliant resource estimate;
- Significant assays include 19.9 g/t gold over 1.60 metres in
the eastern extension;
- Coarse visible gold intersected in 17 of the 31 drillholes
completed in this program;
- Metallurgical test drillholes (12 holes, 641.1 metres)
completed in central portion of Jaclyn Main Zone;
- Jaclyn North Zone extended 200 metres east - extends
strike-length to 450 metres on wide-spaced drilling.
Jaclyn Main Gold Zone
Eight drillholes (2,126 metres) were completed on the eastern
extension of the Jaclyn Main zone and has extended the gold-bearing
quartz vein zone a further 100 metres to the east of the currently
defined 43-101 compliant resource. Significant assays from the
drilling include 19.9 g/t gold over 1.6 metres (GP10-121) and 5.18
g/t over 0.3 metres (GP10-108). The Jaclyn Main zone now extends
over a 900 metres strike length and to a depth of 275 metres. The
zone remains open along strike and to depth. An additional 1400
metres will be completed on the eastern extension.
Three drillholes (702 metres) tested the down-dip extension of
the Jaclyn Main vein zone in the west-central portion of the vein
zone at vertical depths ranging from 150-210 metres. Three of the
drillholes intersected the gold-bearing quartz vein zone with
assays of 2.52 g/t gold over 0.54 metres (GP10-122) in the lower
most drillhole. The zone remains open to depth.
Twelve shallow infill drillholes (641.1 metres) designed for
metallurgical testing was completed at approximately 25 metres
spacing within the central portion of the Jaclyn Main Zone. Each
drill hole intersected the gold-bearing vein zone over widths of
0.16 to 8.45 metres, with ten of the drillholes containing coarse
visible gold. Assays results for these drillholes are pending.
Preliminary metallurgical testing including gravity separation,
flotation and determination of the cyanide leaching characteristics
will be completed by SGS Lakefield Research Limited.
On completion of the drill program, Crosshair and Paragon also
plan to conduct a surface bulk sampling program at the Jaclyn Main
Zone. The bulk sample is aimed at providing a more representative
gold grade for the Jaclyn Main Zone resource.
Jaclyn North Zone
Three drillholes (645 metres) tested the eastern strike and
down-dip potential of Jaclyn North Zone; a parallel gold-bearing
quartz vein zone located 500 metres north of the Jaclyn Main Zone.
The drilling extended the zone a further 200 metres to the east and
to a depth of 175 metres on wide spaced drilling. Each drillhole
intersected gold-bearing quartz veins with assays of 6.19 g/t over
0.35 metres (GP10-103) and 4.68 g/t over 0.3 metres (GP10-99).
"We are pleased with the progress that JV partner Crosshair is
making in extending the Jaclyn Main Zone and the Jaclyn North Zone"
said Michael Vande Guchte, President and CEO of Paragon. "Results
from the metallurgical testing and the planned bulk sample will be
important milestones and should go a long way to further evaluating
the gold potential of the project". Drilling is continuing at
Golden Promise JV gold project with approximately 1400 metres of
drilling to be completed.
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. Assay highlights, drill plans and sections
for the Golden Promise JV project will be made available on the
Paragon website at
http://www.paragonminerals.com/projects/newfoundland/golden_promise/.
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 projects in the province of Newfoundland &
Labrador. Further details on Paragon and its properties can be
found on the Company 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 regulatory
approvals, 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: 32,802,181
"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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