VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 19, 2012) - Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget" or the "Company") is pleased to announce the start of the 2012 exploration program within Paget's 100% owned Ball Creek Project located in northwestern British Columbia's Golden Triangle region. Paget and Blue Gold Mining Inc. (TSX VENTURE:BGX) ("Blue Gold") recently signed a Definitive Agreement whereby Blue Gold has the option to earn up to a 65% majority interest in a portion of the Ball Creek Project from Paget Minerals Corp. (see Paget news release dated June 26, 2012). The Definitive Agreement remains subject to final TSX Venture Exchange acceptance.
David F. Volkert, President and CEO of Paget, stated, "The 2012 exploration program consists of drilling by Blue Gold and reconnaissance mapping and sampling by Paget. Both programs follow up on historic work and, together, consist of the first integrated and focused exploration completed on the Ball Creek project to date."
BLUE GOLD DRILLING
Blue Gold's 2012 drilling program will focus primarily on testing the Main Target, a 1,400 metre by 500 metre zone of gold-copper mineralization associated with monzonite porphyry bodies. A total of 43 holes, averaging only 180 metres in length, have tested the gold-copper mineralization to a maximum depth of 350 metres from surface and have shown that significant gold-copper mineralization persists over 700 metres of vertical relief. Mineralization remains open in all directions and is hosted in late Triassic/early Jurassic monzonite and monzodiorite porphyry bodies that intrude Upper Triassic Stuhini Group mafic volcanic and sedimentary rocks. Alteration and mineralization are similar in nature to other porphyry systems in the region and are characterized by disseminated and veinlet-hosted chalcopyrite, pyrite and magnetite associated with phyllic and potassic alteration, and overprinted by quartz stock work veining.
The $2.3 million exploration program will include a minimum of 5,000 metres of diamond core drilling, geophysical surveying (airborne magnetics and ground IP), geological mapping, and geochemical sampling. Field crews mobilized to the project site in late June and full-scale operations with two drill rigs are now underway. The program is expected to take two months to complete.
To view a map of the Paget-Blue Gold option property, please click:
http://www.pagetminerals.com/i/maps/BallCreek/BallCreekPropertyMap-0712.jpg
To view a cross section of the Main Target, please click:
http://www.pagetminerals.com/i/maps/BallCreek/BallCreekCrossSection-0712.jpg
PAGET RECONNAISSANCE
Historic work provides starting points for more detailed surface sampling at the Mess Creek and More Creek targets, which initially defined large zones of gold-copper mineralization with highs to 0.91% copper in More Creek and 0.38% copper, 0.56 g/t gold and 0.5% molybdenum at Mess Creek. Limited drilling in both target areas returned anomalous results.The epithermal Valley, HP and Rojo Grande targets have never been drilled and host quartz-sulfide veins with anomlaous to 21 g/t gold and 1,200 g/t silver.
PROJECT OVERVIEW
The Ball Creek Project covers 524 km2 central to the renowned Golden Triangle mineral region in the Iskut area of northwest British Columbia (the "Golden Triangle"). This region is host to the large disseminated copper-gold porphyry-style deposits of Galore Greek (Teck/NovaGold) and Red Chris (Imperial Metals), the precious metal-enriched VMS-style Eskay Creek deposit (Barrick), and the high-grade epithermal gold at the Valley of the Kings Zone at the Brucejack project (Pretium Resources).
Despite its prolific mineral endowment, the Golden Triangle has remained relatively underexplored in the past due to a lack of infrastructure and fractural ownership. This scenario changed in 2009 when the British Columbia and Canadian federal government approved the construction of the Northwest Transmission Line ("NTL"), a 344 km, 287 kV high-voltage power line that will run through the region (slated for completion in 2014). The Ball Creek project is located only 38 kilometres north of the planned NTL power substation at the community of Bob Quinn, and eight kilometres west of Highway 37 and the adjacent Burrage air strip, making it one of the most accessible properties in the region. Infrastructure and logistics are considered to be ideally suited to support any future mining operation in this area.
The Ball Creek Project hosts five highly prospective gold-copper porphyry targets (Main, Cliff, Rainbow, Mess Creek, More Creek) and four epithermal gold-silver targets (Ridge, Valley, HP, Rojo Grande).
To view a map of the region, please click: http://www.pagetminerals.com/i/maps/BallCreek/Ball-Creek-Project-Overview.jpg
About Paget Minerals Corp.
Paget Minerals Corporation is a publicly traded resource company focused on mineral exploration and the advancement of the company's priority Ball Creek Project in British Columbia. The company hosts a 52,442-hectare, contiguous mineral tenure package in the Golden Triangle - Iskut Mineral District located just 8km west of Highway 37 and only 36km northwest of the new Northwest Transmission Line Substation at Bob Quinn and neighbors three major mine development projects in the Golden Triangle - Galore Creek, Schaft Creek and Red Chris. In 2012, Paget will focus its BC exploration program on the Ball Creek Project, as well as advancing its exploration in Mexico. Paget also maintains its equity position in Trident Gold Corp. exploring for gold in Colombia. David Volkert, President and CEO, serves as the Qualified Person under the definitions of NI 43-101.
On Behalf of the Board of Paget Minerals Corp.,
David F. Volkert, President & 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:
David Volkert
President & CEO
(778) 327-4449
(778) 330-5492 (FAX)
www.pagetminerals.com