Paragon Minerals and Golden Dory Begin Drilling at Huxter Lane Gold Project
05 Mayo 2010 - 8:15AM
Marketwired
Paragon Minerals Corporation (TSX VENTURE: PGR) ("Paragon") reports
that its exploration partner, Golden Dory Resources Corp. (TSX
VENTURE: GDR) ("Golden Dory") has started a minimum 2,000-metre
drill program on the Huxter Lane Gold Project in central
Newfoundland, Canada. The property 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 operator.
The drill program will focus on expanding the recently announced
NI 43-101 compliant resource at the Mosquito Hill Deposit, which
has 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). To date, no economic assessment
or scoping study of the Mosquito Hill Deposit has been
performed.
The Mosquito Hill Deposit is a large, near surface
intrusion-hosted gold system that has been tested by 46
broad-spaced drillholes over a strike length of 900 metres and
width of 500 metres. 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 along strike and
down-dip. The Huxter Lane Gold Project is road accessible and
located near existing infrastructure including power and skilled
labour.
The gold mineralization at Huxter Lane has many geological
similarities to bulk-tonnage gold deposits in the Yukon and Alaska
including the Donlin Creek deposit (467.7 Mt at 2.23 g/t gold for
33.59M oz gold; NovaGold Resources Inc. news release dated March
22, 2010) and the Fort Knox deposit (253 Mt at 0.45 g/t Au for 3.69
M oz Au; Kinross Gold Corporation website). The style of gold
mineralization represents a new exploration target in Newfoundland
and highlights the potential of the area to host large mineralizing
systems with multi-million ounce gold potential.
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 both
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.
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: 32,902,181
"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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