Paget Minerals Corp.

Paget Minerals Corp.

November 17, 2009 16:30 ET

Paget Minerals Expands Au-Ag Mineralization at Its Troitsa, Gold-Silver Project In B.C.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2009) - Paget Minerals Corp. ("Paget") (TSX VENTURE:PGS) today announced that it has completed a program of mapping and sampling on its 100% owned Troitsa Gold-Silver Project located in west central British Columbia, resulting in the delineation of three zones of gold-silver bearing epithermal alteration: the Moraine, Wolverine and Dexter Zones.

The Moraine Zone is a 100 metre (m) wide mineralized zone over a strike length of 330 m and is open to the northwest under talus cover. The zone consists of intense silica-clay-sulfide alteration centred on a rhyolite dome cut by autoclastic and hydrothermal breccias. Mineralization consists of sulfide flooded breccias and quartz vein and stockwork zones with pyrite, tetrahedrite, sphalerite and galena. Rock chip samples from the zone returned up to 5.9 g/t (grams per tonne) Au and 4,120 g/t Ag from veins and 0.45 g/t Au and 238 g/t Ag (4.4 g/t Au equivalent) from hydrothermal breccias.

The Wolverine Zone is located 400-500 m southeast of the Moraine Zone. Variable silica-clay to chlorite alteration occurs over a strike length of 500 m along a northeast-southwest trending fault between Ootsa Lake Group rhyolite and Hazelton Group andesite. This structure is also associated with barite veins and local zones of pervasive quartz stockwork, hydrothermal breccias and silica-pyrite-arsenopyrite veinlets. Representative grab samples from the zone collected in 2009 returned Au values up to 4.1 g/t.

The Dexter Zone is located 600 m northeast of the Moraine Zone. A 20 m wide zone of fine grained silica-pyrite alteration and quartz veining is hosted by Ootsa Lake Group tuffs. A chip sample taken from the zone returned 5.2 g/t Au and 42 g/t Ag over 2 m. None of the zones delineated by Paget have been tested by drilling.

The Troitsa Gold-Silver Project is located in the Nechako Plateau, 95 km south of the town of Houston and 14 km south of the Huckleberry copper-molybdenum mine, in west-central British Columbia. Previous work on the property delineated several epithermal vein showings which have yielded historical assays up to 46.8 g/t Au and 10,040 g/t Ag. Paget's 2009 program focused on polymetallic gold-silver mineralization.

The results of the 2009 field work will be assessed and targets for drilling will be selected.

John Bradford, PGeo., Chief Geoscientist for Paget, is the Qualified Person as defined by National Instrument 43-101 for the exploration program at Troitsa and has reviewed the technical content of this release.

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 metals, base metals and rare earth elements in the Cordillera of British Columbia and the Canadian Shield in Eastern Canada.

On Behalf of the Board of Paget Minerals Corp.,

Brian Booth, P.Geo.
President and 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.
    Brian Booth
    President & CEO
    (778) 327-4449
    (778) 327-6546 (FAX)