Paragon drills 1.4 m of 10.14 g/t AuHello everyone,
Paragon drills 1.4 m of 10.14 g/t Au at Golden Promise
2007-10-02 12:02 ET - News Release
Mr. Michael Vande Guchte reports
PARAGON AND CROSSHAIR OUTLINE ADDITIONAL GOLD MINERALIZATION AT GOLDEN PROMISE
Paragon Minerals Corp. is reviewing its partner-financed, phase 3 drill program at the Golden Promise project in central Newfoundland. The drill program continues to outline high-grade gold mineralization at the Jaclyn Main zone, a significant gold-bearing quartz vein system on the Golden Promise property. The Jaclyn Main zone is now defined over a strike length of 750 metres and vertical depth of 270 metres. The gold-bearing vein system remains open along strike and to depth.
Fifteen drill holes (2,614 metres) of a 23-drill-hole program (3,750 metres) on the Jaclyn Main zone and Jaclyn North zone have now been completed. The program includes infill drilling and testing the down-plunge extensions of mineralization on the Jaclyn Main zone and step-out drilling on the Jaclyn North zone. Significant results include 10.14 g/t gold over 1.4 metres including 35.3 g/t gold over 0.4 metre at the Jaclyn Main zone (GP07-90) and 11.3 g/t gold over 0.3 metre at the Jaclyn North zone (GP07-76).
The Golden Promise project is being explored under the terms of an option agreement between Paragon and Crosshair Exploration & Mining Ltd., whereby Crosshair can earn a 60-per-cent interest in the project by spending $4-million over four years.
Jaclyn Main zone
Eleven drill holes, totalling 1,824 metres were completed on the Jaclyn Main zone. Three holes (GP07-80 to GP07-82) tested the eastern extent of the Main zone to a vertical depth of 270 metres below surface, six drill holes (GP07-83 through GP07-87 and GP07-89 to 90) evaluated the near-surface central portions of the vein zone and one drill hole (GP07-88) successfully tested down plunge of higher-grade mineralization in the western part of the zone. The drilling continues to intersect quartz veining in all drill holes with nine of the eleven holes containing visible gold. Significant assays results for the Jaclyn Main zone include:
* GP07-83: 6.51 grams per tonne gold over 1.4 metres including 14.94 g/t gold over 0.45 metre;
* GP07-84: 4.02 g/t gold over 1.3 metres including 7.12 g/t gold over 0.40 metre;
* GP07-85: 7.23 g/t gold over 0.80 metre including 12.81 g/t gold over 0.40 metre;
* GP07-86: 2.84 g/t gold over 0.60 metre;
* GP07-87: 1.63 g/t gold over 0.80 metre and 1.40 g/t gold over 0.85 metres;
* GP07-88: 4.37 g/t gold over 1.45 metres including 20.89 g/t gold over 0.30 metre;
* GP07-89: 4.33 g/t gold over 1.05 metres including 9.07 g/t gold over 0.50 metre;
* GP07-90: 10.14 g/t gold over 1.40 metres and a second interval of 6.35 g/t gold over 1.35 metres.
Jaclyn North zone
Four drill holes, totalling 790 metres (GP07-76 to GP07-79), have extended the multiple quartz vein system that characterizes the Jaclyn North zone by 100 metres along strike and to a depth of 175 metres. The zone now extends over 250 metres and is open in all directions. The two significant zones of quartz veining, the upper and middle subzones are intersected in all drill holes. Visible gold was observed in one drill hole (GP07-76) and assayed 11.28 g/t gold over 0.30 metre within a broader zone assaying 2.63 g/t gold over 1.30 metres. Assays results for the Jaclyn North zone include:
* GP07-76: 2.63 g/t gold over 1.30 metres, including 11.28 g/t gold over 0.30 metre;
* GP07-77: 0.54 g/t gold over 2.15 metres;
* GP07-78: 1.13 g/t gold over 0.40 metre;
* GP07-79: 0.11 g/t gold over 0.30 metre.
"These results continue to demonstrate the continuity and distribution of gold within the Jaclyn Main zone and the phase 3 drill program represents another step toward building a NI 43-101-compliant resource estimate on the Jaclyn Vein system," said Michael Vande Guchte, Paragon president and chief executive officer. "Drilling at Jaclyn North continues to outline additional zones of gold mineralization to the immediate north of the Jaclyn zone that may develop into significant gold-bearing structures that will contribute to the overall Jaclyn gold resource."
Paragon and partner Crosshair will review the initial results from the phase 3 drill program. Additional drilling is anticipated to resume in November, 2007. Drill results and maps of the program are available on the company website.
Qualified person
The Golden Promise project work is being carried out by David Mullen, Consulting Geologist to Paragon and supervised by qualified person David Copeland, MSc, PGeo.
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