The Conversation (0)
Paragon Minerals Corporation (CVE:PGR) reports Golden Dory Resources Corp. (CVE:GDR), its exploration partner plans to commence a 2,300 metre winter drill program at the Huxter Lane JV project, Newfoundland.
The press release is quoted as saying:
The gold mineralization at the Huxter Lane JV project has many geological similarities to large, bulk-tonnage gold deposits in Alaska and the Yukon including the Fort Knox deposit which hosts open pit mineable proven and probable reserves of 253 Mt at 0.45 g/t gold for 3.69 million oz gold (Kinross Gold Corp. website) and the Donlin Creek deposit (393.8 Mt at 2.50 g/t gold for 31.67 million oz gold; NovaGold Resources Inc. website). The style of gold mineralization at Huxter Lane represents a new exploration target in Newfoundland and highlights the potential of the area to host large mineralizing gold systems.
Paragon Minerals’ President and CEO, Michael Vande Guchte says:
“Given the results to date, management believes there is excellent potential for a significant gold deposit in this new, emerging gold district in central Newfoundland.” “The Mosquito Hill Gold Deposit continues to grow in size with each drill program and the deposit remains wide open for expansion along strike and down dip. We are eager to see the results of this drill program which will continue to test the extension potential of the deposit”.