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PJX Resources Inc
Symbol PJX
Shares Issued 43,813,446
Close 2015-03-18 C$ 0.20
Market Cap C$ 8,762,689
Recent Sedar Documents

PJX drilling hits possible sedimentary basin

2015-03-19 18:36 ET - News Release

Mr. John Keating reports

DRILLING DISCOVERS FAVOURABLE GEOLOGICAL ENVIRONMENT TO HOST A SEDEX TYPE DEPOSIT ON THE VINE PROPERTY

PJX Resources Inc. has released the results of its most recent drill program. Drill hole VA15-02 has intersected Proterozoic-age Lower Aldridge sediments that contain anomalous sphalerite (zinc sulphide) and pyrrhotite (iron sulphide) mineralization along fractures and disseminated within sedimentary beds that are locally altered by sericite, chlorite, albite, silica and occasional garnets.

Additional detailed ground geophysics work (see Dec. 22, 2014, press release) has identified a large positive gravity anomaly that appears to correspond with the target sedimentary horizon called the footwall quartzite. Hole VA15-02 intersected a fault before reaching the footwall quartzite target horizon. Preliminary assessment of the data suggests that the target horizon is at depth beneath the hole.

Management believes that the presence of anomalous sphalerite mineralization with alteration and the identified gravity anomaly continue to support the potential for massive sulphides deposited within a basin at the target footwall quartzite sedimentary horizon.

Historical drilling in the early 1990s by Kokanee Exploration discovered massive sulphide with zinc, lead and silver mineralization at the base of the footwall quartzite, approximately 1.2 kilometres west of PJX's hole VA15-02.

Based on these results, the company believes it has discovered a restricted third-order sedimentary basin, which is considered an important geological environment often associated with sedex (sedimentary exhalative) deposits. This discovery is located approximately 35 kilometres south of the former Sullivan sedex deposit.

"In my 40 years of exploration experience in the area, it is rare to discover a third-order basin and, in particular, one that contains sphalerite mineralization with alteration that supports the right geological environment for a deposit," stated Dave Pighin, PGeo. "In addition, the basin is located adjacent to a large regional structure called the Moyie fault. The Sullivan deposit occurs in a similar geological environment adjacent to the regional Kimberley fault."

This new geological information and existing geophysical data are being used to refine target depths and locations in preparation for the next phase of drilling. Although mineralization seen in the core is not of sufficient concentration to warrant assaying, the anomalous mineralization supports the potential for a sulphide deposit being formed in the basin. Additional information will be placed on the PJX website when the assessment is completed.

"The property has excellent infrastructure. It is crossed by two power lines and rail with road access year-round, and is only a 20-minute drive south along Highway 3 from mining-friendly Cranbrook, B.C.," stated company president and chief executive officer John Keating. "The rail line crossing the property carried zinc, lead and silver concentrate from the former Sullivan mine to Teck's Smelter complex in Trail, located about a half a day by rail away."

Drill hole VA15-02 was drilled for 688 metres at an angle of minus 70 degrees from horizontal.

  
                                         DRILL HOLE VA15-02 -- SUMMARY
From  (m)    To (m)                                                                                   Description

0                3                                                                                         Casing
3               23      Proterozoic-age Lower Aldridge sediments -- medium to thin bedded siltstone and argillite
23             384                                                                                    Gabbro sill
384            420                                                                       Lower Aldridge sediments
420            493                                                                                    Gabbro sill
493            504                                                                       Lower Aldridge sediments
504            584              Lower Aldridge sediments contain locally anomalous sphalerite (zinc sulphide) and
                              pyrrhotite-pyrite (iron sulphide) mineralization. Sphalerite occurs along fractures
                             or disseminated in sedimentary beds that are locally altered with sericite, chlorite,
                                albite or silica, and occasional garnets. Sediments locally display soft sediment
                                                                                                slumping textures
584            688       Zone of deformation -- foliated Lower Aldridge sediments and minor Gabbro. Predominantly
                          competent chlorite-sericite-phyllite that is locally silicified. Anomalous disseminated
                    sphalerite, pyrrhotite-pyrite and chalcopyrite (copper sulphide) occur from 584 to 604 metres

Localized slumping of the sediments, identified in core, suggests that active faulting occurred during sediment deposition. The presence of fracture-controlled and disseminated zinc and iron mineralization with syn-sedimentary faulting is an indication of a basin in which hydrothermal fluids may be rising along faults to deposit mineralization along or beneath the ocean floor. The basin appears to be capped by two gabbro sills. The restricted nature of the basin is also supported by the localized presence of the gabbro sills that do not occur to the west of the basin, where historical drill holes intersected zinc-lead-silver mineralization at the base of the footwall quartzite. The zone of deformation with z-folding is considered to be one of the bounding faults of a basin that has been reactivated over time. The zone was encountered before the hole reached the footwall quartzite target horizon, which is believed to be at depth below the hole.

The foregoing geological disclosure has been reviewed by Dave Pighin, PGeo, a qualified person for the purposes of National Instrument 43-101, standards of disclosure for mineral projects. Mr. Pighin is the company's consulting geologist managing the Vine drilling program.

We seek Safe Harbor.

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