Paget Minerals Corp.

Paget Minerals Corp.

September 29, 2010 09:00 ET

Paget Minerals Discovers High-Grade Gold-Silver in Large VMS System at Chist Creek

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 29, 2010) - Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget" or the "Company") today announced that it has discovered high-grade gold and silver in a large volcanogenic massive sulfide (VMS) alteration zone on its 100-per-cent-owned Chist Creek property near Terrace, northwestern BC. Rock sampling has returned gold values up to 687 grams per tonne (g/t), silver values to 735 g/t, copper to 2.0%, zinc to 1.2% and lead to 1.26%.

Mineralization on the Chist Creek property is characterized by intense quartz-sericite-pyrite with stringers and semi-massive lenses of pyrite-sphalerite-chalcopyrite-galena over a 1,800 by 500-750 metre area, flanked by zones of strong quartz-epidote and footwall chlorite-pyrite. This precious metal enriched VMS style mineralization has returned rock sample assays up to 4.4 g/t Au and 92 g/t Ag, and is overprinted by quartz-chalcopyrite-pyrite veins with local bonanza gold grades.

High grade gold-silver in the Barresi Zone discovered during the 2010 mapping/sampling program is associated with quartz-chalcopyrite-pyrite veining at an important contact between mafic-intermediate and felsic volcanic rock packages. This contact can be traced for over 1,500 metres along strike and is marked by a very strong chargeability high in the footwall of the contact.

Sixteen rock samples from the Barresi Zone returned consistently elevated to bonanza grade gold values:

Sample Sample Length (metres) Au (g/t) Au (opt) Ag (g/t) Cu (%)
E924508 Grab 13.65   22.7 0.69
E924509 Grab 685.0 20.0 735.0 0.21
E924547 Resample of above 687.0 20.0 127.0 0.44
E924510 Grab 1.70   2.9 0.03
E924539 Chip - 1.5 201.0 5.9 332.0 0.11
E924540 Chip - 1.8 0.45   1.6 0.04
E924541 Chip - 1.8 0.38   1.2 0.01
E924542 Grab 0.40   3.7 0.13
E924543 Grab 0.20   1.3 0.01
E924544 Chip - 1.5 0.09   0.5 0.02
E924545 Chip - 1.5 1.34   2.2 0.04
E924548 Grab 1.11   1.5 0.26
E924583 Grab 5.27   23.7 1.05
E924584 Grab 2.58   12.9 0.99
E924585 Grab 2.61   1.5 0.01
E924586 Grab 1.32   2.7 0.01

David Volkert, President & CEO stated, "Paget's 2010 exploration program has delivered excellent follow-up targets. Chist Creek is an exciting new discovery as evidenced by the size of the system and the gold-silver and combined metal values obtained and has not been previously tested by drilling."

The Chist Creek system is hosted by the Late Paleozoic Mt. Attree volcanic complex, which was identified in 2007 by the BC Geological Survey as having similarities in age and rock types to the Paleozoic volcanic hosting the Tulsequah Chief deposit, a large (10 million tonnes production + resource) Zn-Pb-Cu-Au-Ag VMS deposit in northern Stikine Terrane.

Paget Minerals' Chist Creek project is located 25 km southeast of Terrace in west-central BC and covers an area of 2,395 Hectares. Logging roads provide access to the southern part of the project area.

Paget's disclosure of a technical or scientific nature in this news release has been reviewed and approved by John Bradford, MSc., P.Geo., Paget's Chief Geologist, who serves as a Qualified Person under the definition of National Instrument 43-101. Rock samples were prepared for assay at ALS Laboratory Group's preparation facility in Terrace, BC, and analyzed at their North Vancouver, BC laboratory. Samples were analyzed for gold by fire assay with ICP-AES finish and for 35 other elements by conventional ICP-AES (aqua regia digestion). Overlimit gold (>10 g/t) samples were re-assayed by fire assay with a gravimetric finish. The Chist Creek property represents an early stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.

About Paget Minerals Corp.

Paget Minerals Corp. is a British Columbia company focused on mineral exploration and the development of a diverse range of precious metal, base metal and rare earth element projects in North America.

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

  • Paget Minerals Corp.
    David Volkert
    President & CEO
    (778) 327-4449
    (778) 327-6546 (FAX)