VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/02/13 -- Paget Minerals Corp. (TSX VENTURE: PGS) ("Paget" or the "Company") announced today the early completion of optional work commitments and the acquisition of a 100% undivided interest in the 52,442-hectare Ball Creek Gold-Copper Project (the "Project") in northwestern British Columbia. Acquisition is subject to a 2% Net Smelter Returns Royalty in favour of Pembrook Mining Corp., one-half of which can bought by Paget for $1,000,000.
David F. Volkert, President and CEO of Paget, stated, "In addition to completing required work commitments 2 years ahead of schedule, the accumulated exploration credits result in eliminating Paget's holding costs for the core claims at Ball Creek until 31 December 2022."
The Ball Creek Project may be the next in what are a series of large gold-copper porphyry deposits that characterize this region of northwestern BC. Ball Creek is ideally suited for development given it is located eight kilometres from a paved highway and air strip and thirty-six kilometers from power. Results of the multi-faceted programs that have been completed on the project to date are now being integrated into comprehensive geological and exploration models.
Drilling on the Main gold-copper porphyry target in 2012 was highlighted by Hole BC12-54 that drilled to a depth of 310.1 metres and returned 0.44 g/t gold and 0.15% copper over its entire length including 0.50 g/t gold and 0.24% copper over 102.0 metres (see news release dated October 11, 2012). Mineralization in Hole BC12-54 is open to the southwest on trend to the Cliff copper-gold porphyry target where stockwork veining coincident with a magnetic low measuring 1,700 x 400 meters assays up to 0.74% copper and 0.15 g/t gold.
For a complete table of 2012 drill results, please click: http://www.pagetminerals.com/i/pdf/Summary_Intervals_2012-10-09.pdf
To view maps and cross sections with 2012 drilling at Main Zone, please click: http://www.pagetminerals.com/i/pdf/1-main-target-geol-NR-oct12.pdf
Acquisition of the Ball Creek claim block is subject to a 2% Net Smelter Returns Royalty in favour of Pembrook Mining Corp., one-half of which can bought by Paget for $1,000,000, and two payments of $2,000,000 each upon definition of a compliant Inferred Mineral Resource of not less than 1,000,000 ounces of gold or gold-equivalent and completion of a Positive Feasibility Study.
About Paget Minerals Corp.
Paget Minerals Corporation is a publicly traded resource company focused on mineral exploration and the advancement of its Ball Creek Project in British Columbia, as well as the San Ricardo Project in Sonora, Mexico. Ball Creek comprises of 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. Ball Creek neighbors three major mine development projects in the region -- Galore Creek, Schaft Creek and Red Chris. Paget is also focused on its San Ricardo Project and 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. 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.
Paget Minerals Corp.
President & CEO
(778) 330-5492 (FAX)
Most Popular Stories
- 15 Myths That Could Ruin Your Hispanic Ad Campaign
- Bitcoin Clones Lurch Onto Financial Scene
- General Motors Names Mary Barra as First Female CEO
- AIG to Create 230 Jobs in Charlotte
- Clinton to Keynote Annual Simmons Leadership Conference
- Pacific Trade Pact Delay Hinders U.S. Pivot to Asia
- Californians Want to Legalize Marijuana
- Scripps Shares Rise on Reported Bid Talks
- Russia Says Nyet to Canada North Pole Claim
- Budget Deal Sets Off Grumbles in Both Houses