- New claims cover three gold occurrences with assays up to 30.8 g/t gold at McEdwards Lake -
TSX Venture Exchange Symbol:
Shares Issued: 52,949,254
VANCOUVER, Nov. 23, 2011 /CNW/ - Paragon Minerals Corporation (TSX-V: PGR; "Paragon") is pleased to report results of a four week
geological mapping, prospecting and sampling program at its
100%-controlled Gold Star project in northwest Ontario. A total of 311
rock samples were collected and analyzed for gold. In addition,
fourteen new claims (2,064 hectares) covering three key gold
occurrences were added to the Gold Star property. Highlights of the
exploration work are summarized below and include:
trace to 30.8 g/t gold in rock samples from the newly acquired McEdwards
trace to 22.4 g/t gold in rock samples from the newly acquired Magee
18.1 g/t gold and 11.35 g/t gold in rock samples from the newly acquired
Pointer Lake area claims;
trace to 55.6 g/t gold in rock samples from the Stewart-Contact Zone.
Geological and structural mapping was completed in the Mine Lake-Thomas
Lake area to follow-up on positive trenching results obtained in 2010
and aid in delineating drill targets. The area is characterized by at
least two, near parallel north-south striking shear zones (D1/D2) that are intermittently exposed over a 1500 metre strike length and up
to 50 metres in width. Moderate to intense iron-carbonate and sericite
alteration mark the shear/deformation zones with increased sulphide
contents (pyrite/chalcopyrite) and gold-bearing quartz veins developed
at contacts between felsic volcanic rocks and gabbroic intrusions.
Historic diamond drilling in the area is limited to 17 shallow
drillholes totaling 1,078 metres.
At the more southerly Mine Lake prospect, a northwest trending shear
zone or fault splay is recognized and interpreted to be related to the
north-south deformation zone. The northwest trending shear zone is
marked by intense iron-carbonate alteration and contains gold-bearing
quartz and quartz-iron-carbonate vein zones measuring between 3 to 10
metres in width. Previous channel samples by Paragon returned 6.90 g/t
gold over 3.2 metres including 20.1 g/t gold over 1.0 metre. The
combination of these two shear zone trends forms an excellent target
for follow-up ground geophysics and diamond drilling.
"The Mine Lake-Thomas Lake gold trend is shaping up to be an excellent
gold target area that has seen limited drilling. The northwest trending
shear zones at Mine Lake are interpreted to represent gold-bearing
dilational structures extending from the main north-south deformation
zone. These newly recognized structures have not been drilled" said
Michael Vande Guchte, President and CEO of Paragon "In addition, the
fourteen new claims that were added to the property this year cover
several key gold prospects and provide significant new discovery
opportunities to the Gold Star project".
McEdwards Lake Prospect - A total of 48 rock grab samples were collected from the McEdwards
Lake Prospect with assays ranging from trace to 30.8 g/t gold. Nineteen of samples assayed greater that 0.5 g/t gold including 11
samples assaying greater that 5.0 g/t gold. The McEdwards Lake
Prospect consists of a gold-bearing quartz vein zone associated with
carbonate altered, pyritic-felsic rocks and lesser mafic rocks. The
gold zone has been traced over a length of 180 metres and widths up to
7 metres by previous workers. The zone remains open along strike.
Historic surface sample assays range from trace to 0.74 oz/ton gold and
previous drilling (4 holes, 1,152 feet in 1984-85) has returned results
of 0.25 oz/ton gold over 4 feet (DDH-ME-3).
Magee Lake Prospect - A total of 19 rock grab samples were collected from the historic
trenches at the Magee Lake "B" prospect. Assays between trace to 22.4 g/t gold were obtained with 8 of the samples assaying over 0.5 g/t gold and 6 of
these samples assaying over 5.0 g/t gold. The Magee Lake Prospect
consists of a series of at least three separate gold occurrences,
historically named the "A", "B" and "C" areas during exploration from
1981 to 1982. The "B" and "C" prospects are located on ground now held
by Paragon. The "B" occurrence is comprised of quartz veins over a 90
metre strike extent with vein thicknesses up to 1.2 metres. Historical
grab samples (1982) from the "B" area assayed up to 0.80 oz/ton gold
and channel sample highlights from historic trenches include 1.20
oz/ton over 2.25 feet and 0.26 oz/ton over 2.3 feet.
The Pointer Lake area - Reconnaissance prospecting in the newly acquired Pointer Lake area
has two rock samples, taken 700 metres apart, which assayed 18.1 and 11.35 g/t gold. The two occurrences are smoky-grey quartz veins with associated
semi-massive pyrite mineralization and hosted within mafic volcanic
rocks. There is no record of previous sampling or exploration at these
two sample sites.
The Stewart-Contact Zone - A total of 32 rock grab samples were collected from the
Stewart-Contact Zone, a parallel deformation zone located 500 metres
west of the Thomas Lake - Mine Lake gold trend. Assays of up to 55.6 g/t gold were obtained from narrow (10-40 cm) outcropping quartz veins that
contain visible gold. Nine of the samples assayed greater than 0.5 g/t
gold including 3 samples assaying over 5.0 g/t gold. Previous sampling
by Paragon at the Stewart-Contact Zone returned assays of up to 17.75
About Paragon Minerals Corporation
Paragon Minerals Corporation is a Canadian-based mineral exploration
company focused on gold and base-metal exploration in Newfoundland and
Ontario. Paragon's flagship project is the 100%-controlled South Tally
Pond VMS project where it is advancing a significant precious
metal-rich massive sulphide discovery located in a producing base metal
mining district in central Newfoundland. Paragon is also advancing an
exceptional portfolio of gold properties through partner-funded and
company-funded exploration programs.
PARAGON MINERALS CORPORATION
"Michael Vande Guchte"
President & CEO
Qualified Person: David A. Copeland, M.Sc., P.Geo., Exploration Manager for Paragon
Minerals Corporation is a Qualified Person as defined by NI43-101 and
has reviewed and approved this news release. Samples were submitted to
ALS Minerals in Thunder Bay, Ontario for sample preparation and
analysed for gold by ALS Minerals in North Vancouver, BC via method
Au-AA25. All historical results were obtained from published reports
available in the public domain.
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 Paragon 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
current and future exploration programs, activities and results. Although Paragon 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 Paragon's management on the date the statements are made.
Except as required by securities laws, Paragon 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 basedre on a number of assumptions,
including, among others, assumptions regarding general business and
economic conditions, the timing of the receipt of regulatory and
governmental approvals for the transactions described herein, the
ability of Paragon and other relevant parties to satisfy stock exchange
and other regulatory requirements in a timely manner, the availability
of financing for Paragon'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.
"Neither the 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."
PDF with caption: "Gold Star Project map". PDF available at: http://stream1.newswire.ca/media/2011/11/23/20111123_C8573_DOC_EN_7095.pdf
SOURCE Paragon Minerals Corp.
For further information:
For additional information please contact Michael Vande Guchte or Miranda McCarthy at (604) 629-2353 or visit the company website at www.paragonminerals.com