Mr. John Burns reports
JAXON DISCOVERS HIGH GRADE GOLD-COBALT TOURMALINE BRECCIA MINERALIZATION AND IDENTIFIES ASSOCIATED PORPHYRY TARGETS AT ITS RED SPRINGS PROJECT
Jaxon Mining Inc. has received the assay results from diamond drill holes BB18-01 to BB18-03. The company is still awaiting the assay results from holes BB18-04 and BB18-05, which were drilled at different angles, azimuths and depths from the same platform used by BB18-03.
All five holes targeted the Backbone gold-cobalt tourmaline breccia mineralization zones along strike at Red Springs. Located on the company's 44,000-hectare Hazelton property in the Skeena Arch area of northwest British Columbia, Red Springs is only nine kilometres away from B.C. Highway 16.
Tourmaline breccia mineralization zones do not exist in isolation; orogenically tourmaline is associated with porphyries. The company has determined these tourmaline breccia zones are distal to a large system of porphyries. Three porphyry targets have been identified using geophysics (long line ground induced polarization and ground magnetic surveys), geochemistry, and structural and alteration mapping following outcrop rock sampling.
The first three drill holes intersected gold-cobalt mineralization:
- BB18-03 intercepts one metre massive sulphide mineralization of 8.10 grams per tonne gold equivalent consisting of 6.60 grams per tonne Au and 0.10 per cent cobalt contained within four m of 3.54 g/t gold equivalent consisting of 2.71 g/t Au and 0.055 per cent cobalt contained within 12 m of 2.03 g/t Au equivalent consisting of 1.44 g/t Au and 0.039 per cent cobalt from downhole 80 m to 92 m;
- One m massive sulphide mineralization of 4.97 g/t Au equivalent consisting of 4.34 g/t Au, 0.02 per cent cobalt and 0.22 per cent copper contained within four m of 2.35 g/t Au equivalent consisting of 1.85 g/t Au, 0.015 per cent cobalt and 0.074 per cent copper from downhole 67 m to 71 m;
- One m of 2.17 g/t Au equivalent consisting of 1.95 g/t Au, 0.014 per cent cobalt and 0.127 per cent copper from downhole 75 m to 76 m;
- BB18-02 intercepts one m of 1.15 g/t Au equivalent consisting of 0.56 g/t Au and 0.039 per cent cobalt from downhole 22 m to 23 m;
- BB18-01 intercepts one m of 1.36 g/t Au equivalent consisting of 1.28 g/t Au and 0.01 per cent cobalt from downhole 38 m to 39 m.
Significant assay results from each of the first three holes are listed in the attached table.
BACKBONE GOLD-COBALT TOURMALINE BRECCIA MINERALIZATION
DIAMOND DRILL INTERCEPTS HOLES 1, 2 AND 3*
Sample No. Hole ID From (m) To (m) Interval (m) Au (g/t) Co (ppm) Cu (ppm) EqAu (g/t)
A0010407 BB18-01 24 25 1 0.201 199 86 0.512
A0010408 BB18-01 25 27 2 0.475 44 22 0.544
A0010415 BB18-01 38 39 1 1.277 52 10 1.357
A0010421 BB18-01 48 49 1 0.527 51 9 0.605
A0010441 BB18-02 22 23 1 0.556 394 24 1.151
A0010464 BB18-03 42 43 1 0.175 23 2,103 0.525
A0010478 BB18-03 67 68 1 4.343 198 2,226 4.974
A0010479 BB18-03 68 69 1 0.02 7 16 0.033
A0010481 BB18-03 69 70 1 2.427 251 627 2.890
A0010482 BB18-03 70 71 1 0.593 125 100 0.796
A0010487 BB18-03 75 76 1 1.945 144 1,266 2.351
A0010493 BB18-03 80 81 1 1.498 370 7 2.054
A0010494 BB18-03 81 82 1 0.679 255 8 1.063
A0010495 BB18-03 82 83 1 1.866 956 9 3.301
A0010496 BB18-03 83 84 1 0.234 135 13 0.438
A0010497 BB18-03 84 85 1 0.607 321 12 1.090
A0010498 BB18-03 85 86 1 1.191 224 16 1.529
A0010499 BB18-03 86 87 1 0.221 106 19 0.383
A0010501 BB18-03 87 88 1 0.149 140 14 0.361
A0010502 BB18-03 88 89 1 6.601 1,000 16 8.104
A0010503 BB18-03 89 90 1 0.655 179 47 0.931
A0010504 BB18-03 90 92 2 1.784 512 42 2.558
A0010505 BB18-03 92 93 1 0.36 208 40 0.678
* EqAu is calculated using long-term prices for gold at $1,250 (U.S.) per ounce, for cobalt at
$60,000 (U.S.) per tonne and for copper at $6,000 (U.S.) per tonne.
Other highlights include:
- Cobalt grades from tourmaline breccia mineralization zone in BB18-03 are from 0.01 per cent to 0.1 per cent with an average grade of 0.039 per cent for 12 metres including four m with gold grade at 2.71 g/t and cobalt grade at 0.055 per cent. This cobalt resource potential is exciting.
- The company has received the IP and magnetic surveys report for Red Springs from Simcoe GeoScience, which identifies a total of 32 IP and magnetic anomalous zones. The report will be released after evaluation by the company's geology team.
