here you go VANCOUVER, Oct. 6, 2011/CNW/ -
Paragon Minerals Corporation (TSX-V: PGR; "Paragon") is pleasedto provide a further update on exploration activities and results on the100%-controlled South Tally Pond volcanogenic massive sulphide (VMS) project incentral Newfoundland. The South Tally Pond VMS project is located adjacent tothe producing Duck Pond Cu-Zn Mine/Mill complex operated by Teck ResourcesLimited. With the 2011 drill program at the Lemarchant prospect now completed,Paragon is preparing an initial National Instrument 43-101 resource estimate andpreliminary metallurgical studies on the Main massive sulphide zone at theLemarchant Prospect.
A total of 74 drillholes, totaling 24,277 metres has now beencompleted at the Lemarchant prospect. The 2011 drill program (24 drillholes + 2drillhole extensions) has further outlined and expanded the Lemarchant Main Zonemassive sulphide mineralization intersected from section 101N to 104N. TheLemarchant Main Zone extends over 300 metres, remains open up-dip and to thesouth, and is interpreted to continue down-dip in the fault displaced lowerfelsic block. The massive sulphide mineralization has been intersected atvertical depths of 150 to 220 metres below surface.
"Drilling this year at Lemarchant has encountered significantthicknesses of base metal massive sulphides with some very significanthigh-grade precious metal contents." said Michael Vande Guchte, President andCEO of Paragon Minerals Corporation. "The grade of the mineralization atLemarchant is very good and management believes the Lemarchant Prospect is asizeable VMS system that remains open for expansion. We look forward tocompleting the initial 43-101 resource estimate on the Lemarchant Main Zone thisyear".
Highlights of the 2011 drilling program have returned numeroussignificant assay results including 1.61% Cu, 11.83% Zn, 3.27% Pb, and 528.31g/t Ag and 3.13 g/t Au over 10.3 metres and 1.65% Cu, 12.74% Zn, 3.27% Pb, and185.75 g/t Ag and 10.13 g/t Au over 7.0 metres (see news release dated August 25 and September 15, 2011).
Assay results for the last four drillholes (LM11-69 to LM11-72)intersected stringer to semi-massive sulphide mineralization with the best drillintercept grading 0.47% Cu, 5.02% Zn, 0.48% Pb, and 12.82 g/t Ag over 3.7 metres(LM11-72; Section 101+25N). Two of these drillholes (LM11-70 and LM11-71;Section 104+50N) intersected strongly altered felsic volcanic rocks withanomalous base metal mineralization along the projected Lemarchant thrustfault. The fault is interpreted to have displaced the mineralization down-dip.Additional details of the drilling and assay results are available on theParagon website.