Toronto, Ontario – May 8, 2012 – PJX Resources Inc. (“PJX”) is pleased to announce the discovery of large geophysical anomalies that may represent porphyry style gold-copper deposits and/or possible Sullivan type silver-lead-zinc deposits on the Eddy Property.
In November 2011, Geotech was contracted to fly a 690 km VTEM airborne geophysical survey over the Eddy Property. Recent processing of the electro-magnetic (EM) data has identified 4 large conductivity anomaly targets for drill testing. These new targets are close to roads and have never been drilled. A map of the targets is available for viewing on the company web site at http://pjxresources.com/wp-content/uploads/2012/05/eddy-property-b-field-newmap.jpg.
Company President and CEO, John Keating, comments, “The geophysical targets discovered on the Eddy Property are impressive and located in a geological environment that could host a significant gold or base metal deposit.”
Three of the targets have EM conductivity responses without a Mag signature. This type of EM response could be related to graphite in sedimentary rocks or may be related to areas of more intense clay alteration associated with porphyry gold and/or copper deposits. The porphyry potential is also supported by the presence of:
– an area 3 kilometres in diameter that has localized argillic, sericite and/or iron-carbonate alteration in bedrock,
– iron-oxide breccias occurring along major fault structures, and
– historical showings with anomalous gold or copper associated with quartz breccias.
The fourth target has coincidental Mag and EM conductivity responses. This combination of responses supports the potential for a massive sulphide deposit similar to the Sullivan Mine. The Sullivan Mine contained over 120 million tonnes of lead-zinc-silver ore. It was mined for over 90 years by Teck Cominco prior to being closed in 2001. PJX’s fourth target is located 25 kilometres south of the Sullivan mine in a similar geological environment.
Other Priority Targets for PJX on the Cranbrook Properties
PJX Resources’ primary focus is the Dewdney Trail Property; where 3 target areas have been identified to date with large gold deposit potential. PJX plans to selectively test the most promising targets on the Cranbrook Properties with trenching and drilling during 2012, and continue to cost effectively develop new targets for future testing.
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, CEO 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.
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