TORONTO, ON / ACCESSWIRE / November 5, 2019 / PJX Resources Inc. (TSXV:PJX) ('PJX' or 'the Company') is pleased to announce that the 5.5 metre zone with massive sulphide mineralization intersected by recent drilling appears to occur at the same horizon as a 3.4 metre massive sulphide zone grading 5.6% lead, 2.7% zinc and 1.2 ounces/ton silver in an historical hole drilled 700 metres to the south. No other holes have been drilled to test this horizon between these two holes or on strike and down dip to the north and west. The Vine Property is located 35 kilometres south of the world class Sullivan zinc-lead-silver deposit near Cranbrook, British Columbia, Canada.
'Both massive sulphide intersections occur below a rock unit called the Footwall Quartzite,' states Dave Pighin, (P.Geo), consulting geologist for PJX's Vine Property. 'There are only a handful of holes that have tested this horizon below the Footwall Quartzite on the Vine Property. The massive sulphide horizon at the Sullivan deposit is laterally extensive. The massive sulphide horizon on the Vine Property has the potential to be laterally extensive given the wide spacing of the holes drilled to date and no holes have been drilled to test this horizon on strike or down dip.'
- Recent PJX drill hole VA19-48 intersected a new massive sulphide ('NMS') zone, from 777.1 - 782.6 metres. The zone has 4 layers that consist largely of iron-sulphides with anomalous zinc, copper, lead, and silver. (see August 19, 2019 news release)
- Historical hole KV90-41, drilled by Kokanee Exploration in 1990, intersected a 3.4 metre thick massive sulphide zone grading 5.65 lead, 2.7% zinc and 1.2 ounces/ton silver.
- The two holes are 700 metres apart and appear to have intersected the same mineralized horizon. (see plan map and section https://pjxresources.com/plan_map_section_YV.pdf)
- No holes have been drilled to test this horizon between these holes or on strike and down dip to the north and west.
- Magnetotelluric ('MT') Geophysics has identified a large MT target.
- The NMS zone occurs at the top of the large MT target. (see https://pjxresources.com/NMS_Zone_MT.pdf)
- According to Quantec Geoscience data, the large MT target has an 800-metre strike length and can be traced down dip for over 2,000 metres.
- Recent thin section analysis of core samples by Vancouver Petrographics Ltd. has identified granofels alteration, beneath the NMS zone, that is considered to occur in areas with high heat flow, such as venting environments on the ocean floor; a similar alteration occurs beneath the Sullivan Deposit.
'We now have evidence in support of higher grades of zinc, lead and silver with the massive sulphide horizon,' states John Keating. 'Geophysics suggests that the massive sulphide horizon can potentially cover a large area and that PJX's recent drill hole appears to be on the edge of the zone. Our plan is to use geophysics and drilling to explore for greater concentrations of zinc, lead, copper and silver on strike and down dip.'
More information about the geophysics and massive sulphide potential of the Vine Property will be announced when it is available.
DD Property Update
Teck Resources Limited ('Teck') has informed PJX that they are terminating their option on the DD Property, a massive sulphide sedex target located 30 km southwest of the Vine property
'We would like to thank Teck for advancing the DD Property and look forward to receiving their data and results,' states John Keating. 'We are pleased that Teck has offered to transfer the exploration permit to PJX. The multi-year area-based permit allows PJX to drill and explore without having to acquire a new permit. The geophysics and drilling that has been done by Teck will be invaluable for PJX to help determine the next exploration plan for the property. Regionally, management believes that the DD Property has the next best potential, after the Vine Property, to host a massive sulphide deposit. This potential is based, in part, on historical drilling results in the area around the property, and only 2 holes have been drilled on the property.'
The foregoing geological disclosure has been reviewed and approved by Dave Pighin, P.Geo. and John Keating P.Geo. (qualified persons for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects). Mr. Pighin is the consulting geologist for PJX on the Vine Property and was responsible for managing historical drilling undertaken by Kokanee Exploration in the 1990's. Mr. Keating is the President, Chief Executive Officer and a Director of PJX.
About PJX Resources Inc.
PJX is a mineral exploration company focused on building shareholder value and community opportunity through the exploration and development of mineral resources with a focus on gold and base metals. PJX's properties are located in the historical mining area of Cranbrook and Kimberley, British Columbia. Please refer to our web site http://www.pjxresources.com for additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Linda Brennan, Chief Financial Officer
Neither the 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.
This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. Forward-looking statements include, but are not limited to, statements with respect to exploration results, the success of exploration activities, mine development prospects, completion of economic assessments, and future gold production. In some cases, you can identify forward-looking statements by terminology such as 'may', 'appears to', 'should', 'expects', 'plans', 'anticipates', believes', 'estimates', 'predicts', 'potential', or 'continue' or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements.
Although PJX has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE: PJX Resources Inc.
View source version on accesswire.com: