Toronto, Ontario – February 27, 2023 – PJX Resources Inc. (“PJX”) has discovered a locally mineralized diatreme breccia located approximately 500 metres west of the intrusive related gold-silver-copper prospect announced in news release dated Nov. 15, 2022. Part of the breccia margin is flooded with quartz, and locally contains high copper values; three grab samples from the margin of the breccia analyzed 8.79 %, 3.35 %, and 2.01% copper. This new discovery is about 500 metres west of the cluster of intrusive stocks and dykes that are associated with a variety of breccias and the historical Estella mine (zinc-lead-silver vein) in the Sullivan Mining District and the Vulcan Gold Belt in southeastern British Columbia, Canada.
Gold, silver, and copper mineralization occur in multi-phased, variably altered, and veined syenitic/alkalic porphyritic intrusions. The intrusive phases locally contain disseminated sulphides (see photo A). For example, grab sample MS22-57 with quartz veining from this phase analyzed 6.9 g/t gold, 447 g/t silver and 1.108% copper (see Fig 1)
The diatreme breccia (photo B) locally has magnetite as the matrix (photo C) with quartz flooding occurring along the margin (photo D). Three grab samples from quartz vein flooding in the brecciated gabbro from the margin area contained copper, silver, and anomalous gold, zinc, nickel, and cobalt (see table 1 and photo D).
Table 1 – Rock grab samples of quartz veining with chalcopyrite and/or malachite (copper mineralization) in an irregular brecciaed gabbro on the margin of the diatreme breccia.
John Keating, President of PJX commented: “Geological, geophysical and mineralogical data support the potential for discovery of a large, mineralized magmatic centre on the Dewdney Trail Property. Intrusive related copper-gold-silver-molybdenum deposits, such as the Butte Mining District in Montana, are associated with such centers.”
Figure 1 – Estella Basin Geology with rock grab sample gold analyses from alkalic (syenite) intrusions. The location of a diatreme breccia and photos A to E are also shown.
Photo A – Altered Syenite/Alkalic Porphyry with disseminated sulphides in the matrix. Rock grab sample MS22-57 of this porphyry phase with quartz veins analyzed 6.9 g/t gold, 447 g/t silver and 1.108% copper.
Photo B – Diatreme breccia with round to elongated rock fragments (clasts) aligned in the same orientation.
Photo C – Diatreme Breccia with magnetite (black mineral) matrix.
Photo D – Puzzle or jigsaw in appearance breccia with quartz veining cutting a gabbro sill on margin of diatreme. Grab samples of malachite and/or chalcopyrite with veining analyzed 8.7%, 3.3%, and 2.0% copper.
Photo E – View Looking east-northeast, approximate location of view is shown on Fig 1. Location of rock grab sample MS22-57 is shown as a reference for sample locations shown in Fig 1. Approximate positions of intrusive contacts are shown by dashed white lines. Only part of the top of the intrusions have been exposed by erosion.
Geological Significance
- Gold, silver, and copper mineralization occur with quartz veins and variably altered alkalic intrusives.
- Erosion has only exposed part of the tops of the intrusives (see photo E). Therefore, there is potential for deposits to occur near surface and at depth as they would not have been eroded.
- Intrusives occur as a cluster for at least 600 metres along strike.
Figure 2 displays the relative locations of photos A, B, C, and D in relation to a geological model for calc-alkalic intrusive related copper-gold-silver-molybdenum systems. Alkalic intrusions at the Estella Basin have characteristics that are similar, such as copper-gold-silver mineralization at the top of the system and the presence of diatreme breccias.
Figure 2 – This is a porphyry copper calc-alkalic intrusive model by Richard Sillitoe (2010). The alkalic intrusive type system at the Estella Basin has a number of similar characteristics, such as gold-silver and copper mineralization at the top of the system and the presence of diatreme breccias. Photos A, B, C and D are displayed in possible relative positions within the model.
Additional information relating to geophysics and the potential at depth are pending along with an assessment of drill results from drilling on the Lewis Ridge airborne EM (using MobileMT technology) and magnetic target approximately 3 km to the north of the Estella Basin intrusive related mineralisation.
DD-NZOU-Moby Dick Property Update
DLP Resources Inc. (“DLP”) has notified PJX of their intention to return the DD Property to PJX effective February 24, 2023. DLP had an option to earn up to a 75% interest in the DD Property. Unfortunately, the last hole drilled, in May 2022 on the Moby Dick Property, was not completed as it became stuck in a fault at about 1300 metres deep before it could test a Magnetotelluric (MT) geophysical anomaly at a target depth of about 1700m. Additional MT anomalies at target depths of about 1700 metres occur on the DD, Moby Dick and NZOU properties. PJX Resources retains a 100% interest in the DD Property. PJX has a 50% interest in Moby Dick Property with the right to earn a 50% interest in the NZOU Property which are both adjacent to the DD Property. DLP has indicated that they will now focus on the Sullivan-type Zn-Pb-Ag targets on the Moby Dick and NZOU properties.
Qualified Persons
The foregoing geological disclosure has been reviewed and approved 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, silver and base metals (zinc, lead, copper, nickel). PJX’s primary properties are located in the historical Sullivan Mine District and Vulcan Gold Belt near Cranbrook and Kimberley, British Columbia.
Please refer to our web site http://www.pjxresources.com for additional information.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Linda Brennan, Chief Financial Officer
(416) 799-9205
Cautionary Note Regarding Forward-Looking Information
The information in this news release has been prepared as at the date noted above. Certain statements in this news release, referred to herein as “forward-looking statements”, constitute “forward-looking statements” under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as “expected”, “may”, “will” or similar terms.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by PJX Resources Inc. as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, PJX Resources Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in PJX Resources Inc.’s expectations or any change in events, conditions or circumstances on which any such statement is based.
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This news release may contain information about adjacent properties on which PJX Resources Inc. has no right to explore or mine. We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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