drilling results20 Dec 2007 10:05 ET
TSX Venture Exchange Symbol: PGR
TORONTO, Dec. 20 /CNW/ - Paragon Minerals Corporation (PGR.TSX-V) is
pleased to provide drilling results from three of its gold projects located in
the Gander area of Newfoundland. The three projects include JBP Linear (4
holes, 689.5 metres), Mt. Peyton (2 holes, 237.0 metres), and New World (2
holes, 291.5 metres). The projects form part of a larger land position held by
Paragon, an area that it believes has district-scale gold potential.
JBP Linear Project
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Paragon completed three drill holes (424.0 metres) that targeted a
geophysical IP trend with coincident anomalous gold-bearing soil and quartz
vein float samples in the Pocket Pond East area. All three drill holes
intersected a zone of gold-bearing quartz vein mineralization located 215
metres north and along strike of the previous drilling (3 holes) at the Pocket
Pond East prospect. The most significant intersection was in drillhole HP07-39
where multiple, near surface quartz veins containing visible gold were
intersected over a 12.6 metre interval. The northern extension to the Pocket
Pond East prospect remains open along strike and to depth with multiple,
untested targets along the geophysical IP trend. A fourth drillhole (HP07-41,
265.5 metres) located 500 metres to the west, in the Pocket Pond West area,
intersect minor quartz vein zones. Significant gold assay results include:
<<
Drillhole Section From (m) To (m) Interval (m)(x) Gold
(g/t)(xx)
-----------------------------------------------------------------
HP07-38 11100N 56.35 59.70 3.35 1.03
including 59.10 59.70 0.60 3.58
-----------------------------------------------------------------
HP07-39 11216N 22.80 35.40 12.60 1.89
including 22.80 26.00 3.20 3.84
22.80 23.45 0.65 5.62
25.50 26.00 0.50 14.36
34.40 34.90 0.50 5.14
-----------------------------------------------------------------
HP07-40 11300N 74.90 76.40 1.50 5.30
including 74.90 75.40 0.50 6.10
75.90 76.40 0.50 7.99
-----------------------------------------------------------------
(x) True thickness interpreted to be 100% of core length;
(xx) Assays by metallic-screen fire assay method.
>>
Paragon suspended the JBP Linear drill program in early October as a
result of property option discussions with Sprott Resource Corp., who have
since optioned the property from Paragon (see News Release dated November 15,
2007). Paragon and Sprott are planning a follow-up drill program to commence
in January 2008.
Mt. Peyton Linear Project
-------------------------
Paragon completed a two drillhole program (237.0 metres) aimed at
following up on historical drill results reported by Noranda in 1990. Previous
work by Noranda outlined two continuous zones of gold mineralization, the
Hurricane and Peyton gold trends over strike lengths of up to 650 metres.
Historical drill results (3 holes) along the Hurricane Trend intersected up to
7.9 g/t gold over 1.0 metre in drillhole MP90-12 and up to 7.5 g/t gold over
1.0 metre in drillhole MP90-14.
Drillhole MP07-15 tested the down-dip potential below historical
drillhole MP90-14 and intersected a broad, 70 metre wide interval with local,
silica-sericite altered and mineralized zones ranging from 0.6 to 6.9 metres
in width. A second drillhole, MP07-16 tested the western projection of the
Hurricane Zone and intersected three strongly silica-sericite altered and
mineralized zones ranging from 1.9 to 6.9 metres in width. Significant gold
assay results include:
<<
Drillhole Section From (m) To (m) Interval (m)(x) Gold
(g/t)(xx)
-----------------------------------------------------------------
MP07-15 2360E 33.20 33.80 0.60 2.05
65.45 66.15 0.70 8.83
70.00 70.60 0.60 2.93
-----------------------------------------------------------------
MP07-16 2900E 31.01 31.92 0.91 2.24
45.12 45.82 0.70 2.07
-----------------------------------------------------------------
(x) True thickness interpreted to be 100% of core length;
(xx) Assays by metallic-screen fire assay method
>>
New World Project
-----------------
Paragon completed two drill holes (291.5 metres) from the same site on
the New World project. Drilling targeted a moderate to strong soil geochemical
anomaly located along the 15 kilometre long New World Gold Trend. The New
World Trend is a sedimentary-hosted gold target along which numerous gold
occurrences have been located. Gold assay results from this initial drill
program include 0.71 g/t gold over 4.0 metres (NW07-01) and 1.35 g/t gold over
1.1 metres (NW07-02).
"In its first year, Paragon and its partners have completed 16,800 metres
of diamond drilling (50% partner-funded) on seven projects; advanced a number
of other gold and base metal projects; and we made a significant precious
metal-rich base metal discovery on our 100%-owned South Tally Pond project"
said Michael Vande Guchte, President and CEO of Paragon "We're looking forward
to an exciting year in 2008 with continued partner and company-funded
exploration".
The Company is currently finalizing its exploration plans for 2008 which
will have a significant drilling component, particularly on the South Tally
Pond project.