TORONTO, ON / ACCESSWIRE / September 5, 2024 / PJX Resources Inc. ("PJX" or the "Company") is pleased to announce that on-going drilling at the Dewdney Trail Property has encountered geology that supports the potential to discover a Sedimentary Exhalative (Sedex) type deposit. Of the 3 holes drilled to date the deepest into the mountain has intersected a 20m (estimated true width) fragmental with abundant to semi-massive sulphide mineralisation at 275m. The mineralisation appears to be predominantly iron sulphide (pyrrhotite and pyrite) with visible trace amounts of copper sulphide (chalcopyrite) and zinc sulphide (sphalerite) (see photo A). This style of mineralisation supports a venting environment, which is what occurs at the Sullivan Sedex deposit located approximately 20 km west of the Dewdney Trail Property in Southeastern British Columbia, Canada.
Photo A - Fragmental unit with iron sulphide (pyrrhotite and pyrite) in the matrix and what appear to be iron sulphide clasts in places. Zinc sulphide (sphalerite) and copper sulphide (chalcopyrite) are locally visible in trace amounts (samples have been sent for analysis).
The source of the Sullivan style and grade zinc, lead, and silver mineralisation discovered late last year at surface in boulders in talus material at the base of a mountain slope has not yet been identified by drilling (see photo B). In addition, the zinc and lead mineralisation in outcrop discovered late last year appears to occur in large blocks and/or fragments of stratigraphy that may have collapsed into a sinking basin which can happen in Sedex environments. Additional drilling is required on strike to the north and south as well as higher on the mountain which is stratigraphically above the fragmental unit. Drilling is also required at depth, stratigraphically below the fragmental unit, because of what appear to be massive iron sulphide clasts in part of the fragmental unit (see photo C).
Photo B - Sample STM-23-1 (6.71% zinc, 2.23% lead, 16.05 g/t silver, 1258.9 ppm or 0.12% copper) Strongly magnetic boulder found in talus at base of the moutnain slope late last year. Sphalerite (zinc sulphide), galena (lead sulphide), and iron sulphides (pyrite, pyrrhotite) occur banded or bedded in appearance as seen above. The mineralisation also occurs in the groundmass of the rock.
Photo C - Apparent Iron Sulphide (pyrrhotite and pyrite) clasts in fragmental.
John Keating, President of PJX, commented, "We are very pleased with the results from these initial drill holes. What we've encountered in the fragmental appears to be predominantly iron sulphides. However, having visible trace concentrations of zinc and copper sulphide minerals supports a mineralizing system with potential to produce higher concentrations of copper, zinc, and/or lead horizontally along strike as well as vertically in multiple sedimentary horizons. This type of transition in mineralisation occurs in Sedex environments. So far, we have only tested part of the northern edge of the large magnetic anomaly. We are working with New Age Drilling Solutions to bring additional drills to the property and expand testing. The well mineralized boulders with zinc, lead, and silver discovered late last year also support the potential for more significant zinc, lead and/or copper content. Results of our work along with maps and sections are expected to be announced when the drilling has been completed and results compiled."
PJX's New Discovery Potential Background
PJX owns 100% of the mineral rights to multiple properties totaling over 680 km2 of mineral claims in the Sullivan Mining District of Southeastern British Columbia, Canada. Exploration in late 2023 discovered boulders and outcrop of Sullivan deposit style and grade mineralisation on PJX's Dewdney Trail Property that is over 150 km2 in size. The zinc, lead, silver, and other critical metal mineralisation discovered at surface on the Dewdney Trail Property is magnetic and appears to be associated with a strong to moderate magnetic airborne geophysical anomaly that can be traced for approximately 1.6 km. The mineralisation and geophysical anomaly have never been drilled.
The geological disclosure and content of this news release 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 one of a number of consulting geologists for PJX on the Dewdney Trail Property. 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, zinc, lead, copper, cobalt, and other critical metals. PJX's properties are located in the historical Sullivan Mine District and Vulcan Gold Belt near Cranbrook and Kimberley, British Columbia.
Linda Brennan, Chief Financial Officer (416) 799-9205 [email protected]
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.
Cautionary Note to US Investors:
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.
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.
