PJX Resources Dewdney Trail Gold Project Update
Toronto, Ontario –February 27, 2012 – PJX Resources Inc. (“PJX”) announces that exploration on the Dewdney Trail Property supports the potential for Sediment-Hosted-Vein (SHV) type gold deposits. The Company completed a preliminary exploration program in late 2011 that included prospecting, trenching and drilling to obtain a more representative sample of the unit and to help identify structural controls that may relate to mineralization on the Dewdney Trail Property. The results have been compiled with existing geological mapping, surface sampling and geophysics to identify and prioritize targets for trenching and drilling on the Dewdney Trail property in 2012.
Surface mapping and prospecting on the Dewdney Trail Property have identified areas with anomalous gold mineralization along a 13 kilometre trend of quartz-sericite-carbonate altered quartzite and interbedded argillites.
Trenching and trail building show that the quartzite and interbedded argillite unit can be over 250 metres in true width. Areas in the unit with more intense quartz-sericite-carbonate alteration and quartz veining consistently host anomalous gold mineralization ranging from 10ppb to over 10 g/t gold. There are at least three separate vein/fracture orientations. Two are orientated perpendicular to bedding and dipping shallowly to the north or sub-vertically to the south. One less obvious vein/fracture set is sub-parallel to bedding. Visible gold can be found locally in quartz veins and along fracture surfaces in the quartzite beds.
Rock (outcrop) exposure is limited at surface, due in part, to the oxidized and broken nature of the quartzite unit near surface. Four holes (totalling 796m) were drilled in the M1 target area in order to better assess the gold potential of the vein/fracture sets that have varying orientations. The drilling confirmed that anomalous gold mineralization is most often associated with the more altered, veined and fractured sections of the interbedded quartzites and argillites. The altered and veined zones in the drill core consistently contain anomalous gold ranging from 10 ppb up to 600 ppb. This low grade mineralization supports the potential for SHV deposits where a halo of anomalous gold mineralization can occur in rock units hosting ore deposits. Additional exploration is required along strike and/or at depth to help determine which direction may be most favourable for hosting a deposit.
The M1 target area is a magnetic anomaly approximately 600m wide by over 1km in strike length. Drilling was done on one part of the target area that was approximately 100m wide by 250m along strike. The M1 target area is one of over twenty geophysical (magnetic or conductivity) target areas along the over 13 kilometres of favourable geology on the Dewdney Trail Property.
Compilation of historical and recent exploration work has identified additional promising areas. SHV deposits often occur in argillite rock units proximal to the axis of folds where the ground has been more intensely fractured to allow ore mineralizing fluids to circulate and deposit gold through the rock. Mapping has identified the approximate location of such a fold axis. Compilation of rock and soil sampling data has identified gold
targets along the fold axis in both the quartzite and argillite rock units that may host an SHV deposit. For example, the interpreted fold axis in the Lewis Creek area has anomalous gold in the soils for more than 1.5 kilometres along the interpreted fold axis. This anomaly remains open to the north-west.
Gold is also anomalous in soils over a large area (2 km X 2km) in the Tackle Creek drainage (see map at http://pjxresources.com/wp-content/uploads/2011/07/dewdney-trail-map.jpg). The underlying rocks are argillites, and carbonaceous phyllites, which are often associated with SHV gold deposits. Of additional interest in the Tackle Creek area is the presence of syenite dyke rocks hosting gold. Six grab samples previously taken of syenite rocks (with and without quartz veins) ranged from 109 ppb to 1953 ppb (1.953 g/t) gold. This style of mineralization supports the potential for an intrusive, possible porphyry, hosted gold deposit.
Compilation of historical and recent work is on-going to identify additional gold targets. The large Lewis Creek, M1, and Tackle Creek targets, along with other target areas, will be the focus of further exploration on the Dewdney Trail Property in 2012.
Dr. Paul Klipfel, of Mineral Resources Inc, has reviewed the Dewdney Trail 43-101 report and has concluded that “the gold mineralization style and geological characteristics of the Dewdney Trail property are consistent with features that define SHV deposits globally and thereby strongly support the potential of the area to host an SHV deposit”. With over 30 years of experience in mineral exploration, Dr. Klipfel is recognized as a specialist in structure, alteration and their relation to gold mineralization and considered to be an expert in SHV deposits. SHV deposits are some of the largest gold deposits in the world, such as the 20 million ounce Sukhoi-Log gold deposit in Russia and the over 80 million ounce Muruntau gold deposit in Uzbekistan.
President and CEO, John Keating, comments, “We are looking forward to a very successful 2012 exploration season. Our recent results confirm that gold has been introduced into the rocks over wide areas on the Dewdney Trail Property. Our enhanced understanding of the factors controlling the gold mineralization will help focus exploration activities to increase the potential to discover a gold deposit.”
QUALITY ASSURANCE – QUALITY CONTROL
Thorough quality assurance and quality control program (QA/QC) protocol was utilized on the Dewdney Trail project including duplicate, blank and standard samples for all samples. NQ sized core samples were split and submitted directly to Acme Labs in Vancouver, B.C., for preparation and analysis.
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.
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