TORONTO, ON / ACCESSWIRE / June 18, 2020 / PJX Resources Inc. (TSXV:PJX) ("PJX") is pleased to announce that PJX's assessment supports Teck Resources Limited's ("Teck") report on PJX's DD property that a drill hole to test the target horizon called the LMC (Lower-Middle Aldridge Contact) was not drilled deep enough. The LMC is the geological horizon where the Sullivan Deposit (zinc, lead, silver) occurs approximately 45 kilometres north of PJX's 100% owned DD Property near Cranbrook, British Columbia, Canada.
"The drill hole stopped in a gabbro sill rock unit that occurs above the LMC horizon in holes drilled in the area around the DD Property called the Panda Basin", states Dave Pighin, consulting geologist for PJX Resources. "The hole is accessible and needs to be extended and drilled through the gabbro sill to test the potential for a Sullivan type deposit at the LMC horizon."
"The exploration permit for the DD Property is being transferred to PJX," states the President and CEO of PJX, John Keating. "Once received, the multi-year area-based permit will allow PJX to drill and explore the DD Property for the next 4 years. PJX management believe that, regionally, the DD Property and PJX's Vine Property have the best potential to host Sullivan type massive sulphide deposits. Potential on the DD Property is based, in part, on historical drilling results in the area around the property, and only 2 holes have been drilled on the property."
The road accessible DD Property is located approximately 120 km east of the Trail Metallurgical Complex that produced some 8 million tonnes of zinc, 9 million tonnes of lead, and over 285 million ounces of silver from processing Sullivan Mine concentrate. The Sullivan Mine produced concentrate for over 90 years before being closed in 2001.
Teck had an option to earn an interest in the DD Property from 2016 until November 2019. In late 2018, Teck drilled a 1425 metre sub-vertical hole (PAN-18-01) to test a Magnetotelluric (MT) geophysical anomaly and the LMC horizon. The following findings are from Teck's report.
Teck Report Findings (Assessment Report on Drilling at the Panda Mineral Tenure - DD Property)
- Albite-silica-sericite-garnet alteration is ubiquitous throughout the hole, with locally increasing alteration intensity associated with zones of higher fracture density. Garnet alteration is ubiquitous and more common compared to other historic holes in the Panda sub-basin.
- Strong pervasive and fracture-controlled quartz-albite-white mica alteration occurs from 1262-1361m, proximal to the upper contact of the lowermost gabbro sill.
- The MT conductivity anomaly targeted by PAN-18-01 may be explained by an increase in pyrrhotite in the lowermost gabbro sill intersected from 1361 - 1425m.
- It is unlikely that the Lower-Middle Aldridge contact was intersected by PAN-08-01 as neither fragmental rocks nor diagnostic Lower Aldridge rocks were observed. The LMC is likely below the gabbro sill in which PAN-18-01 was terminated.
The foregoing geological disclosure has been reviewed and approved 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 consulting geologist for PJX on the DD and Vine Properties. 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 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
[email protected]
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.
Forward-Looking Information
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.
SOURCE: PJX Resources Inc.