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Jaxon Minerals Inc (2)
Symbol JAX
Shares Issued 37,880,339
Close 2017-05-17 C$ 0.135
Market Cap C$ 5,113,846
Recent Sedar Documents

Jaxon acquires Wishbone property in B.C.

2017-05-17 10:04 ET - Shareholders Letter

Mr. Jason Cubitt reports

JAXON ISSUES LETTER TO SHAREHOLDERS

Jaxon Minerals Inc. has issued the following letter to its shareholders.

Dear shareholders,

It has been a busy six months since I joined Jaxon as president and chief executive officer. At the end of calendar 2016, with resource markets showing renewed vigour, the company made a strategic decision to rebuild its portfolio of projects.

The focus on shallow marine volcanogenic massive sulphide (VMS) projects was key to this strategy. These deposit types (Eskay Creek, Equity Silver) form some of the richest and most profitable mines in the world -- characterized by shallow structural controls and bonanza-grade precious and base metals.

We were lucky to get our hands on a 3,000-hectare property in the Skeena Arch containing a historical mineral showing called the Knoll, reported as having "high potential for an (Eskay Creek type) volcanogenic massive sulphide and/or subaqueous hot spring deposit" (D.G. McIntyre, British Columbia Geological Survey, Geological Fieldwork 2000).

We have since integrated data at the Knoll with that of a second mineral occurrence -- the Max -- two kilometres northwest of the Knoll. The Max boasts bonanza silver grades at surface over a 500-metre vertical extent and a one-square-kilometre mineralized zone. Samples from trenches in massive sulphide beds assay up to multikilograms per tonne silver and 10 per cent to 20 per cent lead and zinc, with the same suite of diagnostic pathfinder elements that characterize the Knoll as an Eskay Creek look-alike setting.

Historical work between 2008 and 2012 includes:

  • 170 metres of saw-cut one-metre channel samples from massive sulphides at surface;
  • 2,800 soil samples over a 700-metre-by-three-kilometre grid;
  • A 460-line-kilometre airborne VTEM (versatile time-domain electromagnetic) survey (mag, resistivity);
  • Regional stream sediment and geological data analysis.

Jaxon has since concluded that the ground surrounding the Knoll, including high-grade showings at the Max and surrounding ground, forms a much larger prospective Skeena/Rocky Ridge package first identified by British Columbia Department of Mines geologists. Based on this new interpretation, the company has increased its 100-per-cent-controlled landholdings from 3,000 hectares to over 28,000 hectares, largely through staking, and consolidated the claim group into a single property called the Hazelton property.

Jaxon also contracted to have the historical airborne geophysics data interpreted. We now have the opportunity to evaluate what is happening below the surface at the high-grade structures of the Max zone in anticipation of scheduled drilling this season.

Lastly, the company acquired a second property, called the Wishbone, a 4,000-hectare precious-metal- and base-metal-rich prospect in British Columbia's famed Golden Triangle -- 60 kilometres north of Eskay Creek. While we are focused on developing the Hazelton property toward drilling this season, we plan to devote a portion of time and resources to produce a better understanding of the structure, setting, and high-grade gold and silver mineralization present at the Wishbone.

On behalf of the board of directors,

Jason Cubitt

President

We seek Safe Harbor.

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