TORONTO, ON / ACCESSWIRE / June 9, 2022 / PJX Resources Inc. ("PJX") is pleased to announce that 3- Dimensional (3D) inversion and interpretation of airborne magnetic (mag) and MobileMT data by Expert Geophysics has identified a potential large Porphyry Gold-Copper ("PGC") Target on PJX Resources' Zinger Property in the Sullivan Mining District, Cranbrook, British Columbia.
Highlights
Magnetic Data
- Gold rich porphyry copper deposits can have a distinctive magnetic signature where a mag-high anomaly occurs in the center surrounded by a mag low which produces a donut shaped anomaly (see figure 1).
- Expert Geophysic's 3D inversion and interpretation of the airborne magnetic data has identified a donut shaped anomaly that resembles the mag signature for a gold-rich copper porphyry deposit (see PGC target on figure 2).
MobileMT Data
- Expert Geophysics' airborne MobileMT data has identified a large low conductive anomaly at depth (see blue area on figure 3).
- The PGC target occurs on the edge of the low conductive anomaly. The Gar Intrusive target with gold in sheeted quartz veins at surface, and the Gar North target (see PJX news release March 7, 2022) also occur along the edge of the anomaly.
- The large low conductive anomaly may represent an intrusive at depth that could be a common source for the multiple phases of intrusives mapped at surface, and the PGC and Gar North targets.
Gold-Copper Mineralization
The PGC target occurs adjacent to the Leader granitic porphyry intrusive that is associated with gold and copper occurrences called the Leader and Dug-Dug (see figure 4).
- Leader occurrence - gold, silver, lead, and copper mineralization occur with quartz veining in a shear in sediments adjacent to the Leader intrusive. The narrow (0.15 to 1.5 metres ("m") wide) vein was identified by historical surface trenching and/or underground workings for approximately 600 m along strike in the 1930s. PJX grab sample of mineralized quartz vein material in 2021 analyzed 10,226 ppb (10.2 g/t) gold, 107 ppm (107 g/t) silver, 2.56% copper, and greater than 10% lead.
- Dug-Dug occurrence - shear hosted quartz veins with gold and silver mineralization occur within the Leader stock. One of 4 holes drilled by Ruby Red Resources in 2007 intersected 2.91 g/t gold, 394 g/t silver, 2.94% lead, and 3170 ppm (0.31%) copper over 1.27m from 33.2 m - 34.47 m down hole.
John Keating, President of PJX commented: "The Leader and Dug-Dug occurrences are not our primary targets. The PGC target is considered to be more significant as it may be a gold-rich copper porphyry that has intruded adjacent to the Leader intrusive. Gold, copper and other mineralization in the Leader and Dug-Dug occurrences support the potential that the PGC target may host gold and copper mineralization. The PGC target, like the Gar North target, occur in areas covered with overburden and no known rock exposure (see figure 4). Next steps will include prospecting, mapping, and soil sampling in these areas to identify potential gold and copper mineralization."
DD-NZOU-Moby Dick Drilling Update
DLP Resources ("DLP") has announced temporary abandonment of drilling Hole MD22-01 on the Moby Dick claims, which are part of DLP's option of PJX's DD Property. The hole was started in late April to test an MT anomaly at a depth of about 1700 m. The MT target is on strike with Sullivan type alteration encountered by a hole drilled in 2021 on the adjacent DD claims. Hole MD22-01 hit a major fault and became stuck at approximately 1200 m. The re-drill off a downhole wedge placed at 1150 m had to be abandoned at 1305 m due to poor drilling conditions. The hole was in Middle Aldridge sediments with weak pyrrhotite mineralization and intense sericite alteration with trace tourmaline within the fault zone. DLP has indicated that they plan to continue with the drill program and re-enter Hole MD22-01 at a future date when equipment is available to continue drilling with a smaller core size.
Qualified Persons
The geological disclosure and content of this news release has been reviewed and approved by John Keating P.Geo. (qualified persons 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.
Figure 1 - CSIRO (Australian government Commonwealth Scientific and Industrial Research Organisation) type-example for a Porphyry gold-copper deposit with zoned magnetic signature. Zonation in alteration and mineralization within and around the porphyry can produce a somewhat donut shaped magnetic anomaly. The central mag high (red area) reflects a potassic altered zone with gold, copper, and magnetic mineralization. The central mag high is encircled by a mag low (blue area) that reflects a phyllic altered zone, and this produces a somewhat donut shaped anomaly.
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, silver and base metals (zinc, lead, copper, nickel). PJX's primary properties are located in the historical Sullivan Mine District and Vulcan Gold Belt near Cranbrook and Kimberley, British Columbia.
Please refer to our web site http://www.pjxresources.com for additional information.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Linda Brennan, Chief Financial Officer (416) 799-9205
Cautionary Note Regarding Forward-Looking Information
Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "expected", "may", "will" or similar terms.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by PJX Resources Inc. as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, PJX Resources Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in PJX Resources Inc.'s expectations or any change in events, conditions or circumstances on which any such statement is based.
Cautionary Note to US Investors:
This news release may contain information about adjacent properties on which PJX Resources Inc. has no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
This press release may use the terms "Measured", "Indicated", and "Inferred" resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.
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.
SOURCE: PJX Resources Inc.