PJX Resources Inc - Exploration Update
Toronto - PJX Resources Inc. (“PJX” or “the Company”) is pleased to announce the discovery a significant quantity of gold in soil on its Zinger Property in Cranbrook, British Columbia. Heavy mineral separation of 2 approximately 4 kg size samples of soil recovered 898 grains and 256 grains of gold, respectively. Hand trenching was completed up-slope of a soil sample that contained 4941 ppb (4.941 g/t) gold (see news release dated September 20, 2016). The stripping exposed sericite and carbonate altered sediments with localized quartz carbonate veining in bedrock. Chip sampling along the 14.5 metre long trench returned a weighted average of 524 ppb (0.524 g/t) gold. However, a short drill hole under the trench failed to identify any gold.
Given the 4.941 g/t gold in the initial soil sample, the Company took two samples of soil from material stripped off of the trench to reconfirm the presence of gold in the soil. The approximately 4 kilogram (dry weight) samples were taken 7 metres apart. They were sent for analysis at CF Mineral Laboratories of Kelowna, British Columbia. Heavy mineral separation performed on the soils recovered 898 grains and 256 grains of gold, respectively. Gold grain morphology was assessed to help determine the distance the grains may have travelled from a bedrock source.
Mr. Charles (Chuck) Fipke, President of CF Minerals Research Ltd., states, “This large population of gold grains range in size from 34 to 266 micrometres. The angularity and other morphological features of the gold grains suggest that they have not travelled far and that the bedrock source of the gold is estimated to be within 100 or 200 metres of the sample locations. Further analysis of the gold grains by Scanning Electron Microscope will be undertaken to help assess the source of the gold.”
“These findings from CF Minerals, combined with the presence of gold in bedrock from trenching, have greatly advanced the exploration potential to discover a gold deposit on the Zinger Property,” states the President and CEO of PJX, John Keating. “The trench and soil samples are located on a fairly steep slope which suggests that the source for the gold is likely upslope from the samples. In addition, this is only one of a number of gold target areas to be tested on the Zinger Property.”
Vine Property Update
The Vine Property has potential to host a zinc-lead-silver massive sulphide deposit similar to the Sullivan Mine located 35 km to the north. Exploration has identified multiple targets to test. Permits and funds are in place to continue with drilling to test the targets this winter.
PJX holds a 100% interest in its properties. They are all road accessible, located close to rail, power and a local workforce in Cranbrook and Kimberley, British Columbia.
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, 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
(416) 799-9205
info@pjxresources.com
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", "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.
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.