PJX Resources Inc. | TSX-V: PJX

TSX-V: PJX

Building Resource Opportunity

Location

The road-accessible Vine Property is located 11 kilometres south of Cranbrook, British Columbia. The property is crossed by 2 power lines, CPR rail and Highway 3.

History

In the late 1970s, Cominco discovered lead, zinc and silver mineralization (Vine occurrence) in Proterozoic aged Middle Aldridge Formation argillites and quartzites on the Vine Property. In 1989, Kokanee Exploration Ltd. optioned the Vine Property from Cominco. The claims were allowed to lapse over time and Supergroup Holdings Ltd. staked the claims in 2000 and sold the Vine Property to SG Spirit Gold Inc in 2005. PJX acquired 100% interest in the Vine Property from SG Spirit Gold in October 2013 and a 100% interest in the surrounding Vine Extension Property from Klondike Gold Corp. (subject to a 1% NSR) in February 2014. The cumulative Vine Property land position is over 6,300 ha. The last significant drilling done on the Vine Property was between 1989 and 1991.

Exploration Potential

Preliminary gravity geophysical work conducted by Excel Geophysics Inc. identified two positive gravity anomalies (East and West target areas), located north of the Vine vein occurrence. (see Vine 5 Km Residual Gravity Map). The gravity anomalies identified more dense material that could represent massive sulphides. They appeared to parallel stratigraphy within Proterozoic-age Aldridge Formation Sedimentary rocks that correlate with those that hosted the Sullivan lead-zinc-silver massive sulphide deposit, located 35 km north of the property.

The interpreted sulphide potential is supported by two historical holes drilled by Kokanee Explorations Ltd. in 1990 (hole KV90-41) and Consolidated Ramrod Gold Corporation in 1994 (hole KV4-57). Each of the holes intersected lead-zinc-silver mineralization in massive sulphides at the base of a sedimentary unit called the Footwall Quartzite (FWQ). (see Vine Property Cross Section W-W).

Drilling and additional geophysics by PJX has since redefined the potential sedimentary basin that could host multiple deposits (see 1.2 km Equivalent Mass Gravity Map). The basin could be similar in size or larger than the Sullivan-Northstar basin which hosts the Sullivan deposit. Two gravity anomalies ( West and Southwest) may represent a sedimentary basin over 4 kilometres long that occurs at the intersection of 2 major faults, similar to the Sullivan-Northstar basin. The East gravity anomaly may have been part of the southern end of this basin and has since been folded along the Moyie Fault and dragged to the east. .

Drilling on the East Gravity anomaly has outlined a zone of folded sediments with anomalous zinc mineralization that is at least 550 meters long and has a true thickness of about 100 meters. The zone occurs in the hanging wall of the Moyie fault. This East gravity anomaly may represent a folded massive sulphide body that is more similar in style to the Broken Hill Deposit in Australia.

Drilling by PJX and other companies suggests that the West and Southwest Gravity anomalies have the potential to host bedded massive sulphide deposits at the base of the FWQ. These bedded and somewhat flat lying targets would be more similar in style to the Sullivan mine.

The Vine Property also hosts the Vine Vein occurrence that was previously drilled by Cominco and Kokanee Exploration Ltd. The following summary of the Vine occurrence is quoted from the B.C Ministry of Energy Mines, and Petroleum Resources’ Minfile Record Summary (082GSW050).

“The Vine 1 occurrence is a shear-related vein system in Middle Aldridge Formation argillites and quartzites. Trenching and drilling has exposed massive and disseminated sulphides (pyrite, sphalerite and galena) within a sheared vein system striking about 120 degrees and dipping 45 to 85 degrees to the northwest. Stringer and disseminated sulphides are conspicuous in the shear zone for several metres on either side of the massive sulphides. The mineralized Vine structure has been traced for over 1000 metres along strike and a downdip extension of at least 700 metres.

Recent drilling (1990) of the Vine structure (630 metres depth) has intersected 3 massive sulphide veins. The upper vein has a true width of 4 metres, the middle vein a true width of 2 metres and the lower vein a true width of 3.4 metres. The upper vein averages 2.94 per cent lead, 0.2 per cent zinc and 29.13 grams per tonne silver across 4 metres. The middle vein averages 36.24 per cent lead, 12.16 per cent zinc, 229.67 grams per tonne silver and 0.34 grams per tonne gold across 2 metres. The lower vein averages 4.7 per cent lead, 2.09 per cent zinc, 0.36 per cent copper and 35.3 grams per tonne silver across 3.4 metres. The lower vein represents a new sulphide zone within the Vine structure (George Cross News Letter #224 (November), 1991).

Proven and probable reserves for the Vine property are 1,300,000 tonnes grading 2.2 grams per tonne gold, 36.3 grams per tonne silver, 3.12 per cent lead, 3.12 per cent zinc and 0.11 per cent copper (MDAP – Kokanee Exploration Ltd. Prospectus (1990)).”

Kokanee Exploration Ltd.’s resource estimate reported above is an historical estimate and was not prepared using the resources categorizations set out in NI 43-101. The Company is not aware of any more recent resource estimate for this property. The Company is uncertain as to the relevance or reliability of the historical estimate.

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Vine Property Deposit Potential – Corporate Presentation

Vine West Basin Map Vine Gravity Anomaly Regional Geology Sullivan and Vine 5 km Residual Gravity Map Vine Cross Section W-W Vine 1.2-km Equivalent Mass Gravity Map Sphalerite Fracture Controlled Photo Sphalerite Galena Enlarged Photo Sphalerite Galena Photo Railyard Photo

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Next Steps

Drilling and gravity geophysics have identified a target area over 4 kilometres in length with the potential to host multiple massive sulphide deposits containing zinc, lead, silver and possibly copper and gold. The Company plans to continue to use geophysics and drill to systematically test the deposit potential of the large target area.

Core Storage of Historical Drill Holes at the Vine Property The Vine Vein Core Storage at the Vine

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Contact Us
Phone: 416.799.9205
Fax: 416.644.8801
Email: info@pjxresources.com
Office
5600 – 100 King Street West
Toronto, Ontario, M5X 1C9
Canada