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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 21, 2008) - Paragon Minerals Corporation
("Paragon") (TSX VENTURE:PGR) is pleased to provide an update
on the first phase of a 10,000-metre diamond drill program at the Lemarchant Prospect on the South Tally Pond
property. A total of thirteen drill holes (4,217 metres;
LM08-19 to 31) were completed on the property between February 7 and
April 10, 2008. Drilling was halted in mid-April due to the spring thaw
conditions and is scheduled to resume in July following the completion
of a Titan 24 Deep Earth Imaging geophysical survey.
Paragon has contracted Quantec Geoscience Ltd. to perform a geophysical survey
using the Titan 24 Deep Earth Imaging system in the Lemarchant
Prospect area in June. The Titan 24 Deep Earth Imaging system is
considered to be the most advanced electrical earth imaging technology
available. Measuring parameters of DC (resistivity),
IP (chargeability) and MT (magnetotelluric resistivity), the Titan 24 measures to depths of 750 metres with
IP and to depths of more than 1.5 kilometres
with MT data. These depths and multi-parameter data make the system one
of the best tools available for obtaining subsurface information
related to geologic structure and for the direct detection of mineral
deposits.
The completed winter drill program was designed to test the on strike and
dip extensions to the precious metal-rich massive sulphide
mineralization intersected by Paragon in four drillholes
last year, where massive sulphides grading up to 9.46% zinc, 2.13%
lead, 0.81% copper, 73.44 g/t silver, 1.85 g/t gold were intersected over
14.6 metres
(see Paragon News Release dated January 18, 2008).
Drilling to the north and west of the massive sulphides intersected
last year has outlined a thick sequence of highly altered and
mineralized felsic volcanic rocks. The felsic stratigraphy is
intensely altered (chlorite-sericite-silica)
and contains up to 25% disseminated to stringer sulphides (pyrite, sphalerite, chalcopyrite and galena). Assay results
indicated broad, up to 50 metres wide zones of anomalous to
highly anomalous zinc-lead-copper-silver-gold mineralization and
interpreted to represent footwall zone mineralization. Two of the drillholes (LM08-28 and 29) intersected up to 9.4 metre thick
intervals of semi-massive to massive pyrite-pyrrhotite-magnetite
mineralization with anomalous gold mineralization.
Current interpretation suggests that the direction or vector to higher
temperature copper-rich massive sulphide mineralization and the
potential centre (vent) of the VMS mineralizing system is to the west. The
most westerly drillhole (LM08-29; 629 metres)
intersected a thick sequence of heavily chlorite-altered felsic volcanic rocks with a notable increase in
disseminated chalcopyrite (copper sulphide) contents. Drilling has
provided a better understanding of the proximal felsic
volcanic stratigraphy and dramatic rock facies changes observed in drill core, all of which
has been moderately folded. The extent of the felsic
volcanic rocks to the west and at depth show excellent potential for
hosting additional massive sulphide mineralization.
"We are very encouraged with the results of the drilling completed
to date. The presence of thick accumulations of high grade massive
sulphides, vent proximal geology, very intense hydrothermal alteration
and significant stringer base metal mineralization are excellent
indicators of a large VMS system," stated Michael Vande Guchte, President
& CEO of Paragon Minerals Corporation. "We believe that
utilizing the Titan 24 geophysical survey at this stage will help
target and prioritize the next round of drilling at the Lemarchant Prospect." The Titan 24 survey is
scheduled to begin mid-June and will be followed by up to 5,800 metres
of drilling beginning in July.
The South Tally Pond Project is located in the same volcanic belt and
has strong similarities to the rocks that host Teck-Cominco's
Duck Pond Mine. Paragon has a significant land position covering 32,450 hectares
immediately southwest of the Duck Pond Mine. The project is under
option from Altius Resources Inc., whereby
Paragon can earn a 100% interest in the property.
Results and maps are available on the Company website at www.paragonminerals.com.
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.
PARAGON MINERALS CORPORATION
Michael J. Vande Guchte,
President & CEO
Qualified Person - The South Tally Pond project work is being carried
out and supervised by Qualified Person David Copeland, M.Sc., P.Geo. Samples were analysed for Au (1 assay ton),
Ag, Cu, Pb and Zn at Eastern analytical labs
in Springdale,
NL from sawn NQ-sized half core sections. Sample pulps were shipped to
ALS Chemex in North Vancouver, BC
for analysis for 27-element ICP analysis on all samples and check
assays of significant base and precious metal bearing samples. Data
quality is monitored through the insertion of control samples
comprising one prepared base and precious metal standard and one blank
sample for every 20 samples of natural diamond drill core. Check assays
are currently pending for holes LM08-29 to 31. All other check assays
adequately reproduce the reported base and precious metal grades. All
control samples conformed to the accepted contained grades of base and
precious metals.
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 results and
programs. 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.
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