Toronto, Ontario – May 24, 2017 – PJX Resources Inc. (“PJX” or “the Company”) is pleased to announce that drilling and geophysics on the Vine Property supports the potential to discover multiple deposits in a sedimentary basin that the Company believes could be similar in size or possibly larger than the basin hosting the Sullivan deposit, located 35 kilometres north of the property.
Hole VA17-28 was drilled to test a VTEM airborne electromagnetic (EM) anomaly and is located approximately 2 kilometres southwest of the Eastern Gravity anomaly. The EM anomaly appears to be associated with a massive sulphide pyrite/pyrrhotite bed, 10 cm thick, at the Sullivan time. Disseminated sphalerite (zinc mineralization) is encountered in the 150 metres section of sediments below the Sullivan time and above the Footwall Quartzite (FWQ) sedimentary unit. Fracture controlled chlorite alteration with pyrite/pyrrhotite (iron sulphide) was intersected within the 150 metre thick FWQ unit. Locally intense hydrothermal alteration consisting of chlorite, albite and/or garnets was encountered over a 60 metre interval beneath the FWQ. This latter altered horizon appears to have been intruded by a thick gabbro sill similar to the gabbro arch at the Sullivan deposit.
“This style of hydrothermal alteration and mineralization is consistent with what you would see around the Sullivan deposit.”, states Dave Pighin, PGeo for the Vine Project. “The hole was drilled over one kilometre from where I drilled two holes in the 1990’s that intersected massive sulphide at the base of the same Footwall Quartzite unit. One hole, KV90-41, intersected 3.5 metres averaging 2.08% zinc, 4.34% lead, 42g/t silver, 0.11 g/t gold and 0.41% copper. The other hole, KV94-57, intersected 0.5 metres averaging 5.20% lead, 4.40% zinc and 41 g/t silver. No holes have been drilled to test this horizon to the north or west where the West Gravity anomaly is located.”
Drilling on the East Gravity anomaly has outlined a zone of anomalous zinc mineralization that is at least 550 meters long and has a true thickness of about 100.0 meters (see news release March 2, 2017). Geological information from this drilling has been used to reinterpret the gravity data for the property. (Please see new gravity interpretation map showing the East, West and new Southwest gravity target areas http://pjxresources.com/wp-content/uploads/2017/05/Vine-1.2-km-Equivalent-Mass-Gravity- Map.pdf.)
“The new gravity interpretation suggests that the West Gravity anomaly may extend to the south and that this latest hole was drilled at the southern limit of the anomaly”, states John Keating, President and CEO. “The anomaly is over 4 kilometres long and may represent a sedimentary basin that occurs at the intersection of 2 major faults, similar to the Sullivan-Northstar basin that hosts the Sullivan deposit. Shallow holes, VA15-06 and VA15-16, drilled on the north end of the anomaly during 2015 intersected bands of pyrite/pyrrhotite and disseminated sphalerite, respectively. Neither of these holes tested to the depth of the mineralized Footwall Quartzite unit. Additional drilling is planned to test the anomaly”
The foregoing geological disclosure has been reviewed by Dave Pighin P.Geo. and John Keating P.Geo. (qualified persons for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects). Mr. Pighin is the Project Manager for the Vine Property. Mr. Keating is the President, Chief Executive Officer 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. PJX’s primary 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
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”, “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.
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