Paragon Minerals Corporation

Paragon Minerals Corporation

January 18, 2008 09:33 ET

Paragon Plans 10,000-Metre Drill Program at South Tally Pond

10,000-Metre Drill Program Scheduled to Begin in Early February, 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2008) - Paragon Minerals Corporation (TSX VENTURE:PGR) is pleased to announce that it will begin a 10,000-metre diamond drill program on the South Tally Pond Project in early February, 2008. The planned drill program will continue to focus on the Lemarchant prospect by extending the drilling to the north and south of the currently outlined massive sulphide mineralization. Paragon also plans to complete prospecting, mapping and geochemical surveys on several of the other known base metal prospects on the property and carry out reconnaissance mapping and prospecting on the newly staked claims to the south.

"We are looking forward to an aggressive exploration drill program on the South Tally Pond project, one that allows us to follow-up on the very positive results so far" said Mike Vande Guchte, President & CEO of Paragon Minerals Corporation. "The mineralization is open along strike and there is still over 4 kilometres of untested strike length to the Lemarchant alteration zone exposed on surface".

Paragon made a significant new massive sulphide discovery at the Lemarchant prospect in 2007. Drilling completed by the Company (2,848.1 metres) has intersected precious metal-rich base metal massive sulphide mineralization over a 300 metre strike length and is open in all directions.

In December, Paragon completed an additional 476.1 metres of diamond drilling by extending LM07-16 by 132.1 metres and completing a sixth drillhole, LM07-18. Both drillholes were aimed at further evaluating and extending the semi-massive to massive base metal mineralization intersected by LM07-17 on section 104+00N (see attached). The extension to drillhole LM07-16 targeted the intensely altered stringer zone mineralization 115 metres down-dip of LM07-17 and the second drillhole, LM07-18 tested the stratigraphy 100 metres up-dip from LM07-17. Both drillholes intersected disseminated to stringer base metal sulphides hosted within thick, up to 110 metres wide sequence of very strongly altered, locally barite enriched felsic volcanic rocks containing up to 4% disseminated to stringer pyrite and locally, up to 15% base metal mineralization.

Significant assay results from drilling by Paragon at the Lemarchant prospect 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
LM07-16 369.50 376.00 6.50 1.66 0.13 0.10 7.92 0.04
incl. 369.50 370.20 0.70 8.40 0.01 0.36 18.20 0.23
LM07-17 236.00 259.50 23.50 8.55 1.63 0.35 33.46 0.49
incl. 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
LM07-18 132.10 183.80 51.7 0.58 0.10 0.09 4.25 0.12
incl. 136.80 146.80 10.0 1.62 0.46 0.15 12.42 0.15
234.70 245.50 10.8 0.25 0.07 0.01 2.23 0.05
(Notes: Results for LM07-13, 14, 15 and 17 reported on previously. See
News Releases dated October 19 and November 6, 2007 for further details)

The South Tally Pond Project is located in the same volcanic belt and has strong similarities to the rocks that host 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 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 LM07-16, 17 and 18. 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 with the exception of drillhole LM07-17 where they are interpreted to be 85 to 90% of the reported core length.

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.

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Contact Information

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