 | | | Published : July 30th, 2007 | Completes Airborne Geophysical Surveys on Four Base Metal Projects |
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July 30, 2007
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Paragon Completes Airborne Geophysical Surveys on Four Base Metal Projects - Follow-up work indicates VMS-style alteration systems in favorable stratigraphy
- Drilling to commence on South Tally Pond VMS Project
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 30, 2007) - Paragon Minerals Corporation (TSX VENTURE:PGR) is pleased to announce that the Company has completed 3,661 line-kilometres of airborne magnetic and electromagnetic (EM) survey on three of its base metal VMS projects (Lake Douglas, Harpoon, Barren Lake) in the Victoria Lake Volcanic Belt in central Newfoundland and on the Winter Hill base metal project in south Newfoundland. Although the survey data are still being processed, preliminary results have defined a number of airborne EM anomalies and field crews are conducting initial field investigations on the highest priority targets. A full interpretation of the data is expected soon.
The Victoria Lake Volcanic Belt in central Newfoundland is historically prospective for zinc-rich base metal VMS deposits and is host to Aur Resource's producing zinc-copper mine at Duck Pond, Messina Mineral's Boomerang and Domino deposits and the former producing, world-class base metal deposits at Buchans. Paragon has a dominant land position covering 28,700 hectares (1,148 claims) immediately southwest of Aur Resource's Duck Pond Mine.
Paragon will commence a Diamond drill program in early August on the South Tally Pond VMS Project. The drill program is aimed at testing the Lemarchant prospect, a significant base metal occurrence in the Victoria Lake Volcanic Belt where previous drilling by Noranda intersected massive sulphides assaying 7.4% zinc, 6.3% lead, 0.6% copper, 11.4 g/t gold, 1,515 g/t silver over 0.6 metres (LM92-01) and 1.53% zinc, 59.8 g/t silver, 6.1 g/t gold over 3.8 metres (LM93-08). The mineralization is hosted within a 4000 metre long and 700 metre wide sequence of highly altered felsic volcanic rocks, 1100 metres of which was tested by previous drilling (17 holes). The mineralization is interpreted to be open along strike and to depth. The Lemarchant prospect is hosted within rocks that are the same age and have the same alteration characteristics as the Duck Pond Mine, located 15 kilometres to the northeast. The proposed drill program is designed to test the mineralized horizon below the previously drilled depth of 160 metres.
At the Lake Douglas VMS Project, geological mapping and prospecting in June and July has identified three highly prospective target areas to date. These are:
Lake Douglas Grid - the Lake Douglas massive sulphides discovered in 2006 are hosted in a thick sequence of pyritic, quartz-phyric felsic volcanic rocks and lesser mafic volcanic rocks. The mineralized interval, exposed by trenching over a 60-metre strike length is coincident with a multi-element geochemical soil anomaly (zinc-lead-silver-gold) that extends over 1.2 kilometres. Additional massive sulphide float, measuring 0.7 by 0.5 metres, was discovered earlier this year about 400 metres to the northeast of the Lake Douglas massive sulphide occurrence. Results from the airborne geophysical survey indicate that a moderate EM conductor coincides with both the massive sulphide horizon and zone of anomalous soil geochemistry.
Flexure Grid - the Flexure grid area is located five kilometres southwest and along strike of the Lake Douglas massive sulphide occurrence. Geological mapping and airborne geophysical data confirm this area is also underlain by the same favourable stratigraphy that hosts the Lake Douglas massive sulphide occurrence. Altered felsic volcanic rocks mapped in the area coincide with a 1.5 kilometres multi-element (zinc, lead, silver, copper, gold) soil geochemical anomaly. Surface mapping and EM anomaly follow-up is continuing in this area.
Lake Douglas East - Reconnaissance geological mapping and prospecting in the Lake Douglas East area has outlined altered felsic volcanic rocks that exhibit strong VMS-style alteration characteristics (sericite-silica-siderite+/-chlorite) and disseminated pyrite and base metal mineralization. The altered felsic volcanic rocks are overlain by a black shale unit similar to that seen at other VMS deposits in the Victoria Lake Volcanic Belt (Duck Pond, Boomerang) and the nearby Haven Steady base metal prospect located 6 kilometres along trend to the northeast. Five priority EM anomalies are being followed up by surface mapping and prospecting.
The Company is currently prioritizing drill targets on the Lake Douglas Project. A 2,000-metre Diamond drill program is scheduled to begin in late August.
At the Harpoon VMS Project, the airborne geophysical survey outlined several high priority EM conductors that require follow-up prospecting and geological mapping. Several of the conductors coincide with known altered felsic and mafic volcanic stratigraphy, black shale and anomalous base-metal bearing till and soil samples. Of particular interest to Paragon is the Duck West Area located 2.8 km west of the Duck Pond Mine in an area interpreted to represent the western projection of the favorable Duck Pond Horizon. The Company is completing reconnaissance prospecting and geological mapping of priority targets on the property, including the Duck West Area, in order to prioritize sites for a fall drill program.
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 can be found on the Company website at www.paragonminerals.com.
PARAGON MINERALS CORPORATION
Michael J. Vande Guchte, President & CEO
Work on Paragon's base metal projects 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 & 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 future exploration programs and activities. 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 ability of the Company and other relevant parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company'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.
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CONTACT INFORMATION:
Paragon Minerals Corporation
Bill Cavalluzzo
VP Investor Relations
Toll free: 1-877-533-6353
Website: www.paragonminerals.com
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INDUSTRY: Manufacturing and Production - Mining and Metals
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Data and Statistics for these countries : Canada | All Gold and Silver Prices for these countries : Canada | All
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Paragon Minerals Corporation
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EXPLORATION STAGE |
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CODE : PGR.V |
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Paragon is a gold and copper exploration company based in Canada. Paragon holds various exploration projects in Canada. Its main exploration properties are GOLD STAR PROJECT, SOUTH GOLDEN PROMISE, SOUTH TALLY POND, GOLDEN PROMISE, VICTORIA LAKE, HUXTER LANE, SEAL BAY JV, LONG POND JV and WINTERHILL in Canada. Paragon is listed in Canada. Its market capitalisation is CA$ 3.2 millions as of today (US$ 3.2 millions, € 2.5 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.65, and its lowest recent point on December 24, 2008 at CA$ 0.03. Paragon has 52 999 000 shares outstanding. |
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