Paget Minerals Corp.

Paget Minerals Corp.

October 05, 2010 09:00 ET

Paget Minerals Discovers Higher Grade Cu-Au Zone, Mt. Dunn Porphyry, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 5, 2010) - Paget Minerals Corp. (TSX VENTURE:PGS), ("Paget" or the "Company") today announced that it has discovered a zone of higher grade copper-gold mineralization of up to 1.34 grams per tonne gold (g/t Au) and 0.57% copper (Cu) extending up to 1.5 kilometres south of existing drilling on the Company's 100-per-cent-owned Mt. Dunn copper-gold (Cu-Au) porphyry property, located 70 kilometres northwest of Stewart, BC.

Fourteen rock chip samples of quartz-sericite-pyrite altered porphyry with quartz-chalcopyrite veins and stockworks averaged 0.44 g/t Au and 0.22% Cu, including values up to 1.34 g/t Au and 0.57% Cu. Twenty-two rock samples, including eight historical sample assays, from the 190 metre wide zone average 0.67 g/t Au and 0.35% Cu. Copper-gold mineralization in the Mt. Dunn porphyry has been delineated over a strike length of 3,500 metres between 500 and 1,200 metres elevation.

Mapping and rock chip sampling noted above has demonstrated that higher grade mineralization exists below 900 metres elevation, confirming an increase in gold and copper grade with depth in drill hole MD09-01, which averaged 0.22% copper (Cu) and 0.28 grams per tonne (g/t) gold (Au) over 92.67 metres at the bottom of the drill hole (from 242 to 334.67 metres).

The Mt. Dunn Cu-Au project is located 25 kilometres southwest of Seabridge Gold's KSM Project where proven and probable reserves stand at 30.2 Million ounces of gold and 7.0 billion pounds of copper (average grade 0.59 g/t Au, 0.20% Cu), and Silver Standard Resources' Snowfield Project, where measured and indicated resources include 22 million ounces of gold (average grade of 0.63 g/t Au and 0.11% Cu). Paget Minerals is 100% owner of the Mt. Dunn project subject to a 2% NSR held by Kiska Metals Corporation (formerly Rimfire Minerals).

David Volkert, President and CEO, stated, "The gold and copper grades at Mt. Dunn to date are significant in light of the grades at KSM and Snowfield. Early drilling at Mt. Dunn intersected the upper levels of a porphyry system and drilling will now focus on the deeper, higher-grade levels."

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 analyzed at ALS Laboratory Group's North Vancouver, BC laboratory. Samples were analyzed for gold by fire assay with ICP-AES finish, and for copper and 34 other elements by conventional ICP-AES (aqua regia digestion). The Mt. Dunn 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)