Release date- 07122012 – Vancouver, British Columbia – Paget Minerals Corp. (TSX-V: PGS) announced today the drill results from the first-ever drilling on the Santa Cruz Target within the San Ricardo Gold-Silver Project.
Paget has an option to earn up to 60% of the 38,100-hectare Project located within the prolific porphyry and epithermal gold-silver-copper belt of northern Sonora State, Mexico, from Sundance Minerals Ltd. (‘Sundance’).
David F. Volkert, President and CEO of Paget, stated, ‘Drilling concentrated on a 200-meter section of the 2 kilometer-long Santa Cruz fault / vein target as an initial follow-up to underground channel sampling that assayed up to 4.5 meters (true width) @ 28.9g/t gold and on the sub-parallel Mina Antigua and Intermedia veins.
Mineralization drilled to date is shallow oxide gold contained within faulted and broken quartz veins and shallow sulfide silver in chalcedonic breccia (high-level of an epithermal system).’
Mr. Volkert continued, ‘Additional gold targets within the San Ricardo Project include the southern extension of the vein systems noted above, where rock-chip sampling from vein outcrops, iron-oxide alteration and old pits assayed anomalous to >10.0g/t gold and 70g/t silver.
In the northern extensions of the vein systems, initial sampling assayed anomalous to 2.4g/t gold and 56 g/t silver. Paget and Sundance are planning the next phase of drilling at Santa Cruz targeting high-grade underground sample results (up to 3.8 meters @ 14.4g/t gold), and further exploration of other targets.’
THE PROJECT
The San Ricardo Gold-Silver Project area covers a total of 38,100 hectares in northern Sonora State. The region hosts large Cu-Mo porphyry deposits, including Cananea and Creston, among others, and a number of epithermal gold-silver deposits, including the San Francisco (Timmins Gold), Mercedes (Yamana Gold) and Santa Elena (SilverCrest Mines). Excellent road access and infrastructure provide for year-round exploration.
Preliminary reconnaissance within the Project identified multiple high-grade gold targets as well as areas with bulk tonnage potential at the Santa Cruz Target and focused on four known sub-parallel, high-grade veins and areas of stockwork mineralization. The area contains numerous historic mine workings and historic small-scale leach gold production.
Gold mineralization on the Santa Cruz Target occurs as granite-hosted, highly-faulted quartz veins and some stockwork with both high-grade underground and lower grade open-pit potential. Paget and Sundance completed detailed mapping as well as collecting 730 samples, including underground channel, surface rock chip and trench channel samples. Underground sampling along 300m of the minimum two kilometer-long Santa Cruz vein returned individual results from 1.0m @ 0.29g/t to 2.0m @ 46.4g/t gold.
The Santa Cruz, Intermedia and Mina Antigua vein structures also host local stockwork zones. Trench and surface rock-chip sampling results within this mineralized area average 0.72g/t gold. The Project is accessed by all-weather roads and the topography within the stockwork trench area and the immediate high-grade underground workings is favorable for possible inclusion of high-grade veins in a pit outline. Significantly, silver values range from anomalous to 452g/t.
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.
Contact:
David Volkert
President & CEO
Paget Minerals Corp.
Tel: (778) 327-4449
www.pagetminerals.com
