The Conversation (0)
Paragon Minerals Corporation(TSXV:PGR) announced results from their 2011 drill program at the Huxter Lane Project. Golden Dory Resources, the joint venture partner has the option to earn 70% interest on the project upon completing a positive feasibility study on the property.
Highlights include:
- Gold-bearing mineralized porphyry intersected in all drillholes over intervals up to 176 metres;
- Drilling extended the mineralized zone a further 50 metres west of the Mosquito Hill Gold Deposit;
- Significant drill intercepts of 0.20 g/t gold over 113.28 metres and 0.35 g/t gold over 47.8 metres;
- Gold-bearing porphyry remains open along strike and to depth with over 2/3 of the porphyry as defined by geophysics remains to be drill tested; and,
- New, altered porphyry intersected 800 metres to the northwest.
Paragon, President and CEO, Michael Vande Guchte, said:
We are pleased with the continued expansion of the mineralization of the Mosquito Hill Gold Deposit and we look forward to an updated gold resource calculation. The deposit remains open along strike and to depth with a lot of stratigraphy that remains to be drill tested based on our geophysics. The reconnaissance discovery of a new, thick altered porphyry body on the property to the northwest further highlights the potential of the area to host a large mineralizing system.
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