TORONTO, ON / ACCESSWIRE / March 1, 2019 / PJX Resources Inc. (“PJX”) is pleased to announce that preliminary drilling to test a shallow Magnetotelluric (“MT”) target has intersected massive sulphide mineralization consisting of pyrrhotite/pyrite (iron sulphides) with minor sphalerite (zinc sulphide), galena (lead sulphide), and chalcopyrite (copper sulphide). The massive sulphide mineralization is conductive and occurs as a 0.8 m thick vein in sediments near the top of the shallow MT target. As previously announced, MT geophysics have identified both shallow and much larger deeper conductive targets on PJX’s Vine Property located near Cranbrook, British Columbia, Canada.
“The massive sulphide vein is 0.8 metres thick and is faulted along the footwall (bottom side) of the vein,” states Dave Pighin. “The current hole entered a thick gabbro rock unit following the fault which suggests that the sulphide vein has been faulted away with the possibility that there is more of the vein or additional veins that the hole missed in the gabbro unit at the center of the MT anomaly. Additional drilling is recommended once all the data has been compiled and assessed.”
“This is an important finding as a proof of concept that MT is working and identifying massive sulphide,” states the President and CEO of PJX, John Keating. “PJX’s primary target is a potential massive sulphide body possibly similar to a Broken Hill type deposit. Intersecting massive iron sulphide with minor zinc, lead and copper sulphide mineralization as a vein provides greater confidence that MT is identifying sulphides rather than other sources of conductivity, such as graphite. The deeper MT target is much larger, with a coincident magnetic signature and possible gravity response as compared to the shallow target. This larger, more conductive MT anomaly may be similar in style of mineralization to the Broken Hill deposit as it appears to be associated with the favourable folded phyllite and breccia rock units that host zinc mineralization above a regional fault. This will be the next target area to drill.” (see MT with Geological cross sections at http://pjxresources.com/PJX_Vine-X_Sections.pdf).
- Three-Dimensional (“3D”) Modeling of MT and Magnetic data has identified a shallow MT target and a larger more conductive MT target with coincident magnetic signature at depth on the Vine Property.
- The large conductive MT anomaly can be traced for 800 metres (m) horizontally along strike, starts at about 600 m deep and can be traced down dip to the west to a depth of at least 2 kilometres (km).
- Two-Dimensional Modelling of gravity data suggests the potential for large dense bodies of massive sulphide at depths coincident with the large MT and magnetic anomalies.
- Anomalous zinc and lead mineralization have been intersected in holes drilled up dip and on strike with the anomalies.
- The large MT anomaly is interpreted as representing a folded massive sulphide body, or multiple bodies, along the regional Moyie fault and suggests a mineralization style similar to the Broken Hill type massive sulphide deposit in Australia.
- Drilling will test the deep, larger and more conductive target followed, if necessary, by downhole geophysics to assist additional drilling.
The road-accessible Vine Property is located approximately 140 km east of Teck’s Metallurgical Complex and about 35 kilometres south of the Sullivan Mine, which operated for over 90 years before being closed in 2001. The property is at an elevation with terrain amenable to drill at any time of the year. It is crossed by two power lines as well as a rail line and is only a 20-minute drive south along Highway 3 from Cranbrook, British Columbia.
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. 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.
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