Paragon Minerals Corporation (TSX VENTURE: PGR) ("Paragon") is
pleased to provide an update on its recently completed winter
diamond drilling program at the South Tally Pond volcanogenic
massive sulphide (VMS) project in central Newfoundland. The project
is located adjacent to Teck Resource's Duck Pond copper-zinc mine,
where Paragon holds a significant land position covering 21,400
hectares in this highly prospective, producing volcanic belt.
The 2010 winter drilling program focused on the Lemarchant
massive sulphide discovery and consisted of 10 diamond drillholes
(3,489 metres; LM10-41 to 48 and extensions to LM93-11 and
LM08-24). The program included four infill drillholes on sections
102+50N and 103+50N; and drill testing of down-hole geophysical PEM
conductors to the north (section 105N to 106N) and south (section
100N) of previously drilled massive sulphides (see attached map).
Highlights of the program include:
-- Infill drill hole LM10-43 intersected 30.10 metres of 9.30% zinc, 2.28%
lead, 0.91% copper, 60.37 g/t silver and 1.41 g/t gold (core length)
including 17.05 metres of 14.80% zinc, 3.56% lead, 1.40% copper, 80.90
g/t silver, 1.35 g/t gold (see news release dated March 8, 2010).
-- Down-hole geophysics outlined a strong off-hole conductor extending 200-
300 metres north of previously completed drillhole LM08-19 (North Target
area). Drilling intersected 6.0 metres of 6.60% zinc, 0.68% lead, 0.61%
copper, 28.38 g/t silver and 0.46 g/t gold (core length) including 1.1
metres of massive sulphide of 30.54% zinc, 2.94% lead, 1.50% copper,
88.9 g/t silver and 0.72 g/t gold.
-- Intense hydrothermal alteration and proximal felsic volcanic rocks
(rhyolite) intersected by drilling to date indicate a large, VMS
mineralizing environment outlined over a 600-metre strike length.
-- Lemarchant massive sulphide mineralization remains open for expansion
within the area of current drilling and along strike to the north and
south.
"We continue to be very encouraged with the discovery of new
massive sulphides intersections at the Lemarchant base metal
project. The favourable host rocks, alteration and mineralization
intersected by our drilling to date has outlined a significant VMS
mineralizing system that extends over a 600-metre strike length and
remains wide open for expansion" stated Michael Vande Guchte,
President and CEO of Paragon Minerals Corporation. Results of the
last six hole completed on the property are summarized below.
North Target area - Four drillholes (1,615 metres) targeted the
down-hole geophysical PEM conductor interpreted to extend 200-300
metres north of previously completed drillhole LM08-19 (see news
release dated March 8, 2010). The four drillholes, spaced 50 metres
apart, intersected altered and mineralized felsic volcanic rocks
below the mafic volcanic hanging wall rocks (basalt) at vertical
depths of 240 to 325 metres below surface.
Drillhole LM08-24 (Section 105+00N) was extended from 224 metres
to a drilled depth of 490 metres. The drillhole intersected
significant stringer to massive sulphide mineralization at 432
metres with 6.0 metres grading 6.60% zinc, 0.68% lead, 0.61%
copper, 28.38 g/t silver and 0.46 g/t gold including 1.1 metres of
massive sulphides grading 30.54% zinc, 2.94% lead, 1.50% copper,
88.9 g/t silver, 0.72 g/t gold (estimated true thickness is 70% of
core length). The mineralized zone is located below a pyritic
mudstone horizon and is underlain by intensely chlorite-silica
altered felsic volcanic rocks containing stringer to disseminated
sulphides including pyrite, sphalerite (zinc sulphide) and
chalcopyrite (copper sulphide) over an 11 metres thickness. The
mineralization coincides with the down-hole PEM conductor.
Drillhole LM10-48 (Section 105+00N) targeted the 50-metre
down-dip extension to the massive sulphide mineralization
intersected in drillhole LM08-24 and the associated down-hole PEM
conductor. The drillhole intersected moderately to strongly
silica-chlorite altered felsic volcanic rocks from 325.1 to 409.5
metres, with a thick, variably altered mafic intrusive unit
intersected from 409.5 metres to the end of the drillhole at 541.3
metres. The mafic intrusive unit is interpreted to have cut through
the projected down-dip extension of the massive sulphide
stratigraphy.
Drillhole LM10-45 (Section 105+50N), located 50 metres north of
LM08-24, intersected similar stratigraphy with moderate to strongly
altered felsic volcanic rocks containing stringer to disseminated
sulphides including pyrite, sphalerite and chalcopyrite from 391
metres to the end of the hole at 587.7 metres. The altered volcanic
stratigraphy contains local pyritic mudstone horizons and is cut by
numerous, altered mafic intrusive units that may have displaced any
significant massive sulphide accumulations.
Drillhole LM93-11 (Section 106+00N), located 100 metres north of
LM08-24, was extended from 376.2 metres to a drilled depth of 597
metres. The drillhole intersected moderately to strongly
silica-chlorite altered felsic volcanic rocks from 391 metres to
the end of the hole. Mineralization includes broad zones of
stringer to disseminated sulphides including pyrite, sphalerite and
chalcopyrite and local massive to semi-massive pyrite zones over 2
metres drilled thickness.
South Target Area - Two drillholes (548 metres) tested the
up-dip continuation of massive sulphide mineralization intersected
in drillhole LM07-13 and a strong off-hole geophysical PEM
conductor modeled to the south of LM07-13. Both drillholes
intersected altered and base metal mineralized felsic volcanic
rocks below the mafic volcanic hanging wall rocks indicating the
continuity of the Lemarchant footwall alteration system to the
south.
