|
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 2, 2008) - Paragon Minerals
Corporation (TSX VENTURE:PGR) is pleased to provide the results of the
Titan 24 geophysical survey completed on its 100%-owned South Tally
Pond base metal project located in central Newfoundland. Up to 5,800 metres
of diamond drilling is planned at the Lemarchant
Prospect to follow-up on targets generated by the Titan 24 geophysical
survey and on significant results from previous drilling. Drilling is
scheduled to begin on September 8.
Quantec Geoscience
completed the Titan 24 Deep Earth Imaging System geophysical survey
over the Lemarchant prospect in late July
(see News Release dated May 21, 2008). The six line orientation survey
was designed to help identify the signature of the precious metal-rich
massive sulphide mineralization intersected by Paragon in previous
drill holes, define and prioritize drill targets, and locate new target
areas for drilling. The Titan survey has outlined several high
priority, multi-line anomalies in the west, central and east portions
of the surveyed grid area:
- In the central part of the grid, a moderate to strong conductor
extends over all six surveyed lines. The multi-line conductor is
interpreted to correspond with the strongly mineralized felsic volcanic rocks and base metal massive
sulphides drilled on lines 101+00N, 102+00N, 103+00N and 104+00N. The
anomaly continues to depth and along strike of the previous drilling.
- In the west part of the grid, a strong conductor occurs over an 800 metre strike
length. This western anomaly represents a new, untested area of the
property that is underlain by favourable altered felsic
volcanic stratigraphy.
- In the east part of the grid, a moderate to strong conductor is
evident over a 600
metres strike length. The geophysical anomaly
may represent the fold repeated favourable felsic
volcanic stratigraphy to the east of the
previous drilling. The anomaly coincides with anomalous
copper-lead-zinc-silver surface geochemistry and ground/airborne EM
conductors.
"The Titan survey has provided some excellent
additional information to help target and prioritize areas for the
upcoming drill program at the Lemarchant
prospect" stated Michael Vande Guchte, President & CEO of Paragon Minerals
Corporation. "We see good correlation of the geophysical anomalies
with the sulphide mineralization intersected to date and these
anomalies continue to depth. The west and east anomalies are also very
significant and require follow-up drilling". Paragon will compile,
interpret and integrate the Titan geophysical data into the South Tally
Pond project dataset with up to 5,800 metres
of drilling planned.
The South Tally Pond Project is located in the same volcanic belt and
has very strong similarities to the rocks that host Teck-Cominco's
Duck Pond Mine, located 20 kilometres to the northwest. In
2007, Paragon made a significant base metal discovery on the property
at the Lemarchant prospect, where massive
sulphides grading up to 9.46% zinc, 2.13% lead, 0.81% copper, 73.44 g/t
silver and 1.85 g/t gold were intersected over 14.6 metres. Paragon
has a camp size land position covering 32,450 hectares
beginning immediately southwest of the Duck Pond Mine property. The
project is under option from Altius Resources
Inc., whereby Paragon can earn a 100% interest in the property.
Paragon Minerals Corporation is a Canadian-based mineral exploration
company listed on the TSX Venture Exchange. The company is focused on
gold and base metal exploration in Eastern Canada, specifically within
the Province of Newfoundland and Labrador.
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
The South Tally Pond project work is supervised by Qualified Person
David Copeland, M.Sc., P.Geo. Historical
results and information contained herein were obtained from reports
filed with the Government of Newfoundland and Labrador.
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 the Company 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 the Company 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 the Company's management on the date the
statements are made. The Company 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
|