VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 13, 2014) - Paget Minerals Corp. (TSX VENTURE:PGS), ("Paget" or the "Company") announced today plans for the 2014 exploration season at the 100%-owned, 52,442-hectare Ball Creek Gold-Copper Project (the "Project") in the Golden Triangle, Iskut Region, northwestern British Columbia.
David F. Volkert, President and CEO of Paget, stated "The Ball Creek Project is host to a number of mineralized porphyries and epithermal targets within an area of large gold-copper porphyry deposits that characterize this region of northwestern BC. Overall, there are nine-gold-copper porphyry and gold-silver epithermal targets within the Paget claim block. Accumulated exploration credits have resulted in eliminating Paget's holding costs for the core claims at Ball Creek until 31 December 2022. Exploration work to date has been focused on the Main gold-copper porphyry target, which is located just eight kilometres from a paved highway and air strip and thirty-six kilometers from the Northwest Transmission Line substation and airstrip at Bob Quinn."
Comparisons of Golden Triangle Reserve and Resource Grades with Paget's Main Zone Gold-Copper Porphyry Drill Results:
| Project |
Au g/t |
Cu % |
Au Eq *** |
Cu Eq % *** |
| Ball Creek Project - Main Au-Cu Porphyry * |
0.3-0.75 |
0.13-0.26 |
0.51-1.08 |
0.31-0.65 |
| Galore Creek ** |
0.29 |
0.47 |
1.06 |
0.64 |
| Schaft Creek ** |
0.19 |
0.27 |
0.62 |
0.38 |
| Red Chris ** |
0.31 |
0.31 |
0.82 |
0.50 |
| North ROK ** |
0.26 |
0.22 |
0.62 |
0.38 |
* Significant intervals from historic and 2012 drill programs, no metallurgical assumptions made
** All numbers reflect weighted averages using sourced data as of February 6, 2014 from, respectively: Teck Resources (December 31, 2012 data posted on company website), Copper Fox Metals (Feasibility Report dated January 27, 2013), Imperial Metals (February 2012 data posted on company website), Colorado Resources (press release dated January 27, 2014).
*** AuEq and CuEq calculated from sourced data using $1250 gold and $3 copper not adjusted for metallurgical recoveries
The planned 2014 exploration program will focus on other mineralized zones within the Project claim block with the objective of bringing these targets to a drill-ready stage as soon as possible, including the following:
- Cliff Zone copper-gold porphyry: Possible nested porphyry with the Main Zone gold-copper porphyry noted above. Additional mapping and sampling to test stockwork veining with assays up to 0.74% copper and 0.15 g/t gold coincident with a magnetic low measuring 1,700 x 400m
- More Zone gold-copper porphyry: Follow-up mapping, sampling and trenching within the north-south gold mineralized zone (gold up to 0.9 g/t) measuring 800 x 300m zone
- Mess Zone gold-copper porphyry: Follow-up to significant historic drill result of 40m @ 1.0 g/t gold (hole BE10) and trenching with coincident mapping and sampling over areas where historic soil and rock samples have returned grades of 0.1-1.0% copper and 0.36 - 3.1 g/t gold
- Ridge copper-gold porphry and epithermal gold-silver mineralization: Further mapping and sampling of the alkalic porphyry intrusive with associated skarn and hornfels development. Soil samples with values ranging from 100 to 500ppb gold have never been fully evaluated or drilled. Follow-up of the epithermal Au-Ag mineralization where sampling has returned values of 19 and 59 g/t Au and 106 g/t Ag in silica-sulfide breccias
- Valley Zone gold-silver epithermal: Additional reconnaissance of high-grade gold-silver structures (2m @ 21.0 g/t Au, 1200 g/t Ag)
- HP epithermal gold-silver: Additional reconnaissance of vein samples that returned an average 2.55 g/t Au and continuous chip sample that returned 59m @ 0.6 g/t Au
Paget has received expressions of interest to jointly advance the Ball Creek project and the Company will pursue these opportunities concurrently with the planned program outlined above.
In addition to the Ball Creek Project, Paget has a portfolio of five gold, silver, copper and molybdenum properties in BC (see www.pagetminerals.com).
For a complete table of historical significant intervals and the 2012 drill results at the Main Zone, please click: http://www.pagetminerals.com/i/pdf/Summary_Intervals_2012-10-09.pdf
To view maps and cross sections with historical and 2012 drilling at Main Zone, please click:
http://www.pagetminerals.com/i/pdf/1-main-target-geol-NR-oct12.pdf
The Ball Creek claim block is subject to a 2% Net Smelter Returns Royalty in favour of Pembrook Mining Corp. ("Pembrook"), one-half of which can bought by Paget for $1,000,000, and two payments of $2,000,000 each, the first upon definition of an NI 43-101 compliant indicated and inferred mineral resource of not less than 1,000,000 ounces of gold or gold-equivalent and the second on completion of a positive feasibility study.
About Paget Minerals Corp.
Paget Minerals Corporation is a publicly traded resource company focused on mineral exploration and the advancement of its Ball Creek Project in British Columbia, as well as the San Ricardo Project in Sonora, Mexico. Ball Creek comprises of a 52,442-hectare, contiguous mineral tenure package in the Golden Triangle - Iskut Mineral District located just 8km west of Highway 37 and only 36km northwest of the new Northwest Transmission Line Substation at Bob Quinn. Ball Creek neighbors three major mine development projects in the region -- Galore Creek, Schaft Creek and Red Chris. Paget is also continuing its San Ricardo Project and has an option to earn up to 60% of the 38,100-hectare project located within the prolific porphyry and epithermal gold-silver-copper belt of northern Sonora State, Mexico, from Sundance Minerals Ltd. David Volkert, President and CEO, serves as the Qualified Person under the definitions of NI 43-101.
On Behalf of the Board of Paget Minerals Corp.,
David F. Volkert, President & CEO
Neither 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.