Paragon Minerals and Golden Dory Expand Mosquito Hill Gold Deposit
June 23 2010 - 9:58AM
Marketwired
Paragon Minerals Corporation (TSX VENTURE: PGR) ("Paragon") and
exploration partner, Golden Dory Resources Corp. (TSX VENTURE: GDR)
("Golden Dory") are pleased to announce the completion of a 14
hole, 2,816-metre drill program on the Huxter Lane project in
central Newfoundland, Canada. The drill program succeeded in
extending the Mosquito Hill gold mineralization along strike and
down/up dip of the existing NI 43-101 compliant gold resource.
Assay results have been received for 7 of the 14 drillholes.
The Mosquito Hill Deposit is a large, near surface bulk tonnage
gold target that has now been tested by 60 broad-spaced drillholes.
The deposit has a NI 43-101 compliant resource which includes an
indicated resource of 4.47 million tonnes averaging 0.526 g/t Au
for 75,600 ounces gold and inferred resource of 32.9 million tonnes
averaging 0.461 g/t Au for 488,800 ounces gold (see Paragon news
release dated March 4, 2010). Over 90% of the resource estimate
occurs at depths shallower than 200 metres below surface. The
mineralized intrusion is exposed along its northern edge and dips
gently to the southwest. The mineralization remains open for
expansion along strike and dip. The Huxter Lane project has
excellent road access and is located near existing infrastructure
including power and skilled labour.
Highlights of the current drill program include:
-- Drilling returned broad mineralized zones with up to 110 metres grading
0.5 g/t gold.
-- Assay results to date contain higher grade gold mineralization than
those used in the initial resource calculation.
-- Ten of the drillholes were oriented perpendicular to previous drilling
and show increased gold mineralization.
-- Mosquito Hill Gold Deposit remains open for expansion in all directions.
---------------------------------------------------------------------------
Hole Number Hole Core
Azimuth Dip Length From Length Gold
(degrees) (degrees)(metres) (m) To (m) (m) (g/t)
---------------------------------------------------------------------------
HX10-47 340 -55 181.5 77.00 145.00 68.00 0.78
including 78.00 108.00 30.00 1.02
and 83.00 87.00 4.00 2.18
---------------------------------------------------------------------------
HX10-48 340 -45 214.5 97.41 128.00 30.59 0.64
including 121.87 128.00 6.13 1.16
---------------------------------------------------------------------------
HX10-49 340 -45 192.1 92.00 124.00 32.00 0.54
including 118.00 124.00 6.00 1.03
---------------------------------------------------------------------------
HX10-50 070 -45 276.0 68.58 80.00 11.42 0.56
including 75.32 80.00 4.68 1.02
91.00 201.00 110.00 0.50
including 91.00 101.00 10.00 1.52
and 120.00 130.87 10.87 1.13
---------------------------------------------------------------------------
HX10-51 340 -45 111.3 34.75 42.47 7.72 1.16
including 39.00 42.00 3.00 2.54
---------------------------------------------------------------------------
HX10-52 074 -45 208.2 72.50 155.00 82.50 0.56
including 102.00 148.00 46.00 0.70
and 102.00 120.00 18.00 1.01
---------------------------------------------------------------------------
HX10-53 070 -45 228.7 54.30 65.20 10.90 0.60
149.10 209.70 60.60 0.74
including 165.50 191.35 25.85 1.05
---------------------------------------------------------------------------
"Paragon is very pleased with the thickness and grade of
mineralization from this latest round of drilling," stated Michael
Vande Guchte, President and CEO of Paragon Minerals Corporation.
"The drilling continues to confirm a very large system at Huxter
Lane. The discovery of what might prove to be a more optimized
orientation of drilling on the Mosquito Hill Deposit is very
encouraging for better understanding the geometry of gold
mineralization."
The Huxter Lane project is under option to Golden Dory, whereby
Golden Dory can earn a 70% interest in the project by funding a
bankable feasibility study. Golden Dory is the project
operator.
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
company and partner-funded exploration. For more information on
Paragon and its properties, please visit the 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 by Accurassay Laboratories of Thunder Bay, Ontario. NQ
drill core was sawn in half and placed in sealed bags and then
delivered by Golden Dory personnel to the Accurassay prep facility
in Gambo, Newfoundland. The core was assayed by Fire Assay methods
with AA finish. Industry certified standards and blanks were also
inserted into the sample stream as part of QA/QC. Reported core
widths are interpreted to represent at least 95% of 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 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)
Historical Stock Chart
From May 2024 to Jun 2024
Paragon Minerals Corp. (TSXV:PGR)
Historical Stock Chart
From Jun 2023 to Jun 2024