Large Target Area Identified Below High-Grade David Gold Zone on PJX'S Gold Shear Property

2018-11-07 / @accesswire

 

TORONTO, ONTARIO / ACCESSWIRE / November 07, 2018 / PJX Resources Inc. ("PJX") is pleased to announce that its recent geophysics program has identified a large target area that may host the extension at depth of the high-grade David Gold Zone on PJX's Gold Shear Property located 29 kilometres ("km") southwest of Cranbrook, British Columbia, Canada. The David Gold Zone is hosted in a shear zone that strikes north toward PJX's adjacent Eddy Property.

"The David Gold Zone was last drilled in the 1990's", states Mr. John Keating, President and CEO of PJX Resources. "According to British Columbia (BC) government data, the David Zone was only tested to a depth of 150 metres. The large conductive target recently identified at depth supports the potential for PJX to explore below the historical drilling and expand the high-grade gold mineralized David Zone as well as testing for potential new zones on strike."

High-grade gold mineralization intersected by historical drilling on the David Zone can occur with weak to moderately conductive sulphides. Dr. Fred Cook, of Salt Spring Imaging Ltd., processed and interpreted data from a 3 km VLF geophysical survey line to identify conductivity anomalies along the shear structure that hosts the David Gold Zone. Given the long length of the survey line, Dr. Cook was able to identify multiple target areas with weak to moderate conductivity at depth along the shear structure. These conductivity anomalies may have the potential to host sulphides with high-grade gold mineralization. One large conductive target area occurs at depth below high-grade gold mineralization in the David Trench.

PJX has applied for a 5 year permit from the BC government to drill and trench the David zone and other targets on both the Gold Shear and Eddy Properties. Additional geophysics and other work are planned to help define targets prior to drilling.

David Gold Zone Background

According to B.C. Ministry of Energy Mines and Petroleum Minfile data, gold was first discovered in 1990 when an exposure of gold-mineralized quartz veining within a shear zone was chip sampled across 40 centimetres. The samples assayed up to 144 grams per tonne gold. The shear zone occurs within quartzites and siltstones of the Middle Aldridge Formation and has been traced along strike for 1600 metres and 150 metres downdip. The shear is also reported to contain anomalous gold values over this entire length. The shear strikes north toward PJX's adjacent Eddy Property.

"Drilling outlined one continuous zone of gold mineralization over a strike length of 150 metres and to a depth of more than 100 metres; thickness averages 2.35 metres. Inferred resources for this zone are 96,000 tonnes grading 13.08 grams per tonne gold (uncut) or 7.11 grams per tonne gold (cut). (Property Development Report by Bapty Research Ltd., 1991)." (Quoted from the B.C Ministry of Energy Mines, and Petroleum Resources' Minfile Record Summary (082FSE108)).

Bapty Research Ltd.'s resource estimate reported above is a historical estimate and was not prepared using the resource categorizations set out in NI 43-101. PJX management is not aware of any more recent resource estimate for this property and is uncertain as to the relevance or reliability of the historical estimate. PJX is not treating the historical estimate as current mineral resources or reserves, as a qualified person has not done enough work to classify the historical estimate.

PROJECT UPDATES

DD Property

Teck Resources Limited, who has an option to earn up to a 75% interest in the DD Property (see March 5, 2018 press release), has drilled a 1,425 metre hole on PJX's zinc-lead DD Property. The drill core is being logged and analyzed. Results of this work and next steps will be announced when the analysis is completed.

Zinger Property

PJX has drilled 6 holes totalling 1,224 metres on PJX's Zinger Gold Property. The drill core is being logged and analyzed. Results of this work and next steps will be announced when the analysis is completed.

Vine Property

Drilling by PJX on the Vine Property's East Gravity anomaly has defined an extensive target horizon with potential to host a massive sulphide body containing zinc, lead and/or copper mineralization (see press release September 19, 2018). Two conductive targets that were identified by a small Magnetotelluric ("MT") geophysical survey were drilled. Both holes encountered conductive iron sulphides with anomalous sphalerite (zinc), galena (lead) and/or chalcopyrite (copper mineralization). Quantec Geoscience has been contracted to complete a larger MT survey. The results of this survey will be used with existing gravity geophysics and geological information to direct the next phase of drilling planned for January and February of 2019.

All PJX properties are road-accessible and proximal to power lines, rail lines and the cities of Cranbrook and Kimberley, British Columbia, Canada.

The foregoing geological disclosure has been reviewed and approved by John Keating P.Geo. (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
(416) 799-9205
info@pjxresources.com

Forward-Looking Information

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.

SOURCE: PJX Resources Inc.

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