Schoer, Reed and Associates (SRA) are pleased to announce that they have secured funding for the next phase of gold exploration at Paragon Resources Elliott Bay gold project in southwestern Tasmania.
SRA manage the Elliott Bay gold project on behalf of Paragon Resources shareholders, coordinating exploration over an area of more than 100 square kilometers. This area includes highly prospective Mount Read Volcanic (MRV) rocks similar to those hosting world class mineral deposits at Rosebery (MMG) and Queenstown (Vedanta) to the north.
SRA partner and director, Dr Alistair Reed says, “We are very pleased to have been successful in raising private equity funding for this quality project at a time when many other companies in Australia are struggling to attract proper investment.”
Funding out of Asia will be used to develop and explore targets located along a newly discovered corridor of rocks referred to as the Discovery Creek Shear Zone (DCSZ). The DCSZ was discovered by SRA geologists following up on historic gold results. The DCSZ shares many characteristics with the Henty Fault in the northern MRV. Results to date are extremely positive, with visible gold in rock chips returning assay results of more than 5 ounces per tonne gold (160g/t Au). These results are of a preliminary nature only but are already more than 30 times the grade of gold ore being mined at Henty.
Visible gold in rocks from the Discovery Creek Shear Zone at Elliott Bay, Tasmania.