Paget Minerals Corp.

Paget Minerals Corp.

August 20, 2009 08:30 ET

Paget Minerals Corp.: Mt. Dunn Cu-Au and Troitsa Au-Ag (Cu-Mo) Projects, British Columbia Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 20, 2009) - Paget Minerals Corp. ("Paget") (TSX VENTURE:PGS), announced today that exploration programs have been initiated on Pagets's 100% owned Mt. Dunn copper/gold (Cu-Au) and Troitsa gold/silver (Au-Ag) copper/molybdenum (Cu-Mo) projects.

The Mt. Dunn Cu-Au project is located 12 kilometres (km) south of the Eskay Creek Au-Ag mine and 22 km west of the Kerr-Sulphurets-Mitchell Cu-Au deposit in northwestern British Columbia. The exploration camp is in place and a diamond drill is being mobilized to the project to commence a first phase drill program. The drilling will test the size potential of surface Cu-Au mineralization within a 3 km long by 0.4 km wide quartz monzonite intrusion containing a broad zone of silicification and sericite alteration with widespread disseminated chalcopyrite and sheeted quartz veins. Historic sampling returned up to 0.87% Cu and 1.67 grams per tonne (g/t) Au over 10.7m. Surface sampling by Paget returned assay results of 0.76% Cu, 1.24 g/t Au and 4.4 g/t Ag in strongly altered monzonite with quartz stockwork.

The Troitsa Au-Ag (Cu-Mo) project is located 95 km south of the town of Houston and 14 km south of the Huckleberry Cu-Mo Mine, in west-central British Columbia. The Troitsa project has significant potential for both Au-Ag-polymetallic and Cu-Mo porphyry style mineralization. Historic work on the property focused mainly on the Moraine and Cummins Creek zones. The Moraine Zone consists of a 2.3 km long belt containing high grade gold and silver epithermal quartz veining centered on a brecciated, quartz-sericite-pyrite altered rhyolite. The Cummins Creek zone Au-Ag-Mo mineralization occurs at lower elevation relative to the Moraine Zone and is characterized by Comstock-type quartz veins in propylitic altered volcanics that occur over an area of 1 km by 3 km flanking a sericite-pyrite altered porphyry intrusion. Assays of surface grab samples from the veins have returned up to 42.1 g/t Au, 10,041 g/t Ag and 0.27% Mo. The Paget exploration program consisted of additional rock sampling, prospecting and a geological assessment. Assay results from the program are pending.

In addition, preliminary exploration surveys are planned consisting of a geological assessment, prospecting and rock sampling on three other exploration properties in British Columbia: Perkins (Au), Blake Creek (Pb-Zn,Ag,Au), and Ace (Cu-Mo).

About Paget Minerals Corp.

Paget Minerals Corp. is a British Columbia company involved in the exploration of gold and base metal properties in British Columbia and Ontario. Mr. Brian R. Booth (P.Geo), the Company's President, has acted as the non-independent Qualified Person for this news release. Further information will be forthcoming as the programs proceed.

On Behalf of the Board of Paget Minerals Corp.,

Brian Booth, President and 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.

Contact Information

  • Paget Minerals Corp.
    Brian Booth