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Market:	ASX
Sector:	General Mining
EPIC:	PDM
Latest Price:	0.02 (5.88% )
52-week High:	0.04
52-week Low:	0.01
Market Cap:	2.68M

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Paradigm Metals

Paradigm Metals (ASX: PDM) is a gold and copper exploration company seeking rapid growth through a major discovery in NSW and Queensland.

Paradigm Metals sees potential in Rosedale gold project in NSW

Monday, March 08, 2010

Paradigm Metals (ASX: PDM) has provided results from a three hole RC drill programme at the Rosedale gold-silver project, EL 7343, near Bathurst NSW.

The Rosedale project lies 18km from Alkane Resources (ASX:ALK) and Newmont’s McPhillamys gold project, along a continuation of the same regional Godolphin Fault structure.

Graham Carman, managing director of Paradigm, said “the potential of the Rosedale area for gold mineralisation remains high, as there is a wide gold-bearing corridor that is untested by drilling. Paradigm is committed to unlocking the potential at Rosedale in this highly prospective region for gold in Australia.”

“It is significant to the New South Wales gold industry that a large gold company like Newmont has made a commitment to the McPhillamys project. This commitment is a testament to the gold potential of this under-explored region west of Bathurst,” he added.

The company said the new gold results do not yet reflect economic grade. However, significant potential still remains for a large gold target of the ‘McPhillamys type’ within the Rosedale prospect area.

Paradigm will carry out further detailed soil sampling immediately, to be followed up by further drill testing.

Two RC percussion holes were drilled to test mineralisation across the northern end of the fault structure at Rosedale.

The best gold results were recorded in RRC007 which intersected 8m @ 0.44g/t Au from 172m (including 4m @ 0.76g/t Au) within dacite porphyry.

Minor gold mineralisation was intersected within volcanic metasediments in both RRC007 and RRC008 (4m @ 0.18g/t Au from 64m, and 4m @ 0.11 g/t Au from 44m respectively) within a 40m-wide continuous gold anomalous interval.

RRC009 drilled an IP geophysical anomaly east of the Rosedale structure. RRC009 drilled dacite porphyry from surface to 108m encountering disseminated pyrite but no significant gold.

Drill holes RRC007 and RRC008 intersected low-grade but continuous gold mineralisation in the ‘volcanic metasediments’ which we believe is a favourable host rock for bulk tonnage gold mineralisation as it is fractured and inherently permeable.

Rosedale was acquired in 2009 after a review of gold opportunities in NSW. A past drill intercept included 13m @ 0.8g/t Au and 20g/t Ag from 114m in drill hole RJ1 within volcanic metasediments.

Paradigm also uncovered a 2km gold-in-soil anomaly from past results.

Rosedale is located on a southeast extension of a major regional geological structure, the Godolphin Fault. This fault is an important control to regional gold mineralisation.

Newmont and Alkane recently announced a target deposit at McPhillamys of 2 to 4 million ounces of gold.

Favourable comparisons with respect to the geology of Rosedale with McPhillamys include:

- Similar age rocks and host rock lithologies.
- Similar hydrothermal alteration and style of mineralisation.
- Coincidence between gold and low-level copper anomalism.

A 7 hole RC drill programme has now been completed at the Kangiara base metals gold project. Partial assays have been received, but results will be released once the full assay data have been received and compiled.

The Kangiara project is located 30km north of the township of Yass NSW, about 100km north of Canberra.

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