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April 3, 2008
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Paragon Update on Drilling at South Tally Pond VMS Project
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 3, 2008) - Paragon Minerals Corporation ("Paragon") (TSX VENTURE:PGR) is pleased to provide an update on its planned 10,000-metre Diamond drill program at the Lemarchant Prospect on the South Tally Pond base metal property. A total of nine drill holes (2,352 metres) have now been completed on the property with five drillholes (two in progress) planned to be completed before mid-April.
The first phase of the drill program was designed to test the on-strike and along dip extensions of the precious metal-rich massive sulphide mineralization intersected by Paragon last year in drillholes LM07-15 and 17, where massive sulphides grading up to 9.46% zinc, 2.13% lead, 0.81% copper, 73.44 g/t silver, 1.85 g/t gold were intersected over 14.6 metres (see Paragon News Release dated January 18, 2008).
The first nine drillholes were aimed at testing the north extension of the massive sulphide mineralization intersected in drillhole LM08-17 (Section 104+00N) at 50, 100 and 200 metres step outs. The drilling 50 and 100 metres north of the LM08-17 is complicated by an east-west trending fault zone that transects the property. As a result, five of the nine drillholes completed to date did not reach the projected target. Although the target stratigraphy is present, drilling has moved further to the north (200 metres step out), outside of the influence of this fault. Notable results from the first five holes are shown below.
From To Interval Zinc Lead Copper Silver Gold
Hole(i) (m) (m) (m) (%) (%) (%) (g/t) (g/t)
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LM08-19 2.30 9.50 7.20 0.49 0.30 0.06 14.14 0.13
94.50 99.00 4.50 0.57 0.52 0.23 92.50 1.92
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LM08-22 65.60 71.00 5.40 0.53 0.12 0.06 59.70 0.46
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LM08-23 94.00 101.00 7.00 1.36 0.23 0.16 15.81 0.22
(i) True width currently unknown due to folding of host rocks and stringer
to disseminated nature of sulphides.North of the east-west trending fault zone, a predictable felsic sequence has been intersected and consists of thick sequences of strongly altered, mineralized felsic volcanic rocks. Mineralization consists of up to 25% disseminated to stringer sulphides (pyrite, sphalerite, chalcopyrite and galena) hosted within intensely altered (sericite, chlorite, silica) felsic volcanic sequences. Two of the drillholes (LM08-28 and 29) have intersected up to 9.4 metre thick intervals of semi-massive to massive pyrite-pyrrhotite-magnetite mineralization with minor base metal contents. The favourable felsic volcanic rocks show an increase in thickness to the west and the coarser nature of the felsic stratigraphy (rhyolite breccias) is suggestive of a more proximal environment. All assays from these drillholes are pending.
"Although the first nine drill holes have not extended the grade and width of the massive sulphide mineralization intersected last year, we are very encouraged with the presence of significant stringer base metal mineralization, very strong hydrothermal alteration and the thick accumulations of massive to semi-massive pyrite-pyrrhotite mineralization - all excellent indications of a large mineralizing system," stated Michael Vande Guchte, President & CEO of Paragon Minerals Corporation. "The drilling to the north has provided some important information that suggests the favourable felsic rocks thicken to the west and is pointing us to the possible centre of the mineralizing system at the Lemarchant Prospect. We have over 7,500 metres left in our drill budget to test for the continuation of the massive sulphides."
The South Tally Pond Project is located in the same volcanic belt and has strong similarities to the rocks that host Teck-Cominco's Duck Pond Mine. Paragon has a significant land position covering 32,450 hectares immediately southwest of the Duck Pond Mine. The project is under option from Altius Resources Inc., whereby Paragon can earn a 100% interest in the property.
Sections and plan maps will be available on the Company website at www.paragonminerals.com.
Paragon Minerals Corporation is a Canadian-based mineral exploration company listed on the TSX Venture Exchange. The company is focused on gold and base metal exploration in Eastern Canada, specifically within the Province of Newfoundland and Labrador.
PARAGON MINERALS CORPORATION
Michael J. Vande Guchte, President & CEO
Qualified Person - The South Tally Pond project work is being carried out and supervised by Qualified Person David Copeland, M.Sc., P.Geo. 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 each hole. All control samples conformed to the accepted contained grades of base and precious metals.
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 results and programs. 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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