Paragon and GFE Capital Complete Drilling at Winterhill VMS Project
21 7월 2010 - 10:15PM
Marketwired
Paragon Minerals Corporation (TSX VENTURE: PGR) ("Paragon") reports
that exploration partner GFE Capital Corp. (TSX VENTURE: GFC) ("GFE
Capital") has completed a 300-metre diamond drillhole on the
Winterhill VMS Project in south-central Newfoundland, Canada.
Drillhole WH10-19 successfully tested the centre of a 700-metre
long, priority airborne EM conductor and coincident ground EM
conductor located below a small lake on the property. Drilling
intersected a thick, strongly altered sequence of felsic volcanic
rocks which contained intervals of well-bedded to banded
semi-massive to massive pyrite mineralization measuring 3.8 metres
(128.9-132.7 metres), 2.0 metres (183.3-185.3 metres) and 1.85
metres (199.45-201.3 metres) in thickness. Anomalous zinc is
associated with the pyrite mineralization. The host altered felsic
volcanic rocks are overlain by unaltered "hangingwall" mafic
volcanic rocks.
"The drilling has confirmed that the 700-metre long conductive
trend is due to VMS-style massive sulphide mineralization in
bedrock below the lake" said Michael Vande Guchte, President &
CEO of Paragon. "The presence of intense hydrothermally altered
felsic volcanic rocks containing bedded massive sulphides, coupled
with the sparsely tested nature of the conductor, is encouraging
for aggressive follow-up exploration in this VMS mineralizing
system".
The Winterhill massive sulphide mineralization is hosted within
Neoproterozoic-aged volcanic rocks similar to those of the
Arabian-Nubian Shield which host numerous large tonnage and
high-grade VMS deposits. The property covers a 3.5-kilometre long
zone of altered felsic volcanic and calcareous sedimentary rocks
that host a number of base metal prospects including Winterhill,
Winterhill East and Winterhill West. Previous drilling by Noranda
at these prospects (18 holes, 3,872 metres) intersected massive
sulphide mineralization with assays of 1.41% copper over 6.0 metres
and 10.1% zinc over 4.0 metres.
Under terms of the Winterhill option agreement, GFE Capital may
earn a 70% interest in the property by funding $700,000 in
exploration expenditures over a four year period ($100,000 firm in
first year) and making cash payments of $60,000 to Paragon. Paragon
is the operator during the option earn-in period.
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 is exploring an exceptional portfolio of
gold and base metal properties through company-funded and
partner-funded exploration. 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. Assaying for this program was
carried out on split BQTW core by Eastern Analytical of Springdale,
NL with check assays, ICP and XRF analyses performed by ALS Chemex
of North Vancouver, BC. Industry certified standards and blanks
were also inserted into the sample stream as part of QA/QC.
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.
Shares Issued: 32,942,181
"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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