Paragon Minerals Corporation

Paragon Minerals Corporation

October 19, 2007 14:31 ET

Paragon Intersects 14.6 Metres of 9.46% Zinc, 2.13% Lead, 0.81% Copper, 73.4 g/t Silver and 1.85 g/t Gold at South Tally Pond Project

Precious Metal-Rich Massive Sulphides outlined over 200 metres

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 19, 2007) - Paragon Minerals Corporation (TSX VENTURE:PGR) is pleased to report that it has intersected precious metal-rich massive sulphide mineralization in all three drill holes completed to date at the Lemarchant copper-zinc prospect located in central Newfoundland, 20 kilometres southwest of Teck-Cominco Limited's Duck Pond copper-zinc mine. A fourth drill hole is in progress and represents a further 100-metre northerly step-out of this drill program.

The first three drill holes (LM07-13, 14 and 15), spaced 100 metres apart, have intersected massive to semi-massive polymetallic sulphide mineralization over widths of up to 14.6 metres. The zinc-lead-copper-silver-gold mineralization is located within the top portion of the Upper Lemarchant Felsic Block. The massive sulphide mineralization shows an increase in thickness to the north and locally replaces massive barite intervals intersected in drillholes LM07-14 and LM07-15. The massive to semi-massive sulphide plus barite intervals are underlain by intensely altered felsic volcanic rocks containing stringer and disseminated sulphides including pyrite, sphalerite and chalcopyrite over thicknesses up to 67 metres. The mineralization is open along strike and interpreted to be open to depth along the Lower Lemarchant Felsic Block. Drilling to date has outlined base metal massive sulphide mineralization over a 200 metre strike length.

Significant available assay results to date include:

From To Interval Zinc Lead Copper Silver Gold
Hole (m) (m) (m) (%) (%) (%) (g/t) (g/t)
LM07-13 164.50 200.70 36.20 1.46 0.02 0.33 7.00 0.20
164.50 169.55 5.05 7.49 0.07 0.77 40.29 1.21
164.50 167.30 2.80 10.86 0.11 0.92 63.43 2.02
165.20 169.55 4.35 8.69 0.08 0.89 42.48 0.40
175.00 176.50 1.50 4.96 0.11 0.04 4.87 0.05
184.70 186.00 1.30 4.04 0.03 2.39 11.73 0.01

LM07-14 203.10 220.60 17.50 3.39 1.08 0.51 25.62 0.52
204.30 216.30 12.00 4.24 1.39 0.68 31.87 0.54
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
221.60 224.80 3.20 1.41 0.63 0.73 223.58 6.65
224.80 227.80 3.00 18.52 3.87 0.36 32.41 0.61
224.80 233.60 8.80 14.79 3.14 1.04 34.18 0.58
230.50 233.60 3.10 23.02 4.90 2.30 54.64 0.65

(Notes: Hole LM07-13 reported on previously; Reported core length
intervals are interpreted to be near true thickness)

"We see all the elements of a typical volcanic-associated base metal deposit at South Tally Pond," said Mike Vande Guchte, President & CEO of Paragon Minerals Corporation. "We have intersected significant precious metal-rich sulphide mineralization in our first three drillholes and the mineralization appears to be improving in both grade and thickness as we go to the north. We are extremely excited about this new discovery of economically significant grade massive sulphides and the synergies presented with the project's proximity to Duck Pond and existing infrastructure."

The South Tally Pond Project is located in the same volcanic belt and has strong similarities to the rocks that host the 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 Mt 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, including the South Tally Pond Project and recently staked claims, 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 and maps 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 LM07-13, 14 and 15 and will be reported in a subsequent news release. 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.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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