Paragon making the grades in Newfoundland

Results from three holes at Paragon Minerals (PGR-V) South Tally Pond project in Newfoundland were good enough to give the Vancouver-based company a boost on Friday.

The company says the holes struck massive sulphide mineralization at the project which sits 20 km southwest of Teck-Comincos (TCK.A, TCK.B-T, TCK-N) Duck Pond copper-zinc mine.

In Toronto on Oct. 19 the companys shares were up 16% or 5 to 32 on roughly 414,000 shares traded.

Highlights include:

  • Hole LM07-15 – 14.6 metres grading 9.46% zinc, 2.13% lead, 0.81% copper and 73.44 grams silver.
  • Hole LM07-14 – 17.5 metres grading 3.39% zinc, 1.08% lead, 0.51% copper and 25.62 grams silver.
  • Hole LM07-13 – 36.2 metres grading 1.46% zinc, 0.02% lead, 0.33% copper and 7 grams per tonne silver.

Paragon says the zinc-lead-copper-silver-gold mineralization is located within the top portion of the upper Lemarchant felsic block and has a strike length of over 200 metres.

Paragon says mineralization is open along strike and to depth along the lower Lemarchant felsic block.

“We see all the elements of a typical volcanic-associated base metal deposit at South Tally Pond,” company president and chief executive Mike Vande Guchte said in a statement.

Vande Guchte also said mineralization appears to be improving in both grade and thickness as the drills move north and he touted the possible synergies that arise from the project being so close to Duck Pond.

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