Toronto, Ontario (FSCwire) - PJX Resources Ltd. (“PJX”) is pleased to announce it has acquired an option to earn 100% interest in the Gold Shear Property that hosts the high grade David gold occurrence.  The property is road accessible and located 29 km southwest of Cranbrook, British Columbia.

 

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 and 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. PJX Resources’ Eddy Property is adjacent to and on strike with the shear zone on the Gold Shear 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 sufficient work to classify the historical estimate.

 

“The Gold Shear Property has not been explored since it was last drilled in 1996”, states Mr. John Keating, President and CEO of PJX Resources.  “The untapped potential of the property is considered to be significant given the strike length of the shear, the shallow depth of historical drilling, the good gold grades and apparent continuity of the David occurrence.    Our plan is to compile all available historical data to help identify structural and other controls for gold mineralization and then drill to expand the gold zone or zones on strike and at depth.”

 

Vine Property Update

 

Drilling continues to explore for a Sullivan type (zinc, lead, silver) massive sulphide deposit on the Vine Property.  Drilling to date supports the potential for a bedded massive sulphide deposit associated with the Company’s large West Gravity anomaly, and a possible folded massive sulphide deposit associated with the large East Gravity anomaly.  

 

The latest drilling suggests that the East Gravity anomaly occurs within a fault bounded block of favourable geology with potential to host a massive zinc-lead sulphide deposit.  It appears that the faulted block has been thrusted and transported to the east along the regional Moyie Fault. 

 

“We are very encouraged by this new understanding of the geology ”, states Mr. John Keating, President and CEO of PJX Resources.  “The new information supports why sphalerite (zinc) mineralization encountered in drill holes is often associated with folding in vicinity of the gravity anomaly.  These new findings have also identified over 3 kilometres of additional geology with potential to host a massive zinc-lead sulphide deposit.   Further drilling is planned to test this folded horizon within and around the East Gravity anomaly.”   

 

The foregoing geological disclosure has been reviewed 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.

To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/pjxresources01222018.pdf

Source: PJX Resources Inc. (TSX Venture:PJX)

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