Paragon Provides Exploration Update on South Tally Pond VMS Project

Paragon Minerals Corporation (TSXV:PGR) reports on its exploration activities on its South Tally Pond volcanogenic massive sulphide project in central Newfoundland.

The press release is quoted as saying:

Three wide-spaced drillholes, totaling 875 metres were completed at the Beaver Lake VMS prospect, a priority target area located 3 kilometres north of the Lemarchant Cu-Pb-Zn-Ag-Au massive sulphide discovery. The drilling intersected thick sequences of altered felsic volcanic rocks (rhyolite) in all three drillholes which contain zones of anomalous copper, lead, zinc mineralization with elevated gold and silver. Significant assay results are 4.24% Cu and 11.0 g/t Ag over 0.5 metre and 1.2% Zn and 8.5 g/t Ag over 1.5 metres from drillhole BL11-01. Assay results for drillhole BL11-03 are pending.

Paragon’s President and CEO, Michael Vande Guchte says:

“This initial drill testing of the Beaver Lake VMS prospect confirms the presence of a thick, altered and mineralized sequence of felsic volcanic rocks similar to that first discovered at the Lemarchant Discovery” “These first three drillholes, spaced 150 and 350 metres apart, have outlined a very prospective area that remains open along strike and down-dip”. Paragon will review the results of this initial drill program with the aim of further developing this target area.

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