Initial Resource Estimate on Lemarchant VMS Deposit: Indicated Mineral Resource of 1.24 million tonnes grading 5.38% zinc, 0.58% copper, 1.19% lead, 1.01 g/t gold and 59.17 g/t silver (15.40% ZnEQ)

Paragon Minerals’ (TSXV:PGR) first National Instrument 43-101-compliant Mineral Resource Estimate for the Lemarchant volcanogenic massive sulphide deposit on its 100%-controlled South Tally Pond project in central Newfoundland indicated a mineral resource of 1.24 million tonnes grading 5.38% zinc, 0.58% copper, 1.19% lead, 1.01 g/t gold and 59.17 g/t silver (15.40% ZnEQ) using a 7.5% zinc equivalent grade cut-off.

As quoted in the press release:

Gary Giroux, P. Eng. of Giroux Consultants Limited, Vancouver, BC, Canada, an Independent Qualified Person and consultant to Paragon, has prepared and authorized the release of the Mineral Resource Estimate. Highlights include:
• Indicated Mineral Resource of 1.24 million tonnes grading 5.38% zinc, 0.58% copper, 1.19% lead, 1.01 g/t gold and 59.17 g/t silver (15.40% ZnEQ) using a 7.5% zinc equivalent grade cut-off.
• Inferred Mineral Resource of 1.34 million tonnes grading 3.70% zinc, 0.41% copper, 0.86% lead, 1.00 g/t gold and 50.41 g/t silver (11.97% ZnEQ) using a 7.5% zinc equivalent grade cut-off.
• The deposit is defined to a vertical depth of 210 metres and remains open to depth and along strike.
• Preliminary metallurgical results indicate positive metal recoveries.

Paragon President & CEO, Michael Vande Guchte, said:

“We are very pleased with this initial mineral resource estimate which compares very well against other VMS exploration and mining projects. The Lemarchant Deposit is a new precious metal-rich copper-lead-zinc massive sulphide resource with excellent potential for further expansion. The deposit is located in an area of excellent infrastructure with Teck Resources existing Duck Pond Mine located nearby”.

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