Paget to Focus on Its Ball Creek Project, Golden Triangle-Iskut Mineral District, BC
19 January 2012 - 12:30AM
Marketwired Canada
Paget Minerals Corp. (TSX VENTURE:PGS), ("Paget" or the "Company") today
announced its decision to focus its BC exploration program on the potential of
the Ball Creek Project located in the prolific Golden Triangle - Iskut Mineral
District, northwest BC.
The Ball Creek Project covers over 52 square kilometers (52,442 hectares) of
contiguous mineral claims and hosts five gold-copper-molybdenum porphyry targets
and four gold-silver epithermal targets. Located just eight kilometers west of
Highway 37 and the Burrage Airstrip, and 36 kilometers northwest of the new
Northwest Transmission Line Substation at Bob Quinn, the Ball Creek Project lies
central to, and is the most accessible of, all the Iskut District's current
reserves/resources, including:
-- Galore Creek - 528Mt @ 0.6% Cu, 0.32g/t Au - Proven & Probable
(Teck/Novagold),
-- Red Chris - 446Mt @ 0.36% Cu, 0.29g/t Au - Measured & Indicated
(Imperial Metals), and
-- Schaft Creek - 821Mt @ 0.25% Cu, 0.18g/t Au - Proven & Probable (Copper
Fox Metals)
Recent discoveries and large expansions of these previously known
resources/reserves in the Iskut District, together with very encouraging new
information about the geological setting of the gold and copper occurrences,
greatly enhance the potential of the Ball Creek Project. Paget will now focus
its B.C. exploration program on aggressively advancing Ball Creek in
Spring/Summer 2012. (Click here for all project, target and drill hole location
maps: www.pagetminerals.com/s/BallCreek.asp.)
David Volkert, President and CEO, stated, "The Ball Creek Project represents a
high potential project in the Golden Triangle - Iskut Mineral District. The
Project has the right address, multiple targets and has been explored in a
piecemeal fashion over its history. Paget is earning an undivided 100% interest
in the 52,442-hectare, contiguous claim block via $3,000,000 in work commitments
over four years and the first two years' work commitment has already been
fulfilled through our 2011 work program. The aggressive drilling and surface
exploration program being planned for 2012 will fulfill the remainder of the
work commitments, earning Paget an early 100% undivided interest, subject to a
2% Net Smelter Royalty, half of which may be purchased by Paget at any time for
$1,000,000, and certain subsequent payments (see press release dated 14 April,
2011)."
"The Ball Creek Project lies entirely within Tahltan First Nation territory. The
Tahltan Nation, through a historic agreement on the Eskay Creek Mine and the
formation of the Tahltan Nation Development Council, has shown itself to be
progressive and business-oriented while maintaining strict environmental and
cultural protection standards. Over the past year, Paget has contracted Tahltan
companies or Tahltan joint venture partners for camp, drilling and helicopter
services, directly employing Tahltan Band members and maintains open and
informed relations with the Nation."
In addition to the new Rainbow gold porphyry discovery (see press release dated
January 12, 2012), the Ball Creek Project hosts the following targets:
Main (Gold-Copper)
Located 4km to the east of the new Rainbow discovery, the Main gold-copper
porphyry is unique in the Iskut District with its higher gold content. Limited,
relatively shallow drilling has been completed to date in the Main Porphyry and
significant drill intercepts include:
----------------------------------------------------------------------------
HOLE FROM (m) TO (m) INTERVAL (m) Au (g/t) Cu (%)
----------------------------------------------------------------------------
223
74-3 (i) 30 (total depth) 192 0.75 0.22
----------------------------------------------------------------------------
140
BC07-06 (i) 0 (total depth) 140 0.59 0.23
----------------------------------------------------------------------------
106
BC07-11 (i) 12 (total depth) 94 0.61 0.15
----------------------------------------------------------------------------
BC08-01 (i) 44 264 220 0.46 0.17
----------------------------------------------------------------------------
BC-11-01 (ii) 8 38 30 0.20 0.04
----------------------------------------------------------------------------
BC-11-02 (ii) 46 142 96 0.28 0.12
----------------------------------------------------------------------------
201
BC11-03 (ii) 21 (total depth) 180 0.35 0.13
----------------------------------------------------------------------------
137
BC-11-04 (ii) 3 (total depth) 134 0.17 0.05
----------------------------------------------------------------------------
incl 123 137 14 0.29 0.12
----------------------------------------------------------------------------
and 135 137 2 0.46 0.16
----------------------------------------------------------------------------
(i) Historical drill hole
(ii) Paget 2011 drilling
Most holes bottomed in mineralization. Drill hole BC-11-04 lies central to all
historical drilling, intersected the potassic core of the porphyry system at
123m and bottomed in higher grade mineralization, all indicating that additional
and deeper drilling is warranted. Porphyry mineralization has been mapped and
drilled over an area 1,250 x 400m by approximately 1,000m vertical (drilling and
topography) and is open. No deep drilling has been completed on the Main
Porphyry.
Cliff (Copper-Gold)
The Cliff copper-gold porphyry measures 1 x 2km and lies south of the Main
Porphyry, separated by 600m of propylitic alteration and gossanous outcrops,
indicating that the two porphyries may be connected. Historical surface sampling
of stockwork veining, coincident with a geophysical magnetic low anomaly,
returned assays up to 0.74% copper and 0.15g/t gold. Bedrock chip sampling of a
continuously-mineralized, 270m section averages 0.2% copper (sampling in 1971).
