Tuesday, 22nd May 2007 (2164 views)

Paragon Minerals Corporation has completed the second phase of drilling at its project in central Newfoundland.

The project is called Huxter Lane and it is located just 60 kilometres from Grand Falls-Windsor and it is a bulk mineable gold target which is being explored in a joint venture between Paragon and Meridian Gold.

Back in October 2006 there was a phase one drilling programme at the site and this discovered a gold-bearing porphyritic intrusion with significant mineralisation at the Mosquito Hill zone of the project.

Michael Vande Guchte, the chief executive of Paragon, said: "Paragon's exploration team has taken this gold project from concept to discovery in under two years.

"It's demonstrating robust gold mineralisation and we look forward to continued exploration on this project with Meridian Gold."

Huxter Lane project is one of a number of high quality projects that the firm controls and plans to drill during 2007. The firm is very encouraged by the continuity and thickness of near surface gold mineralisation.

Drill intercepts show grades of 2.2.1 grams of gold per tonne over a length of 35 metres.

 

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