Paragon Minerals Corporation
TSX VENTURE : PGR

Paragon Minerals Corporation

February 16, 2010 09:15 ET

Paragon Commences Drilling at South Tally Pond VMS Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2010) - Paragon Minerals Corporation (TSX VENTURE:PGR) is pleased to announce the start of the 2010 drill program on its wholly-owned South Tally Pond zinc-lead-copper-silver-gold volcanogenic massive sulphide ("VMS") project in central Newfoundland. The project has excellent road access and is located adjacent to Teck Resources Duck Pond copper-zinc mine. Paragon holds a significant land position covering 21,400 hectares of this highly prospective, producing volcanic belt. The planned drill program includes up to 12 drillholes (3,200 metres) focused on expanding the Lemarchant massive sulphide discovery and testing several other high priority targets located elsewhere on the property. 

"We're pleased to get the drilling underway again at the South Tally Pond project," said Michael Vande Guchte, President and CEO of Paragon. "We believe there is tremendous potential for additional massive sulphide deposits to be found in this already producing volcanic belt, starting with the Lemarchant massive sulphide discovery."

About the South Tally Pond VMS Project

The South Tally Pond Project is located in the same volcanic belt and has many similarities to the rocks that host Teck's Duck Pond copper-zinc mine. Paragon has made a significant precious metal-rich massive sulphide discovery at the Lemarchant Prospect, where wide-spaced drilling has identified semi-massive to massive sulphide mineralization over a 500-metre strike length at depths from 165 to 300 metres below surface. Significant drill intercepts include 9.46% zinc, 2.13% lead, 0.81% copper, 73.44g/t silver, 1.85 g/t gold over 14.6 metres (LM07-15) and 12.38% zinc, 2.61% lead, 0.45% copper, 50.32 g/t silver, 0.74 g/t gold over 14.6 metres (LM07-17). The mineralization intersected to date consists of massive to semi-massive zinc-lead-copper sulphides and barite with local visible gold. The footwall to the mineralization consists of strongly altered, proximal felsic volcanic rocks containing stringer and disseminated sulphides. The Lemarchant mineralization remains open for expansion within the current drilled area and along strike to the north and south. 

The planned winter drill program at Lemarchant will focus on further defining the mineralization between the wide-spaced drillholes where thickening of the massive sulphides is suggested by down-hole geophysics and testing high-priority target areas located along strike. Paragon also plans to drill test several other high priority targets located elsewhere on the property including the Beaver Lake prospect.

Paragon Minerals Corporation is a Canadian-based mineral exploration company listed on the TSX Venture Exchange. Paragon and its exploration partners are focused on gold and base metal exploration in the province of Newfoundland & Labrador, Canada. Further details on the properties can be found on the Company website at www.paragonminerals.com.

PARAGON MINERALS CORPORATION

"Michael J. Vande Guchte"

President & CEO

Qualified Person – David A. Copeland, M.Sc., P.Geo., Exploration Manager for Paragon Minerals Corporation is a Qualified Person as defined by NI43-101 and has reviewed and approved the technical contents of this news release. Historical results were obtained from published reports available in the public domain.

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 Paragon 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 current and future exploration programs, activities and results.  Although Paragon 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 Paragon's management on the date the statements are made. Paragon 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 timing of the receipt of regulatory and governmental approvals for the transactions described herein, the ability of Paragon and other relevant parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Paragon'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.

Shares Issued: 31,373,409

"Neither the 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

  • Paragon Minerals Corporation
    Michael Vande Guchte
    President & CEO
    (604) 629-2353
    or
    Paragon Minerals Corporation
    Bill Cavalluzzo
    VP Investor Relations
    (604) 629-2353
    www.paragonminerals.com