Paragon Minerals Corporation

Paragon Minerals Corporation

November 06, 2007 09:31 ET

Paragon Extends Precious Metal-Rich Massive Sulphides at South Tally Pond

14.6 Metres of 12.38% Zinc, 2.61% Lead, 0.45% Copper, 50.32 g/t Silver and 0.74 g/t Gold Including 8.1 Metres of 21.04% Zinc, 4.26% Lead, 0.72% Copper, 76.05 g/t Silver and 0.65 g/t Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 6, 2007) - Paragon Minerals Corporation (TSX VENTURE:PGR) is pleased to report that it has intersected further precious metal-rich massive sulphide mineralization in its third, 100-metre step-out at the Lemarchant copper-zinc prospect located in central Newfoundland, 20 kilometres southwest of Teck-Cominco Limited's Duck Pond copper-zinc mine. Drilling has now intersected base metal massive sulphide mineralization over a 300 metre strike length and is open along strike.

Drillhole LM07-17, located 100 metres north and 90 metres west of LM07-15 (see News Release dated October 19), intersected semi-massive to massive polymetallic sulphide mineralization over 14.6 metres. The zinc-lead-copper sulphide mineralization is similar to, and appears to represent the continuation of the massive sulphide mineralization intersected in LM07-15. Mineralization includes 8.1 metres of high-grade zinc-lead-copper rich massive sulphides grading 21.04% zinc, 4.26% lead, 0.72% copper, 76.05 g/t silver and 0.65 g/t gold and is hosted in a thick barite-rich felsic volcanic sequence. The massive sulphide mineralization is underlain by intensely altered felsic volcanic rocks containing stringer and disseminated sulphides including pyrite, sphalerite and chalcopyrite over 8.9 metres thickness.

A second hole on this section, LM07-16 intersected a 40.5-metre thick sequence of strongly altered felsic volcanic rocks with up to 20% disseminated to stringer pyrite containing anomalous base metal (assays up to 2.50 % zinc and 0.62% copper over 0.5 metres) and precious metals (5.93 g/t gold and 59.6 g/t silver over 0.5 metres). This second intercept occurs in similar felsic stratigraphy approximately 100 metres down-dip of LM07-17.

Significant available assay results include:

From To Interval Zinc Lead Copper Silver Gold
Hole (m) (m) (m) (%) (%) (%) (g/t) (g/t)
LM07-13 164.50 169.55 5.05 7.49 0.07 0.77 40.29 1.21
LM07-14 203.50 208.90 5.40 5.26 1.52 1.06 92.56 0.85
LM07-15 219.00 233.60 14.60 9.46 2.13 0.81 73.44 1.85

LM07-16 281.20 320.00 38.80 Anomalous base and precious metals

LM07-17 236.00 259.50 23.50 8.55 1.63 0.35 33.46 0.49
236.00 250.60 14.60 12.38 2.61 0.45 50.32 0.74
242.50 250.60 8.10 21.04 4.26 0.72 76.05 0.65

(Notes: LM07-13, 14, 15 reported on previously - see News Release dated
October 19 for further details; Reported core length intervals in LM07-17
is interpreted as 85-90% true thickness)

"We are very excited to have intersected massive sulphide mineralization in this third step-out" said Mike Vande Guchte, President & CEO of Paragon Minerals Corporation "We've traced the mineralization over 300 metres and it remains open. It is early days, but we are getting a better geological understanding with each new drill hole and the significant metal potential at the Lemarchant Prospect". The Company has now completed 2,372 metres of diamond drilling in five holes on the property and is planning for an aggressive drill program as soon as practicable.

The South Tally Pond Project is located in the same volcanic belt and has strong similarities to the rocks that host the Teck-Cominco's Duck Pond Mine (5.48 million tonnes of 3.3% copper, 5.8% zinc, 0.9% lead, 59 g/t silver and 0.86 g/t gold). The region is also host to the world-class Buchans Mining Camp which produced 16.2 million tonnes of ore at an average grade of 14.5% zinc, 7.6% lead 1.3% copper 126 g/t silver and 1.37 g/t gold. Paragon has a significant land position covering 32,450 hectares immediately southwest of the Duck Pond Mine. The South Tally Pond project is under option from Altius Resources Inc., whereby Paragon can earn a 100% interest in the property.

Results and maps will be available on the Company website at

Paragon Minerals Corporation is a Canadian-based mineral exploration company listed on the TSX Venture Exchange and is focused on gold and base-metal exploration in the Province of Newfoundland and Labrador.


Michael J. Vande Guchte, President & CEO

Qualified Person - Work on Paragon's base metal projects is supervised by Qualified Person David Copeland, M.Sc., P.Geo. Historical information contained herein was obtained from reports filed with the Government of Newfoundland & Labrador. Samples were analysed for Au (1 assay ton), Ag, Cu, Pb and Zn 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 base and precious metal standard and one blank sample for every 20 samples of natural diamond drill core. Check assays are currently pending for drill holes LM07-13, 14, 15, 16 and 17 and will be reported in a subsequent news release. All control samples conformed to the accepted contained grades of base and precious metals. The reported core length intervals are interpreted to be near to the true width of the intervals.

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.

Contact Information

  • Paragon Minerals Corporation
    Bill Cavalluzzo
    VP Investor Relations
    Toll Free: 1-877-533-6353