Toronto, Ontario – December 14, 2011 – PJX Resources Inc. (“PJX”) is pleased to announce it has completed initial trenching and drilling programs on the large Dewdney Trail gold property near Cranbrook, British Columbia. The Dewdney Trail Property has potential to host large tonnage Sediment-Hosted-Vein (SHV) gold deposits. An airborne geophysical survey has identified more than 20 (magnetic and/or conductive) target areas for follow-up on the property. Target areas all occur in a broad predominantly quartzite rock unit that contains anomalous gold ranging up to 15 g/t in grab samples. The quartzite unit ranges from 75m to over 200m in true width and can be traced for over 12 kilometres on the property.
Since PJX commenced trading on September 14, 2011, the Company has completed more than 4.5 kilometres (km) of trail and over 500 metres (m) of trenching on 3 of the 20 target areas on the Dewdney Trail Property. Work on the M1 target area has discovered that the quartzite unit with interbedded argillite appears to be over 250m in true width. The quartzite is variably altered with sericite, iron-carbonate and iron-oxide mineralization. Multiple episodes of cross-cutting quartz veining and/or flooding are predominantly evident in the quartzite part of the unit.
Trail building and trenching intersected limited rock (outcrop) exposure at surface, due in part to the oxidized and broken nature of the quartzite unit near surface. PJX drilled 4 holes (totaling 750 m) to test the quartzite unit at depth in one part of the M1 target area. This drilling was done to obtain a more representative sample of the unit and to help identify any structural controls that may relate to mineralization. The results of this work will be used to plan the most efficient way to evaluate the entire M1 target area and other target areas on the property. The M1 target area is approximately 800m wide by over 1km in strike length. Drilling was done on one small part of the target area that was approximately 100m by 200m.
SHV gold deposits are often large tonnage with low grade. The grade can vary within the deposit. For example, the 20 million ounce Sukhoi Log gold deposit in Russia has higher grade portions of the deposit that average 4 to 9 g/t gold. However, most of the deposit is lower in grade resulting in a reported average grade of 2.5 to 2.7 g/t gold, using a 1.0g/t (1000 ppb) cut off. In addition, the entire deposit is surrounded by disseminated pyrite mineralization with an even lower grade below 1000ppb gold. This gradation in gold grade may be a useful tool to help guide exploration activities to discover an SHV gold deposit on the Dewdney Trail property.
While the trenching and drilling program focused on only 3 of the over 20 target areas on the Dewdney Trail property, approximately 60% of the remaining target areas have been preliminarily assessed by prospecting and mapping. More than 400 rock grab samples have been collected and submitted for
analysis. Analytical results of all the prospecting samples, trench samples and drill core are expected to be received over the coming months. The results will be 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.
With regard to PJX’s other gold properties in the Cranbrook area, Geotech Ltd. recently completed more than 1100 kilometres of VTEM airborne magnetic and electromagnetic surveys on the properties. Results of this and other work on these properties will also be announced in the New Year.
John Keating, President and CEO, comments, “The work that we’ve been able to undertake in the very short period of time since we commenced trading on September 14, 2011 is remarkable. Our understanding of the gold potential on the large Dewdney Trail Property will be greatly enhanced once we are able to compile the results of this initial exploration program over the coming months. We would like to thank the excellent team of consulting geologists, prospectors and contractors in the Cranbrook area for a job well done.”
PJX completed a $2.5 million IPO financing and listing on the TSX Venture Exchange in September 2011. Previous operators spent over $3 million to discover numerous gold showings across our large properties in Cranbrook, B.C. PJX is working to bring the many showings to the next stage of exploration to determine if any of them could become a gold deposit. With the work completed to date, PJX has completed most of its planned Phase I exploration program and 30% of its Phase II exploration program as outlined in the Company’s NI 43-101 Technical Report (available on the Company’s web site). The Company is fully funded to complete both Phase I and Phase II programs.
The foregoing geological disclosure has been reviewed by Mr. 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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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
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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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