Tony Guo, Jaxon's chief operating officer, commented: "It is an excellent discovery that we have intercepted a total thickness of up to 26 m gold-cobalt tourmaline breccia mineralization zone at BB18-03, which includes 12 m of 2.03 g/t Au equivalent and two one m high-grade massive sulphide mineralization sections near both footwall and hangingwall with gold equivalent of 8.10 g/t and 4.97 g/t Au, respectively. It confirms the shallow dip extension of high-grade gold-cobalt tourmaline breccia mineralization from surface outcrop to the downhole 70 to 90 m in BB18-03, which has a reported 3.10 g/t Au equivalent for 13 m mineralization outcrop, as reported in the company's news release dated Sept. 20, 2018. BB18-01 and BB18-02 have intercepted a narrow mineralization at downhole 10 to 20 m near surface. The major mineralization at BB18-01 and BB18-02 have been weathered out considering the 100 m elevation difference between BB18-01/02 and BB18-03. The company plans to drill more holes in 2019, to the north of BB18-03, in close proximity to the Backbone tourmaline breccia centre or to the west of the current BB18-01 to BB18-03 connection line."
Given the converging positive results, development of a fieldwork program is under way. With the market's support, the company intends to continue to drill the tourmaline breccia zones along the 1,000 m strike and its west dip direction and to drill test the porphyry targets in spring and summer of 2019.
Sample preparation and analyses
Core samples were cut and collected in the core shack facility in Smithers, B.C., by an experienced, professional qualified person geologist. Numbered core sample tags were placed inside each bag, which were then securely closed for transport. The Vancouver laboratory of Bureau Veritas Commodities Canada received the rice bag shipments, after secure transport directly from Smithers. All samples will be prepared by crushing, grinding and pulverizing to a pulp with barren material washing between each sample at the crush and pulverizing stages. Then 30 grams of pulp will be used for the gold assay using fire assay code FA430, AAS finish in grams per metric tonne and overlimit gold using code FA530, with gravimetric finish in g/mt. Tellurite assay using code MA270 (with Te turn on). Other elements assay will use code MAQ270 (aqua regia digest with ICP-MS finish).
About the Red Springs project
Located in northwestern British Columbia, the Red Springs project contains porphyry-related, sedimentary-hosted gold-cobalt tourmaline breccia mineralization with associated copper, bismuth and antimony. It is in a well-developed infrastructural area and only 10 kilometres away from major highway and two km from a local forest logging road. It is a new discovery for this type of mineralization in B.C.
Tourmaline breccia mineralization in the Backbone area of the Red Springs project is partially controlled by a low-angle thrust fault occurring as sill-like tourmaline-sulphide zones within the fault and along bedding planes, and as discordant breccia zones in the hangingwall of the fault. Mineralized intervals display multiple phases of hydrothermal activity accompanied by strong silicification and tourmaline-sulphide mineralization.
Tourmaline-sulphide breccia zones and veins have been widely found in the Backbone, North Cirque and Northwest Cirque prospects. At Backbone, breccia mineralization extends over a strike length of 1,000 m and is up to 15 to 50 m wide on surface. Gold grades from surface channel samples range from one gram per tonne to 32 g/t Au, with cobalt and copper grades up to 0.36 per cent and 8.33 per cent, respectively.
The 2018 drilling program has confirmed continuity of mineralization over a strike length of 300 m from hole BB18-01 to BB18-03 and low-angle (less than 30 degree) dip extent of over 100 m from surface channels to the west. Mineralized tourmaline-sulphide breccia zones in drill core extend discontinuously over lengths of more than 26 metres in BB18-03 at the downhole depth from 67 metres to 93 metres. It consists of different phases of sedimentary breccia and tourmaline veins or metrics. The sulphide mineralization within tourmaline breccia zone consists of pyrrhotite, arsenopyrite, chalcopyrite and pyrite. The most intense mineralization is associated with strong silicification and sulphidation alterations. A set of late quartz-carbonate veins are concentrated within the tourmaline breccia mineralized zone and contain variable amounts of chalcopyrite and bismuthinite. The cobalt grade can be up to 0.36 per cent on the surface outcrops and 0.10 per cent in the drill hole cores based on the current exploration data and is closely related to the gold, telluride and bismuth grade within tourmaline breccia mineralization within in both surface outcrops samples and drill hole cores.
Based on the 2018 IP survey and drilling program, the company has identified a deep target for sulphide mineralization. IP anomalies extend from Backbone to North Cirque and northwest Cirque areas and cover a two sq km area at depths ranging from 350 m to 430 m. Deeper drilling into one of these IP anomalies in the Backbone area intersected multiple thin sulphide mineralized felsic dikes and minor tourmaline-sulphide veining. Mineralization of this type was encountered intermittently over a drill length of up to 80 m in drill hole BB18-05.
The objective of the phase 1 drilling program was to determine the width, continuity and grade of gold-cobalt tourmaline breccia mineralization at depth. A further objective was to demonstrate the viability of IP geophysics as an exploration tool for the mineralization at Red Springs and provided the opportunity for further downhole geophysics to better define the geometry of any mineralization intersected during the program. In addition, the results added to the company's knowledge of the nature of the tourmaline breccia mineralization and its controls.
The company will provide further information as it becomes available and will release updates on the progress of assay and geophysical survey results over the coming weeks, including posting reports and photos on its website.
Qualified person
Yingting (Tony) Guo, PGeo, chief operating officer for Jaxon Mining, a qualified person as defined by National Instrument 43-101, has reviewed and prepared the scientific and technical information, and verified the data supporting such scientific and technical information contained in this news release.
About Jaxon Mining Inc.
Jaxon Mining is a precious metal and base metal exploration company with a regional focus on Western Canada. The company is currently focused on advancing its Hazelton project in north-central British Columbia and the More Creek project (consolidating the Wishbone and Foremore properties) in British Columbia's Golden Triangle.
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