TSX Venture Exchange Symbol: PGR
Shares Issued: 52,939,254
- Drilling intersects 4.24% copper over 0.5 metres at Beaver Lake VMS
Prospect -
- Drilling resumes at the Lemarchant VMS Prospect -
VANCOUVER, July 5, 2011 /CNW/ - Paragon Minerals Corporation (TSX-V: PGR; "Paragon") is pleased to provide an update on its
exploration activities on the 100%-owned South Tally Pond volcanogenic
massive sulphide (VMS) project in central Newfoundland. The South Tally
Pond VMS project is located adjacent to and in the same volcanic belt
as the producing Duck Pond Cu-Zn Mine operated by Teck Resources
Limited.
Three wide-spaced drillholes, totaling 875 metres were completed at the
Beaver Lake VMS prospect, a priority target area located 3 kilometres
north of the Lemarchant Cu-Pb-Zn-Ag-Au massive sulphide discovery. The
drilling intersected thick sequences of altered felsic volcanic rocks
(rhyolite) in all three drillholes which contain zones of anomalous
copper, lead, zinc mineralization with elevated gold and silver.
Significant assay results are 4.24% Cu and 11.0 g/t Ag over 0.5 metre
and 1.2% Zn and 8.5 g/t Ag over 1.5 metres from drillhole
BL11-01. Assay results for drillhole BL11-03 are pending.
"This initial drill testing of the Beaver Lake VMS prospect confirms the
presence of a thick, altered and mineralized sequence of felsic
volcanic rocks similar to that first discovered at the Lemarchant
Discovery" said Michael Vande Guchte, President and CEO of
Paragon."These first three drillholes, spaced 150 and 350 metres apart,
have outlined a very prospective area that remains open along strike
and down-dip". Paragon will review the results of this initial drill
program with the aim of further developing this target area.
Paragon has resumed drilling at the Lemarchant Discovery where drilling
to date has intersected significant mineralization over a 500 metre
strike length. A further 4,000 metres of drilling is planned.
Paragon would like to thank the Government of Newfoundland and Labrador
for its support of this project through a financial contribution from
the Junior Exploration Assistance Program.
The company also announces the issuance of 1,005,000 incentive stock
options, subject to a vesting period of 18 months and exercisable at
$0.11 cents for five years to the company directors, officers and
employees.
About Paragon Minerals Corporation
Paragon Minerals Corporation is a Canadian-based mineral exploration
company focused on gold and base-metal exploration in Newfoundland and
Ontario. The Company's flagship base metal project is the 100%-owned
South Tally Pond VMS project where it actively exploring a precious
metal-rich massive sulphide discovery and other priority VMS targets in
a producing base metal mining district in central Newfoundland. The
Company is also exploring an exceptional portfolio of gold properties
through partner-funded and company-funded exploration programs. For
more information on the Company, please visit the company website at www.paragonminerals.com
PARAGON MINERALS CORPORATION
"Michael J. 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 contents of this news release. Drillhole
intervals are core length and estimated to be near true thickness.
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 consisting of 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 for further check assays of significant base and precious metal
bearing samples.
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
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.
"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."
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