Only one drill hole has been completed on this target and returned anomalous
results.
North More (Copper-Gold)
The North More copper-gold porphyry has three mineralized zones identified
within an area of 5,800 x 500 meters. Initial surface samples averaged 0.55%
copper and 0.17g/t gold in the View Zone, individual samples in the Canyon Zone
assayed up to 0.91% copper and the South Zone is defined by a geochemical soil
anomaly. Five historic drill holes have been completed in two of the mineralized
zones in the large, complex North More Porphyry system with anomalous results.
Mess Creek (Copper-Gold-Molybdenum)
The Mess Creek copper-gold-molybdenum porphyry has four mineralized zones
identified within an area 3.6 x 2.7 kilometers. Surface sampling in 2006 found
anomalous copper-gold-molybdenum values averaging 0.1% copper and 0.36g/t gold
with individual samples to 0.38% copper, 0.56g/t gold and 0.5% molybdenum. Seven
drill holes have been completed in two of the mineralized zones at Mess Creek
with anomalous results.
Ridge (Gold-Silver-Copper)
Initial drilling in 2011 at the Ridge epithermal gold-silver zone, the first
ever completed, intersected anomalous Au, Ag and Cu mineralization. Sampling of
sulfide-bearing veins and irregular stockwork in silicified limestone returned
multi-gram gold assays to 59.0g/t gold. The target will be tested further
starting in Spring 2012.
Valley (Gold-Silver)
Gold-silver epithermal mineralized veins with surface sample assays to 2.8g/t
gold and 57.0g/t silver occur along fault structures within graphitic sandstones
and mudstones at the Valley target. The mineralized veins have never been
drill-tested and plans for drilling in 2012 will be completed after additional
mapping and surface rock sampling.
HP (Gold)
A swarm of carbonate-dominated mineralized veins with grades to 6.5g/t gold are
hosted in diorite intrusive rocks. Additional mapping and sampling is required
prior to drilling.
Rojo Grande (Gold)
Advanced argillic altered volcanic rocks have been defined over an area
measuring approximately 700 x 1,000 meters and have the potential for
vuggy-silica hosted gold or massive sulfide feeder zone-type deposits. Initial
drill testing of the target is in the planning stage.
Other BC Projects
Paget's summer 2011 exploration program discovered gold-enhanced volcanogenic
massive sulfide mineralization at Chist Creek, a copper-molybdenum porphyry at
Icy Lake and a gold-copper-molybdenum porphyry / gold-carbonate vein system at
Fae. All three will be packaged for option or joint venture in order to move the
projects forward and allow Paget to focus on its flagship Ball Creek Project.
Paget Minerals Inc. ("Paget" or the "Company") also announced today that it has
engaged NV Marketing Ltd. ("NVM") of Vancouver to provide strategic marketing
consulting services to the Company. NVM was founded by Nichola Vermiere and
specializes in marketing and branding services to raise awareness amongst
prospective investors and the investment community. Effective December 8, 2011,
Paget has engaged NVM for an initial one year term, which may be extended on
similar terms and conditions as may be agreed by the parties. The marketing
services agreement with NVM is subject to acceptance by the TSX Venture
Exchange. Paget will pay NVM a monthly fee of $4,000 for professional services
and will grant to NVM 100,000 options to purchase common shares in Paget (the
"Options") at a price of $0.25 per share. The Options are to be granted by Paget
upon receipt of notice of TSX Venture Exchange acceptance of the marketing
services agreement. The Options will vest as follows: 25% on the date of the
grant, 25% on the date that is three months after the date of the grant, 25% on
the date that is six months after the date of the grant, and 25% on the date
that is 12 months after the date of the grant. Paget will also reimburse NVM for
pre-approved expenses. Except for the marketing services agreement and the
Options to be granted pursuant thereto, Paget is not aware of NVM having any
other interest, directly or indirectly, in Paget or its securities, or any right
or intent to acquire such interest.
About Paget Minerals Corp.
Paget Minerals Corporation is a publicly traded resource company focused on
mineral exploration and the advancement of the company's priority Ball Creek
Project in British Columbia. The company hosts a 52,442-hectare, contiguous
mineral tenure package in the Golden Triangle - Iskut Mineral District located
just 8km west of Highway 37 and only 36km northwest of the new Northwest
Transmission Line Substation at Bob Quinn and neighbors three major mine
development projects in the Golden Triangle - Galore Creek, Schaft Creek and Red
Chris. In 2012, Paget will focus its BC exploration program on the Ball Creek
Project, as well as advancing its exploration in Mexico. Paget also maintains
its equity position in Trident Gold Corp. exploring for gold in Colombia. David
Volkert, President and CEO, serves as the Qualified Person under the definitions
of NI 43-101.
On Behalf of the Board of Paget Minerals Corp.,
David F. Volkert, President & CEO
Paget Minerals Corp. (TSXV:PGS)
Historical Stock Chart
From May 2024 to Jun 2024
Paget Minerals Corp. (TSXV:PGS)
Historical Stock Chart
From Jun 2023 to Jun 2024
