Paragon Minerals Corporation

Paragon Minerals Corporation

December 13, 2007 10:04 ET

Paragon Reports on Drill Results From Lake Douglas VMS Project

Drilling Intersects 6.45 Metres of 6.30% Zinc, 4.19% Lead, 0.39% Copper and 82.86 g/t Silver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2007) - Paragon Minerals Corporation (TSX VENTURE:PGR) is pleased to provide final results from the recently completed drill program on the 100%-owned Lake Douglas VMS property, located 10 kilometres south of Paragon's South Tally Pond Project in central Newfoundland. Seven drillholes, totaling 2,062 metres tested a portion of the favourable stratigraphy that hosts the Lake Douglas base-metal massive sulphide occurrence over a strike length of 300 metres.

All seven drill holes intersected a thick sequence of moderately to strongly altered felsic volcanic rocks and sedimentary rocks. Base metal mineralization within this felsic volcanic-sedimentary rock sequence consists of multiple zones of disseminated to stringer sulphide mineralization with local, semi-massive to massive sulphide intervals.

Drillhole LD07-04 intersected the most significant base and precious metal mineralization with 6.45 metres of semi-massive to massive sulphides grading 6.30% zinc, 4.19% lead, 0.39% copper and 82.86 g/t silver. The zinc-lead-copper-silver sulphide mineralization is hosted within the sedimentary-volcanic sequence and is similar to the massive sulphides exposed at surface in the Lake Douglas trench. The other drillholes, completed along strike (in both directions) and down dip (LD07-05) of drillhole LD07-04 intersected zones of elevated to anomalous zinc-lead-copper-silver-gold mineralization over widths of up to 23 metres. Significant assay results include:

From To Interval Zinc Lead Copper Silver Gold
Hole (m) (m) (m) (%) (%) (%) (g/t) (g/t)
LD07-04 43.00 53.00 10.00 4.37 2.88 0.26 56.84 0.01
44.30 46.40 2.10 8.29 5.67 0.29 90.56 trace
44.30 50.75 6.45 6.30 4.19 0.39 82.86 0.01
47.70 50.75 3.05 7.41 4.77 0.41 109.42 0.19
(Notes: Reported core length intervals are interpreted to be approximately
80% true thickness)

"This first ever drill program on the property has confirmed the presence of a thick and extensive zone of favourable volcanic-sedimentary stratigraphy that has strong similarities to other large tonnage volcanogenic massive sulphide (VMS) environments" said Mike Vande Guchte, President and CEO of Paragon. "This volcanic-sedimentary belt extends for over 15 kilometres on the property and further exploration work along its trend is well warranted".

The Lake Douglas Project is located 25 kilometres south-southwest of 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) and 10 kilometres south of Paragon's South Tally Pond Project. The volcano-sedimentary stratigraphy at Lake Douglas is very similar to other sediment-rich VMS base metal camps such as the world-class Bathurst Mining Camp in northern New Brunswick. Field and geochemical data collected to date show strong evidence for VMS-related hydrothermal alteration system and the potential to host significant base metal mineralization. The project is under option from A.S.K. Prospecting & Guiding, whereby Paragon can earn a 100% interest in the property.

Paragon Minerals Corporation is a Canadian-based mineral exploration company listed on the TSX Venture Exchange. Paragon is focused on gold and base-metal exploration in the Province of Newfoundland and Labrador.

Results and maps will be available on the Company website at


Michael J. Vande Guchte, President & CEO

Qualified Person - Work on the Lake Douglas Project is supervised by Qualified Person David Copeland, M.Sc., P.Geo. Samples were analysed for gold (Au) (1 assay ton), silver (Ag), copper (Cu), Lead (Pb) and zinc (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 LD07-1 through 7 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 approximately 80% 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