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VANCOUVER, BRITISH
COLUMBIA--(Marketwire - July 8, 2009) - Paragon Minerals Corporation
(TSX VENTURE:PGR) is pleased to report that joint venture partner Golden
Dory Resources Corp. (TSX VENTURE:GDR) has completed a 15 hole,
2,024-metre Phase 1 diamond drill program on the Huxter Lane Gold
Project in central Newfoundland, Canada. Highlights of the drill
program include:
- Mineralized porphyry intersected in all completed drillholes over
widths of up to 98 metres;
- Significant drill intercepts of 0.38 g/t gold over 77.5 metres, 0.57
g/t gold over 38.7 metres, and 0.51 g/t gold over 33.8 metres;
- Gold-bearing porphyry remains open along strike and to depth.
The Huxter Lane project is a near surface, bulk-mineable gold target
where wide-spaced drilling at the Mosquito Hill prospect has outlined a
near surface, gold-bearing porphyry intrusion over a strike length of
1000 metres and to a vertical depth of 225 metres. The mineralized
porphyry is exposed at surface, dips gently to the south and remains
open along strike and to depth. The 2009 drill program focused on a
specific area of the Mosquito Hill prospect where previous drill
results have include 2.21 g/t over 35.0 metres (HX06-16) and 1.68 g/t
gold over 20.2 metres (HX07-24). Drillholes HX09-32 to HX09-46 were
completed in a grid pattern at 50-metre centers covering an area of
approximately 100 by 300 metres. The gold-bearing porphyry was
intersected in all of the completed drillholes over thicknesses of up
to 98 metres (core length). Significant drill assay results are
provided in the following table with drillhole locations shown on the
accompanying map.
Length From To Interval Gold Hole No. Azimuth Dip (m) (m) (m) (m) (g/t) ------------------------------------------------------------------------- HX09-32 340 -44 187.5 146.48 164.00 17.52 0.38 includes 146.48 155.30 8.82 0.70 151.50 155.30 3.80 1.06 ------------------------------------------------------------------------- HX09-33 340 -45 172.1 122.72 161.40 38.68 0.57 includes 123.72 126.70 2.98 2.10 123.72 137.27 13.55 1.00 123.72 140.77 17.05 0.93 152.46 161.40 8.94 0.55 ------------------------------------------------------------------------- HX09-34 340 -45 156.1 123.44 133.62 10.18 0.52 includes 126.97 128.37 1.40 1.83 ------------------------------------------------------------------------- HX09-35 345 -45 158.2 139.54 153.04 13.50 0.64 includes 145.83 153.04 7.21 1.14 ------------------------------------------------------------------------- HX09-36 345 -45 84.1 Hole abandoned, target not reached ------------------------------------------------------------------------- HX09-37 340 -45 160.6 122.05 155.85 33.80 0.51 includes 127.22 133.70 6.48 0.70 146.82 155.85 9.03 0.99 149.40 155.85 6.45 1.27 ------------------------------------------------------------------------- HX09-38 340 -45 161.8 77.12 154.61 77.49 0.38 includes 77.12 105.18 28.06 0.55 77.12 82.14 5.02 1.03 113.29 119.46 6.17 0.70 140.61 154.61 14.00 0.57 140.61 142.62 2.01 3.24 ------------------------------------------------------------------------- HX09-39 340 -45 141.7 37.82 81.87 44.05 0.21 includes 65.05 71.45 6.40 0.56 and 96.04 97.16 1.12 2.20 112.31 115.63 3.32 1.24 ------------------------------------------------------------------------- HX09-40 340 -45 141.7 31.91 45.83 13.92 0.51 And 68.72 71.25 2.53 0.58 110.41 113.92 3.51 0.30 ------------------------------------------------------------------------- HX09-41 335 -45 91.4 16.46 51.00 34.54 0.31 includes 36.86 38.98 2.12 0.87 48.42 51.00 2.58 1.37 ------------------------------------------------------------------------- HX09-42 340 -45 86.9 41.85 56.88 15.03 0.43 includes 54.72 56.88 2.16 1.15 ------------------------------------------------------------------------- HX09-43 340 -45 93 51.30 58.04 6.74 0.54 And 74.89 76.92 2.03 0.75 ------------------------------------------------------------------------- HX09-44 340 -45 117.4 59.96 95.39 35.43 0.42 includes 61.02 69.79 8.77 0.57 83.16 95.39 12.23 0.50 and 97.46 99.48 2.02 1.61 103.69 110.58 6.89 0.57 ------------------------------------------------------------------------- HX09-45 340 -45 118.9 47.87 89.80 41.93 0.30 includes 50.54 55.84 5.30 0.54 82.43 87.63 5.20 0.75 ------------------------------------------------------------------------- HX09-46 340 -45 152.4 51.11 105.88 54.77 0.29 includes 74.32 82.04 7.72 0.56 ------------------------------------------------------------------------- (Note: All intervals are core length with true thickness estimated to be 90% of core length)
"We are pleased that the drill program
completed by Golden Dory at the Huxter Lane project intersected gold
mineralization in every completed drillhole," said Michael Vande
Guchte, President and CEO of Paragon Minerals Corporation. "The mineralized
porphyry intrusion remains open in all directions and has excellent
potential to host a significant near surface, bulk tonnage gold
deposit." Paragon and Golden Dory plan to review the results of
the drilling to date to further understand the alteration and structural
controls focusing the gold mineralization. Golden Dory can earn a 60%
interest in the Huxter Lane gold property by spending $2.0 million in
exploration over four years, and an additional 10% (to 70% interest) by
delivering a bankable feasibility study.
Paragon and Golden Dory are pleased to acknowledge the financial
support provided under the Junior Company Exploration Assistance
Program (JCEAP) as administered by the Newfoundland and Labrador
Department of Mines & Energy.
Paragon Minerals Corporation is a Canadian-based mineral exploration
company listed on the TSX Venture Exchange. The company and its
exploration partners are focused on gold and base metal exploration in
Eastern Canada, specifically within the Province of Newfoundland and
Labrador. Further details on the properties can be found on the company
website at www.paragonminerals.com.
PARAGON MINERALS CORPORATION
Michael J. Vande Guchte, President & CEO
Qualified Person - The contents of this news release have been reviewed
and approved by Qualified Person David Copeland, M.Sc., P.Geo.,
Exploration Manager for Paragon Minerals Corporation. David Evans,
M.Sc., P.Geo., Qualified Person for Golden Dory Resources supervised
the drilling and sampling. Drill core samples were analysed for Au (30
g fire assay with Atomic Absorption finish) at Accurassay Laboratories
in Thunder Bay, Ontario from sawn NQ-sized half core sections. Data
quality was monitored through the insertion of control samples
consisting of one prepared analytical standard inserted into the sample
stream for every 20 drill core samples and a natural blank sample was
inserted into the sample stream for every 50 drill core samples. Assay
batches where results for the standards fell outside the 2 standard
deviation of the accepted grade were re-assayed until acceptable values
were obtained.
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 current and future exploration programs,
activities and results. 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 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.
To view the map accompanying this release please click on the following
link: http://media3.marketwire.com/docs/0708pgr.jpg
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.
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