Gold Shear Property

Location


The Gold Shear Property, that hosts the high-grade David Gold Zone, is road accessible and located 29 km southwest of Cranbrook, British Columbia.


History


In January 2018 PJX announced it had acquired an option to earn 100% interest in the Gold Shear Property that hosts the high-grade David gold occurrence.

According to B.C. Ministry of Energy Mines and Petroleum Minfile data, gold was first discovered in 1990 when an exposure of gold-mineralized quartz veining within a shear zone was chip sampled across 40 centimetres and assayed up to 144 grams per tonne (g/t) gold. The shear zone occurs within quartzites and siltstones of the Middle Aldridge Formation and has been traced along strike for 1600 metres and 150 metres downdip. The shear is also reported to contain anomalous gold values over this entire length.

“Drilling outlined one continuous zone of gold mineralization over a strike length of 150 metres and to a depth of more than 100 metres; thickness averages 2.35 metres. Inferred resources for this zone are 96,000 tonnes grading 13.08 g/t gold (uncut) or 7.11 g/t gold (cut). (Property Development Report by Bapty Research Ltd., 1991).” (quoted from the B.C Ministry of Energy Mines, and Petroleum Resources’ Minfile Record Summary (082FSE108). This gold mineralized zone is called the David Gold Zone.

Bapty Research Ltd.’s resource estimate reported above is a historical estimate and was not prepared using the resource categorizations set out in NI 43-101. PJX management is not aware of any more recent resource estimate for this property and is uncertain as to the relevance or reliability of the historical estimate. PJX is not treating the historical estimate as current mineral resources or reserves, as a qualified person has not done sufficient work to classify the historical estimate.


Exploration Potential


Gold Shear Property has not been explored since it was last drilled in 1996. Approximately, 70 shallow holes were drilled from 1990 to 1996. The untapped potential of the property is considered to be significant given the strike length of the shear, the shallow depth of historical drilling, the good gold grades and apparent continuity of the David Gold Zone.

Rock grab samples, taken by PJX, support the high-grade characteristic of gold mineralization reported by historical drilling and trenching on the David Gold zone. Seven of 12 grab samples taken at surface from the David Gold Zone trench have returned gold grades over 68 g/t with the highest being 193.9 g/t gold (see David Gold Zone map below).

In 2019, drilling by PJX confirmed the presence of high-grade gold mineralization.

Multiple phases of quartz veining occur within and adjacent to the main David shear in carbonate and sericite altered sediments. The main shear is anomalous in gold, in the 100s of ppb and varies in thickness from 1.2 to 4.5 metres true width.

High-grade gold mineralization, up-to 54,765 ppb (54.76 g/t), appears to occur as a zone in the main shear and varies from of 0.5 to 1.0 m true width.

Hole GS-19-07 returned the best weighted average for gold across the David shear of 25.07 g/t gold over 2.1m true width.

High-grade gold mineralization can be traced from surface down the shear for 100 metres.

PJX’s surface sampling and mapping combined with recent drilling suggest the high-grade gold mineralization may plunge to the north along the David Shear.

Three-Dimensional Modelling of historical drilling in Leapfrog also suggests that the David Gold Zone has an apparent plunge or rake to the north.

Geophysics has identified a large target area at depth that may represent multiple parallel gold zones dipping or plunging north along the David shear or a parallel shear. This would be similar to the way ore shoots form at some gold deposits.

The geochemical signature of the gold zone and locally associated minerals (aquamarine- beryl, K-spar) suggest an intrusive source for the gold bearing fluids. This supports the potential for a large system with potential for multiple deposits.


Next Steps


Drilling by PJX, in 2019, supports the high-grade gold potential of the David Gold Zone on the Gold Shear Property. Drilling intersected high-grade gold mineralization from surface down dip on the David shear for 100 metres. Surface mapping and drilling suggest the gold mineralization plunges to the north along the David shear. Geophysics suggests the mineralization may extend to depth down plunge and that there may be parallel zones on strike and at depth that have not been tested. This summer, PJX plans to continue to drill and explore the down-plunge potential of the high-grade gold mineralization and also test new gold targets on strike and at depth on the David shear and West shear.

  • Gold Shear Property Map

  • Gold Shear Cross Section

  • Gold Shear Drill Results

  • David Gold Zone Map

  • Photo of Historical Core grading 196.69 gt gold

  • 3-D Model of Historical Drilling

  • David Trench VLF Section