Gold Properties Exploration Update
Toronto, Ontario (FSCwire) - PJX Resources Inc. (“PJX” or “the Company”) is pleased to announce the results from CF Minerals Laboratory on the Zinger gold grains. As announced by the Company on January 17, 2017, heavy mineral separation recovered 898 grains and 256 grains of gold from 2 soil samples taken on the Zinger Property.
The gold grains were extracted from the soil samples by heavy mineral separation performed at CF Mineral Laboratories in Kelowna, British Columbia. The approximately 4 kilogram (dry weight) soil samples were taken 7 metres apart. Given the large population size of gold grains found in the soils it was decided that approximately every 10th grain would be selected as a representative sample to analyse by Scanning Electron Microscope (SEM). SEM analysis found all the grains to be fairly consistent in chemical composition with gold as the major element followed by silver and trace quantities of copper and iron. The normalized weighted average concentration of these elements for the 95 grains analyzed from the 898 grain sample is 87.02 wt% gold, 12.60 wt% silver, 0.13wt% copper, and 0.25 wt% iron. The normalized weighted average concentration of these elements for the 29 grains analyzed from the 256 grain sample is 84.95 wt% gold, 14.79 wt% silver, 0.01 wt% copper, and 0.25 wt% iron. This consistency in composition suggests a single bedrock source for the gold.
Geologist Dr. Charles (Chuck) Fipke, President of CF Minerals Research Ltd., states, “The angularity and other morphological features of the gold grains suggest that they have not travelled far and that the bedrock source of the gold is likely within 50 metres to 400 metres of the sample locations. In addition, the chemistry of the foreign residue material on the gold grains suggests that the gold may be associated with potassic altered sediments and/or felsic intrusive rocks. Of equal interest is how the Zinger Property results are very similar to our analysis of gold grains on PJX’s Dewdney Trail Property.” (See PJX press release October 26, 2016)
CF Minerals estimates that gold grains on the Dewdney Trail Property have travelled about 400 to 600m from their source rock and gold grains on the Zinger Property have travelled only 50 to 400m from their source. “These 2 gold mineralized areas are located approximately 60 kilometres apart and this finding along with the regional geological environment supports the potential for multiple gold deposits on PJX Properties in the Cranbrook area”, states the President and CEO of PJX, John Keating.
The Cranbrook area is underlain by Proterozoic age turbidites, argillites, siltstone, quartzites and carbonate rich rocks. The rocks have been folded and faulted along large regional structures that cross both the Zinger and Dewdney Trail Properties. Cretaceous age felsic intrusives occur along these major structures on both properties. “This type of structural and geological environment combined with the gold mineralization discovered supports the potential for Orogenic style gold deposits on the Zinger and Dewdney Trail Properties”, states John Keating. Exploration for the bedrock source of gold on these properties is planned to commence this summer.
The Company continues to explore with drilling on the Vine Property. The Vine Property has potential to host a zinc-lead-silver massive sulphide deposit similar to the Sullivan Mine located 35 km to the north. Drilling on the large east gravity anomaly has outlined a zone of anomalous zinc mineralization that is at least 550 meters long and has a true thickness of 100.0 meters. (See PJX press release March 2, 2017). Exploration has identified multiple targets to test. Permits and funds are in place to continue with drilling to test the targets.
PJX holds a 100% interest in its properties. They are all road accessible, located close to rail, power and a local workforce in Cranbrook and Kimberley, British Columbia.
The foregoing geological disclosure has been reviewed by John Keating P.Geo. (a qualified person for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects). 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. PJX’s primary 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
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", "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.
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.
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Source: PJX Resources Inc. (TSX Venture:PJX)
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