Paragon Reports on Gold Projects in Gander Area, Newfoundland
Paragon Minerals Corporation (TSX Venture: PGR) 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
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.
Paragon Minerals Corporation is a Canadian-based mineral exploration company listed on the TSX Venture Exchange. Paragon is focused on gold and base-metal exploration in the Province of Newfoundland and Labrador.
PARAGON MINERALS CORPORATION
Michael J. Vande Guchte
President & CEO
Qualified Person – Work on JBP Linear, Mt. Peyton, and New World gold projects is supervised by Qualified Person Steve House, B.Sc., P.Geo. Historical information contained herein was obtained from reports filed with the Government of Newfoundland & Labrador. Samples were analysed for gold (1 assay ton) and metallic screen at Eastern analytical labs in Springdale, NL from sawn NQ-sized half core sections. Sample pulps were shipped to ALS Chemex in North Vancouver, BC for analysis for 27-element ICP analysis on all samples and check assays of significant base and precious metal bearing samples. Data quality is monitored through the insertion of control samples comprising one prepared gold standard and one blank sample for every 20 samples of natural diamond drill core. Check assays are currently pending for drill holes HP07-40, HP07-41, NW07-01 and NW07-02. All control samples conformed to the accepted contained gold grades.
Forward-Looking Statements – This news release contains certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical fact, that address events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements in this document include statements regarding future exploration program, results and activities. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change. These statements are based on a number of assumptions, including, among others, assumptions regarding general business and economic conditions, the ability of the Company and other relevant parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company’s proposed transactions and exploration and development programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause results to differ materially.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.