Paragon and Crosshair Report Initial Gold Recoveries of 98% From Jaclyn Main Deposit
June 02 2010 - 8:28AM
Marketwired
Paragon Minerals Corporation (TSX VENTURE: PGR) is pleased to
report excellent gold recoveries from preliminary metallurgical
test work from the Golden Promise JV Gold Project, located in
central Newfoundland, Canada. Paragon's joint venture partner,
Crosshair Exploration & Mining Corp. (NYSE Amex: CXZ; TSX: CXX)
has received initial metallurgical results from six historic
drillholes at the Jaclyn Main Deposit indicating gold recoveries up
to 98%.
A composite sample of gold-bearing quartz vein from six
previously completed drillholes was submitted to SGS Mineral
Services of Vancouver, BC ("SGS") for preliminary metallurgical
testing including gravity concentration, flotation and
determination of the cyanide leaching characteristics. Thirty-four
(34) samples from the drillholes were composited to provide one,
34.4 kilogram sample with a head grade that assayed 4.50 g/t gold
as compared to the weighted average assay grade based on the
individual samples of 4.18 g/t gold. The results indicate that the
gold in the quartz vein zone can be effectively recovered using
gravity concentration in combination with flotation or leaching, or
by direct leaching. Gravity concentration recovers 85% of the gold
at 120 microns and the remaining gold in the gravity tails can be
recovered either by flotation after regrinding (96% recovery at 110
microns) or by cyanide leaching (94% recovery in 72 hours at 70
microns). The gold can also be recovered by direct leaching of the
whole rock sample at 70 micron grind over a 72 hour period
resulting in 98% gold recovery.
"We are very encouraged by the initial gold recovery
characteristics of the Jaclyn Main Deposit," said Michael Vande
Guchte, President and CEO of Paragon. "Additional metallurgical
testing on recently completed holes will provide additional
extraction and recovery data prior to the planned bulk sample
program." Drill core samples from 12 infill holes completed earlier
this year in the central part of the Jaclyn Main Deposit are
currently with SGS for similar metallurgical test work.
Following a detailed review of the exploration data and
metallurgical results, Crosshair and Paragon plan to conduct a
surface bulk sampling program. The bulk sample is aimed at
providing a more representative gold grade, testing structural and
grade continuity and mining/milling characteristics for the Jaclyn
Main Deposit. The 2010 programs are being funded by Crosshair as
part of the 2009 Joint Venture Agreement (see Paragon News Release
dated April 9, 2009). Paragon retains a 40% interest in the Golden
Promise JV Gold Project.
About Paragon Minerals Corporation
Paragon Minerals Corporation is a Canadian-based mineral
exploration company focused on gold and base-metal exploration in
eastern Canada. Paragon's flagship base metal project is the
100%-owned South Tally Pond VMS project where it has made a
significant precious metal-rich massive sulphide discovery in a
proven mining district in central Newfoundland. Paragon is also
exploring an exceptional portfolio of gold properties through both
company and partner-funded exploration. For more information on
Paragon and its properties, please visit the company website at
www.paragonminerals.com.
PARAGON MINERALS CORPORATION
Michael J. Vande Guchte, President & CEO
Qualified Person and QA/QC - Exploration work on the Golden
Promise JV Project is being carried out by Barry Sparkes,
Consulting Geologist to Crosshair and supervised by Stewart Wallis,
P.Geo., a member of the Professional Engineers and Geoscientists of
BC, the President and CEO of Crosshair and a Qualified Person as
defined by NI 43-101. Mr. Wallis has verified that the assay
results presented above have been accurately summarized from the
official assay certificates provided to Crosshair. Hoe Teh, P.Eng.
is the Qualified Person supervising the metallurgical test
work.
The metallurgical testwork was completed on a combination of
previously drilled quartered HQ- and NQ-diameter drill core from
the central and near-surface section of the Jaclyn Main Zone
(drillholes GP02-01, 05, 06, 11, 17 and GP03-24). The drill core
was stored in the secured core storage facility in Badger, NL. A
total of 34 individual samples of drill core from six holes were
composited to form one sample weighing 34.4 kilograms. The
composite sample was crushed to -10 mesh then blended and split
into individual charges for the various metallurgical tests. The
head sample was assayed for gold using screen metallics
analysis.
Forward-looking statements - This news release contains certain
statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical
fact, that address events or developments that Paragon expects to
occur, are forward looking statements. Forward-looking statements
are statements that are not historical facts and are generally, but
not always, identified by the words "expects", "plans",
"anticipates", "believes", "intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Forward-looking
statements in this document include statements regarding current
and future exploration programs, activities and results. Although
Paragon believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results may differ
materially from those in forward-looking statements. Factors that
could cause the actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration success, continued availability of capital and
financing, inability to obtain required regulatory or governmental
approvals and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees
of future performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
Forward-looking statements are based on the beliefs, estimates and
opinions of Paragon's management on the date the statements are
made. Paragon undertakes no obligation to update these
forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change. These
statements are based on a number of assumptions, including, among
others, assumptions regarding general business and economic
conditions, the timing of the receipt of regulatory and
governmental approvals for the transactions described herein, the
ability of Paragon and other relevant parties to satisfy stock
exchange and other regulatory requirements in a timely manner, the
availability of financing for Paragon's proposed transactions and
exploration and development programs on reasonable terms and the
ability of third-party service providers to deliver services in a
timely manner. The foregoing list of assumptions is not exhaustive.
Events or circumstances could cause results to differ
materially.
Shares Issued: 32,942,181
"Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: Paragon Minerals Corporation Michael Vande Guchte
President & CEO (604) 629-2353 www.paragonminerals.com
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