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. in 2013 identified a positive gravity anomaly, located north of the Vine vein occurrence. The anomaly defines an area approximately 2 km in width and 3-4 km in length with an apparent shallow dip to the north (see Vine Residual Gravity Map). The gravity anomaly identifies more dense material that could represent massive sulphides. It appears 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 depths of approximately 700 m and are located on the western edge of the gravity anomaly (see Vine Property Cross Section).

Drilling and additional geophysics by PJX has discovered what the Company believes is a restricted third-order sedimentary basin located approximately 35 km south of the former Sullivan Sedex deposit. Restricted third-order sedimentary basins are important geological environments often associated with Sedex deposits. The Company’s recent hole, VA15-02, intersected Proterozoic age Lower Aldridge sediments that contain anomalous sphalerite (zinc sulphide) and pyrrhotite (iron sulphide) mineralization along fractures and disseminated in sedimentary beds that are locally altered by sericite, chlorite, albite, silica and occasional garnets. Although mineralization seen in the core is not of sufficient concentration to warrant assaying, the presence of anomalous sphalerite mineralization with alteration supports the potential for massive sulphides to be deposited in the basin at the target sedimentary horizon called the Footwall Quartzite. Historical drilling in the early 1990′s by Kokanee Exploration discovered massive sulphide with zinc, lead and silver mineralization at the base of the Footwall Quartzite, approximately 1.2 km west of PJX’s hole VA15-02

Detailed ground geophysics has identified a large positive gravity anomaly to correspond with the Footwall Quartzite target depth. Gravity is used to identify changes in rock density. Massive sulphide deposits with zinc, lead and silver mineralization have a greater density than surrounding rocks and can therefore be identified as a positive gravity anomaly. Hole VA15-02 intersected a fault before reaching the Footwall Quartzite target horizon. Preliminary assessment of the data suggests that the target horizon is at depth beneath the hole.

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.

Download Presentation

Vine Property Deposit Potential – Corporate Presentation

Vine West Basin Map Vine Gravity Anomaly Vine Cross Section East and West Gravity Target and Drilling Sullivan Vent Section Fors Vent Sullivan and Stemwinder Vents Smoker Vent East and West Gravity Target Areas

Click Photo To View Album

Next Steps

Detailed geophysics has identified a positive gravity anomaly that could be associated with massive sulphide mineralization containing zinc, lead and silver. This anomaly occurs in what appears to be a restricted third-order sedimentary basin. The new geological information and existing geophysical data are being used to refine target depths and locations in preparation for the next phase of drilling.

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

Click Photo To View Album

 

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
Subscribe To News Releases

Your Name (required)

Your Email (required)