Toronto, Ontario – September 16, 2014 – PJX Resources Inc. (“PJX” or the Company”) is pleased to announce the discovery of highly anomalous gold in soils on the Zinger Property located near Cranbrook, British Columbia. Two soil grids (West and East grids) were established approximately 900 metres apart to confirm the potential for gold mineralization in the Gold Run Lake area on the property. Highly anomalous soil results ranging up-to 743 parts per billion (“ppb”) and 4941 ppb (equivalent to 4.9 grams/tonne (“g/t”)) gold were encountered on the West and East grids, respectively.
The soil geochemistry surveys produced gold anomalies that appear to coincide with established geological trends and structures. The soil anomalies occur on strike with an 8 km long trend of gold mineralization in bedrock grab samples. The gold anomalies have never been trenched or drilled. Additional sampling is required as the anomalies appear to extend off the grids.
“The highly anomalous gold in soil results are impressive”, stated John Keating, President and CEO of PJX. “The anomalies not only occur in a favourable geological setting to host gold mineralization, but may also be related to a bedrock source for placer gold mined in Perry Creek downstream from Gold Run Lake.”
Maps of the soil anomalies and geology can be seen on the PJX web site at http://pjxresources.com/projects/zinger-property.
Soil samples from both East and West grids varied in gold concentration from 1.2 ppb up to 4941 ppb (4.9 g/t) with a median of 57.5 ppb and average of 119.4 ppb gold.
The West grid overlies thick quartzite packages of the Proterozoic age Middle Creston rock unit and has a median value of 70.0 ppb gold which is considerably higher than the median value of 9.2 ppb gold for Middle Creston rocks elsewhere on the property. The elevated gold concentration on this grid may be related to structural enrichment associated with north-northeast trending tight “Z” folds and intersecting northwest extensional faults. Mapping has identified these two major structural trends projecting into the soil survey area.
The East soil survey contains a very strong gold anomaly with three samples returning over 1000 ppb (1.0 g/t) gold. The highest value in the anomaly is 4941 ppb (4.9 g/tonne). The anomaly appears to extend south – southeast from the sample site with the highest gold value obtained. Gold mineralization may be preferentially concentrated at the intersection of a northwest trending, southwest dipping extensional fault and a northeast trending, northwest dipping splay of the Perry Creek thrust fault within a more argillaceous rock unit.
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The company considers that the Zinger Property geology and mineralization support the potential for Sediment Hosted Vein (“SHV”) gold mineralization. SHV deposits can be significant in size, such as the Sukoi Log gold deposit (20 million ounces) in Russia.
The Company plans to expand the soil surveys in the Gold Run Lake area. Geophysics is also being considered over the gold anomalies to help define targets for trenching or drilling in the future.
PJX continues to focus exploration on testing two large gravity anomalies (eastern and western) that may host zinc-lead-silver mineralization similar in style to the Sullivan Deposit located 35km north of the Vine Property. Only 3 holes have been drilled to a target depth of the footwall quartzite in the eastern anomaly area. Two of these holes, drilled in the 1990’s, intersected zinc, lead, silver massive sulphide mineralization. The third hole recently intersected a possible important structure for controlling potential mineralization. The western gravity target area has never been drilled.
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 and base metals. PJX’s 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Linda Brennan, Chief Financial Officer (416) 799-9205 firstname.lastname@example.org
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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”, “appears to”, “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 may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking- statements.
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.