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Paragon Minerals drills 5.05 m of 7.4% Zn at Lemarchant
Paragon Minerals Corp (C:PGR)
Shares Issued 20,322,922
Last Close 9/17/2007 $0.39
Tuesday September 18 2007 - News Release
Mr. Mike Vande Guchte reports
PARAGON INTERSECTS MASSIVE SULPHIDES AT SOUTH TALLY POND VMS PROJECT
Paragon Minerals Corp. has intersected massive sulphide mineralization at the Lemarchant prospect with grades of up to 7.49 per cent zinc, 0.77 per cent copper, 40.29 grams per tonne silver and 1.21 grams per tonne gold over 5.05 metres (true width), 130 metres down dip of historical drilling. The drill hole also intersected a new mineralized felsic sequence located beneath a fault structure and represents a new, highly prospective massive sulphide horizon that is open to depth and along strike.
The South Tally Pond property is located in the same volcanic belt and has strong similarities to the rocks that host the producing Duck Pond mine (4.1 tonnes of 3.29 per cent copper, 5.68 per cent zinc, 59.3 grams per tonne silver and 0.86 gram per tonne gold), located 15 kilometres to the northeast. Paragon Minerals has a significant, large land position covering 28,700 hectares immediately southwest of the Duck Pond mine. The project is under option from Altius Resources Inc., whereby Paragon Minerals can earn a 100-per-cent interest in the property.
Drill hole LM07-13, the first of three drill holes to be completed as part of an initial 1,000-metre drill program, intersected the Upper Lemarchant felsic block (Upper block) and the newly discovered Lower Lemarchant felsic block (Lower block). The Upper and Lower blocks are interpreted to be separated by a shallow, west-dipping fault zone termed the Lemarchant fault zone. The Upper block mineralization is characterized by stringer-to-semimassive-to-local (less than one metre) massive base-metal sulphide intervals within the upper 10 metres of a broad 67-metre-wide mineralized zone of disseminated to stringer pyrite and base-metal sulphide mineralization. The Lower block mineralization is characterized by disseminated, stringer to locally semimassive pyrite and pyrrhotite mineralization over a 109-metre interval. Assay results from the Lower block are pending.
Drill hole LM 07-13 was completed to a depth of 599 metres and intersected two significant, mineralized sequences, the Upper and Lower Lemarchant felsic blocks.
RESULTS FROM THE UPPER BLOCK MINERALIZATION
Hole From To Interval Copper Lead Zinc Silver Gold
(m) (m) (m) (%) (%) (%) (g/t) (g/t)
LM07-13 164.50 200.70 36.20 0.33 0.02 1.46 7.00 0.20
including
164.50 169.55 5.05 0.77 0.07 7.49 40.29 1.21
164.50 167.30 2.80 0.92 0.11 10.86 63.43 2.02
165.20 169.55 4.35 0.89 0.08 8.69 42.48 0.40
175.00 176.50 1.50 0.04 0.11 4.96 4.87 0.05
184.70 186.00 1.30 2.39 0.03 4.04 11.73 0.01
"The discovery of the mineralized felsic stratigraphy below the Lemarchant fault has really opened up the potential of the Lemarchant base-metal prospect. In the Upper felsic block, we see a higher-grade mineralization than previously intersected and this upper zone has excellent lateral potential. With the discovery of the Lower felsic block we are seeing the down-dip continuity of the mineralized horizon which is open along strike and down-dip" said Mike Vande Guchte, president and chief executive officer of Paragon Minerals.
The company is currently completing a second drill hole located 100 metres to the north (along strike) of the initial LM07-13 drill hole.
© 2007 Canjex Publishing Ltd.