Paget Expands Mess Creek and More Creek Porphyry Targets at the Ball Creek Project
October 31 2012 - 9:00AM
Marketwired
Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget" or the "Company")
today provided an update on the reconnaissance program conducted on
the 100% Paget-owned Mess Creek and More Creek targets, which are
located in the western sector of the 52,000 hectare Ball Creek
Project claim block in the Iskut Region, northwestern BC. In the
eastern sector of the claim holdings, approximately 14,000 hectares
of the 52,000 hectare Ball Creek claim block have been optioned to
Blue Gold Mining (TSX VENTURE:BGX) (see press release dated June
26, 2012).
David F. Volkert, President and CEO of Paget, stated,
"Concurrent with the integrated 2012 drilling program implemented
and supervised by Blue Gold Mining (TSX VENTURE:BGX) on the Main
and Rainbow gold-copper porphyry targets, Paget completed
additional evaluation of archived exploration data and carried out
new sampling on the 100% Paget owned Mess Creek and More Creek
gold-copper porphyry targets within the Ball Creek Project outside
of the Blue Gold option area. At both locations, 2012 field work
provided additional evidence of promising gold-copper
mineralization and drill targets for future field seasons."
Mess Creek is located 10 kilometers southeast of the Schaft
Creek porphyry copper-gold deposit (Copper Fox Metals). Syenite
intrusives outcrop sporadically over an area of approximately 2 x 1
kilometers and contain iron-carbonate alteration and
gold-copper-mineralization. Historic and current surface rock chip
samples range up to 0.3 to 3.5 g/t gold and 0.4 to 0.8% copper and
soil samples range up to 0.62 g/t gold and 100 to 2200ppm copper. A
second zone of altered and mineralized syenite located 500 meters
to the east contains values ranging up to 0.5 to 10.1 g/t gold over
a width of approximately 200 meters. Alteration and mineralization
are structurally-controlled along dominant north-south trends,
possibly as parallel structures to the regional Mess Creek fault
that forms a wide drainage immediately to the west of the
mineralized area.
Drilling completed in the areas noted above from the late-80s,
2006 and 2007 reported intercepts of 40m @ 1.13 g/t gold, 3m @ 1.25
g/t gold and 0.19% copper, 159m @ 0.14 g/t gold and 242m @ 0.16 g/t
gold. None of these historic intercepts have been adequately
followed up. Paget's 2012 surface rock sampling and grid soil
sampling over the mineralized areas provides direction for
additional exploration, including possible drilling in 2013.
At More Creek, gold-copper mineralized and iron-carbonate
altered syenite intrusives outcrop over an area of approximately
800m x 500m. Historic and current rock-chip assays range anomalous
to 0.9 g/t gold providing a future drill target. No historic
drilling has been completed.
Additional reconnaissance of the Valley, Rojo Grande and HP
epithermal gold-silver targets is planned for 2013.
BALL CREEK PROJECT OVERVIEW
The Ball Creek Project covers 524 km2 central to the renowned
Golden Triangle mineral region in the Iskut area of northwest
British Columbia (the "Golden Triangle"). This region is host to
the large disseminated copper-gold porphyry-style deposits of
Galore Greek (Teck/NovaGold) and Red Chris (Imperial Metals), the
precious metal-enriched VMS-style Eskay Creek deposit (Barrick),
and the high-grade epithermal gold at the Valley of the Kings Zone
at the Brucejack project (Pretium Resources).
Despite its prolific mineral endowment, the Golden Triangle has
remained relatively underexplored in the past due to a lack of
infrastructure and fractural ownership. This scenario changed in
2009 when the British Columbia and Canadian federal government
approved the construction of the Northwest Transmission Line
("NTL"), a 344 km, 287 kV high-voltage power line that will run
through the region (slated for completion in 2014). The Ball Creek
project is located only 38 kilometres north of the planned NTL
power substation at the community of Bob Quinn, and eight
kilometres west of Highway 37 and the adjacent Burrage air strip,
making it one of the most accessible properties in the region.
Infrastructure and logistics are considered to be ideally suited to
support any future mining operation in this area.
The Ball Creek Project hosts five highly prospective gold-copper
porphyry targets (Main, Cliff, Rainbow, Mess Creek, More Creek) and
four epithermal gold-silver targets (Ridge, Valley, HP, Rojo
Grande). Blue Gold completed a drilling and geophysical program at
the Main and Rainbow porphyry targets in 2012 (see press releases
dated 27 September and 11 October 2012).
To view a regional location map of the Ball Creek Project,
please click:
http://www.pagetminerals.com/i/maps/BallCreek/Ball-Creek-Project-Overview.jpg
To view a detailed target map of the Ball Creek Project, please
click:
http://www.pagetminerals.com/i/maps/BallCreek/mainzone_map.jpg
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 has focused 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
Neither 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: Paget Minerals Corp. David Volkert President & CEO
(778) 327-4449 (778) 330-5492 (FAX) www.pagetminerals.com