Drillhole LM10-46 (Section 101+00N) targeted the 50-metre up-dip
extension to the massive sulphides in drillhole LM07-13. The
drillhole intersected strongly altered felsic volcanic rock at a
depth of 175.75 metres with a 0.5-metre interval of semi-massive
base metal sulphides at 178.0 metres. The mineralization zone is
further underlain by altered felsic volcanic rocks with stringer
and disseminated base metal mineralization to the end of the hole
at 265.8 metres. Significant assays include 8.4 metres grading
4.30% zinc, 0.16% lead, 0.30% copper, 36.3 g/t silver, 0.38 g/t
gold (core length, estimated near true thickness).
Drillhole LM10-47 (Section 100+00N) tested the strong down-hole
geophysical PEM conductor located 100 metres south of LM07-13. The
drillhole intersected a 3-metre thick section of graphitic,
iron-rich (pyrrhotite) mudstone at a drilled depth of 139.7 metres.
The mudstone horizon is underlain by moderate to local intensely
altered, felsic volcanic rocks containing disseminated to stringer
base metal mineralization to the end of the drillhole at 236.4
metres. The mudstone horizon is consistent with the modeled
location of the PEM conductor.
Paragon is reviewing the results of the drilling and down-hole
PEM geophysical surveys completed to date with plans for continued
drilling in 2010. Updated drill plan maps, sections and drill
assays will be available on the company website at
www.paragonminerals.com
About Paragon Minerals Corporation
Paragon Minerals Corporation is a Canadian-based mineral
exploration company focused on gold and base metal exploration in
eastern Canada. Paragon's flagship base metal project is the
100%-owned South Tally Pond VMS project where it has made a
significant precious metal-rich massive sulphide discovery in a
proven mining district in central Newfoundland. Paragon is also
exploring an exceptional portfolio of gold properties through
partner-funded option and joint ventures agreements. For more
information on Paragon and its properties, please visit the company
website at www.paragonminerals.com
PARAGON MINERALS CORPORATION
Michael 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 information contained
herein was obtained from reports filed with the Government of
Newfoundland & Labrador. Samples were analyzed for Au (1 assay
ton), Ag, Cu, Pb and Zn at Eastern Analytical Labs in Springdale,
NL from sawn NQ-sized half core sections. 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 diamond drill core. All control samples conformed to the
accepted contained grades of base and precious metals. Sample pulps
were shipped to ALS Chemex in North Vancouver, BC for analysis for
33-element ICP analysis on all samples and check assays of
significant base and precious metal bearing samples. Unless
otherwise indicated, all reported sample intervals are core length
intervals and interpreted to be near true width.
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 use of
proceeds, 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. Except as
required by securities laws, 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.
Summary of Significant Assay Results from Drilling by Paragon at
the Lemarchant Prospect
----------------------------------------------------------------------------
Inter-
Hole Section From To val Copper Lead Zinc Silver Gold
(m) (m) (m) (%) (%) (%) (g/t) (g/t)
----------------------------------------------------------------------------
LM07-13 101+00N 164.50 169.55 5.05 0.77 0.07 7.49 40.29 1.21
----------------------------------------------------------------------------
LM10-46 101+00N 174.80 183.20 8.40 0.30 0.16 4.30 36.29 0.38
----------------------------------------------------------------------------
LM07-14 102+00N 203.50 208.90 5.40 1.06 1.52 5.26 92.56 0.85
----------------------------------------------------------------------------
LM10-43 102+50N 202.00 232.10 30.10 0.91 2.28 9.30 60.37 1.41
----------------------------------------------------------------------------
including 210.30 227.35 17.05 1.41 3.56 14.80 80.90 1.35
----------------------------------------------------------------------------
LM07-15 103+00N 219.00 233.60 14.60 0.81 2.13 9.46 73.44 1.85
----------------------------------------------------------------------------
LM08-33 103+00N 219.20 246.00 26.80 0.48 0.93 4.98 37.70 0.83
----------------------------------------------------------------------------
LM10-41 103+50N 194.70 199.50 4.80 stringer sulphides - 0.55%
combined Cu, Pb, Zn
----------------------------------------------------------------------------
LM10-42 103+50N 344.20 351.50 7.30 stringer sulphides - 1.27%
combined Cu, Pb, Zn
----------------------------------------------------------------------------
LM10-44 103+50N 188.00 197.00 9.00 stringer sulphides - 0.61%
combined Cu, Pb, Zn
----------------------------------------------------------------------------
LM07-17 104+00N 236.00 250.60 14.60 0.45 2.61 12.38 50.32 0.74
----------------------------------------------------------------------------
LM08-24-ext 105+00N 432.00 438.00 6.00 0.61 0.68 6.60 28.40 0.45
----------------------------------------------------------------------------
LM08-37 106+00N 296.2 299.2 3.0 0.97 0.45 9.32 16.10 0.26
----------------------------------------------------------------------------
(Note - Results for LM07-13, 14, 15, 17, 33, 37 and 41 have been
reported previously and shown in italics - see News releases dated
January 18, 2008, October 30, 2008 and March 8, 2010 for further
details)
To view the Lemarchant Prospect, please visit the following
link: http://media3.marketwire.com/docs/lemarchant.pdf
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
Paragon Minerals Corp. (TSXV:PGR)
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