Toronto, Ontario – July 17, 2014 – PJX Resources Inc. (“PJX” or the Company”) is pleased to announce that preliminary drilling and additional geophysics on the Vine Property has discovered what the Company believes may be a structural feature, known as a gabbro arch and known to be associated with lead, zinc, silver sulphide mineralization. The structure may be similar in nature to those that occur at the Fors and Smoker occurrences, on the Company’s West Basin Property, and at the former Sullivan mine located 35 km to the north of the Vine and West Basin Properties.
Mr. Dave Pighin, P.Geo, and consulting geologist managing the Vine drilling program comments “Preliminary drilling and geophysics appear to have identified a possible structural feature that could have acted as a pathway for fluids to transport and deposit potential zinc-lead-silver mineralization. The gabbro, intersected by recent drilling, would have later intruded along the mineralizing structure. This situation may be similar to the gabbro arch or gabbro dyke at the Fors, Smoker and Sullivan areas. Based on this model, additional geophysics and drilling are required to differentiate between the possible gabbro arch and potential zinc-lead-silver massive sulphide mineralization in vicinity of the arch.” Mr. Pighin was responsible for discovering the Fors lead-zinc-silver Sedex occurrence in 1966 and the Vine lead-zinc-silver-gold vein in 1976 while working with Cominco.
Current exploration is presently focused on the large eastern gravity target area (see press release May 6, 2014) in which the possible mineralizing structure and the associated sub-vertical dipping gabbro arch occur. The gabbro is believed to cross cut the gravity anomaly in a north-south orientation based on preliminary magnetic data. The Company also believes that the eastern, and an additional western, gravity anomaly may represent two possible separate vents, similar to the Fors and Smoker occurences, and the Stemwinder and Sullivan vents in the Sullivan basin. More detailed geophysics is being planned to define potential lead-zinc-silver sulphide mineralization within the eastern and western gravity target areas.
Dr. Trygve Hoy (P.Eng), former research economic geologist with the British Columbia Department of Mines, noted in a report to PJX (http://pjxresources.com/vine-and-west-basin-zinc-lead-silver-potential-dr-trygve-hoy.pdf) about the regional and local geological significance of the Vine and West Basin Properties that, “In summary, the Vine and West Basin area has potential for discovery of a significant lead-zinc-silver sedex deposit. The area is within a highly favourable structural and metallogenic belt, has characteristics and controls that are similar to those in the Sullivan camp area, has known Proterozoic-age lead-zinc-silver mineralization, and a prominent geophysical target. Future exploration should be directed to mainly defining more rigorously the gravity geophysical anomaly and systematic diamond drilling to test the “footwall quartzite” horizon as well as the overlying Sullivan horizon.”
Dr. Hoy was a research economic geologist with the British Columbia Department of Mines for 28 years prior to becoming an exploration consultant in 2002. He co-edited the major treatise on the Sullivan deposit, titled “The Geological Environment of the Sullivan deposit”, and was an author of several papers in this volume.
“We are encouraged by the results.” stated John Keating, President and CEO of PJX. “Our eastern and western gravity anomalies cover large areas. Only 3 holes have been drilled to a depth of the footwall quartzite in the eastern target area. Two of these holes, drilled in the 1990’s, intersected zinc, lead, silver massive sulphide mineralization. The third is PJX’s recent hole which intersected a possible important structure. In addition, the western gravity target area has never been drilled.”
Sections and maps of the gravity anomalies, and the gabbro arch relationship to the Fors, Smoker, and Sullivan vents can be seen on our web site at http://pjxresources.com/projects/vine-property.
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.
In addition to zinc-lead-silver mineralization on the Vine and West Basin Properties, the Company continues to explore for the bedrock source of placer gold found in creeks on its other properties in the Cranbrook area of British Columbia. More will be announced about these results in the near future.
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
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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.
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