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.

Geology

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 appears to be a large structure never seen before on the Vine Property. The structure was later intruded by a gabbro rock unit. This type of structure can act as a pathway for fluids to transport and deposit potential zinc-lead-silver mineralization. This appears to happen at the Fors and Smoker occurrences on the Company’s West Basin Property and at the former Sullivan mine. (see Gravity Compilation and Fors Smoker, and Sullivan sections.)

In 2014, computer modelling of additional gravity survey data by Excel Geophysics defined 2 large target areas occurring within the 2 kilometre (km) by 4 km anomaly that was first identified in 2013. Each target area is defined by a large positive gravity anomaly that could be caused by a Sedex massive sulphide mineralization similar in style to the Sullivan deposit.

Both target areas are over 1 km by 1.5 km in size with one centered more on the eastern side of the property and the other on the west. The eastern target is the best defined by gravity to date. Excel Geophysics computer model places the eastern target along the same geological horizon (base of the footwall quartzite) with massive sulphides intersected in historical holes KV90-41 and KV94-57. (see Model Profiles W and Z). These holes discovered the mineralization approximately 900 m to the southwest of the eastern target. The computer model profile suggests that the eastern target may be, in part, folded, over 50 m thick locally and as shallow as 300 m below surface. This target has never been drilled.

The western target appears to be entirely separate and stratigraphically above the eastern target (see Model Profile Z). The computer model, prepared by Excel Geophysics, suggests that the western target may have 2 zones of mineralization that is interpreted to be a possible feeder zone to the flat lying mineralization (see Model Profile B). The western target has also never been drilled.

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.

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

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Next Steps

Additional geophysics and drilling are required to differentiate between the possible mineralizing structure defined by a gabbro arch/dyke and potential zinc-lead-silver massive sulphide mineralization in the vicinity of the structure.

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
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