September 15, 2011 / 2:23 PM / 6 years ago

CORRECTED-Paragon Minerals finds gold at flagship mine, shrs up

(Corrects name of the company and adds missing word in headline)

Sept 15 (Reuters) - Canada’s Paragon Minerals Corp said drilling at its South Tally Pond project in Newfoundland returned significant amounts of gold, sending the miner’s shares up as much as 71 percent on Thursday morning.

Shares of the company were trading up at 12 Canadian cents on the Toronto Venture Exchange. The stock was one of the top gainers on the exchange with over 800,000 shares changing hands by 1008 ET.

Drilling on the central portion of the main massive sulphide zone at the project has returned significant precious metal grades with six drillholes showing visible gold, the company said in a statement.

Paragon said it has received assay results for 10 of the 14 holes drilled, while results for the remaining are yet to be received. (Reporting by Amruta Sabnis in Bangalore; Editing by Supriya Kurane)

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