Toronto, Ontario – October 1, 2018 – Prospecting has discovered an extensive horizon of sediment hosted copper mineralization on PJX Resources’100% owned new Parker CopperProperty near Cranbrook, British Columbia, Canada. The style of copper mineralization and geological environment support the potential for sediment–hosted copper type deposits similar to the Montanore, Spar Lake and Rock Creek copper-silver deposits located across the border in the United States.
Copper mineralization occurs as thin beds/bands and along fractures in a 2 metre thick stratigraphic horizon that has been traced in outcrop for at least 800 metres. The mineralization appears to transition from a chalcopyrite mineral that has lower copper content to bornite and chalcocite minerals with higher copper content along strike. Management believes that this mineral transition toward higher copper content can be used to help guide exploration toward the location of a potential mineral deposit.
“This copper discovery by the Kennedy family of prospectors demonstrates how new significantmineral occurrences can still be found at surface inestablished mining districts hosting world class deposits like the historical Sullivan Mine.” states the President and CEO of PJX, John Keating.”
The copper mineralized horizon is open in all directions and was discovered while prospecting for gold on PJX’s Eddy Property. The favourable mineralized horizon extends beyond the Eddy Property boundary. In order to obtain additional favourable geology, over 6,000 hectares of new mineral claims have been staked. This new area will be called the Parker Copper Property. Rock grab samples have been sent for analysis. Additional work is planned to explore the deposit potential of the copper mineralized horizon.
Geology and Mineralization
Strata-bound, disseminated, and fracture controlled copper sulphide mineralization, including chalcocite, bornite, and chalcopyrite, occur over a 2 metre thick stratigraphic horizon comprised of thin to medium bedded greenish-grey argillite-siltite and fine-grained quartzite within the meso-Proterozoic Middle Creston Formation (Fm) rocks. The Middle Creston Fm host rock is correlative with the Revett Fm of Montana and Idaho which hosts sedimentary Copper-Silver deposits at Spar Lake, Rock Creek, and Montanore.
Copper sulphides are best developed in multiple strata-bound lenses/bands up to 3 mm across which occur along bedding interfaces and within syn-sedimentary structures (load casts, sand-dykes etc.) in the 2 metre thick mineralized stratigraphic horizon.
The mineralized horizon has been traced along strike for over 800 meters and appears to follow a sulphide/gangue mineral zonation pattern with a distal chalcopyrite-pyrite-carbonate zone developed west of the main showing area. The mineralized zone is spatially related to a recently recognized syn-sedimentary fault system parallel to the Old Baldy Fault system.
Other Properties
Management believes that recent drilling has identified a possible feeder zone to a potential massive sulphide body on the Vine Property whereadditional exploration is planned (see release dated September 19, 2018). As previously announced (see release dated August 20, 2018), permits have been received and drilling is planned to commence on the DD Property. Exploration work on the Zinger, Eddy and Dewdney Trail Properties has continued through the summer. Management believes that preliminary results from this work are very encouraging. Additional information will be made available when all lab results have been received and compiled with geological and geophysical field data over the coming months.
The foregoing geological disclosure has been reviewed by John Keating P.Geo. (qualified persons 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 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
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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.