02:42:57 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



PJX Resources Inc
Symbol PJX
Shares Issued 50,178,446
Close 2015-06-24 C$ 0.16
Market Cap C$ 8,028,551
Recent Sedar Documents

PJX hopes for Sedex type of deposit at Vine

2015-06-24 16:12 ET - News Release

Ms. Linda Brennan reports

MINERALIZATION DISCOVERED ON VINE PROPERTY SUPPORTS POTENTIAL FOR SEDEX TYPE OF DEPOSIT

The most recent drilling on PJX Resources Inc.'s Vine property has encountered mineralization that supports the potential for a Sedex (sedimentary exhalative) type of deposit. Two gravity targets (west and east) have been explored and drilled during this latest phase of work. Mapping and prospecting discovered disseminated sphalerite (zinc sulphide) and galena (lead sulphide) in a stratigraphic geological unit called the Sundown horizon on the west edge of the West Gravity anomaly. Hole VA15-06 was drilled approximately one kilometre north of this surface showing to test the flat-lying Sundown horizon inside the gravity anomaly area. The vertical hole intersected multiple narrow bands of Sedex-style bedded massive pyrrhotite and pyrite (iron) sulphide and disseminated iron sulphide mineralization over a 10.3-metre interval at the Sundown horizon. Hole VA15-06 is the first hole drilled into the West Gravity anomaly area.

"Discovering such a thick sequence of interbedded massive sulphides and disseminated sulphides at the Sundown stratigraphic horizon with our first hole greatly supports the potential for a deposit at the Western Gravity anomaly," stated Dave Pighin (PGeo). "This type of interbedded massive pyrrhotite and pyrite sulphide mineralization also occurs above and peripheral to the Sullivan deposit. In addition, the Meadowbrook stratigraphic horizon occurs within the Western Gravity anomaly and has not yet been drilled. The Kootenay King massive sulphide deposit, located east of the Sullivan deposit, occurs along the Meadowbrook horizon."

Hole VA15-04, drilled vertically for 1,100 metres on the East Gravity target, supports the potential for Sedex-style mineralization in a third order basin that was first intersected in hole VA15-02 (see March 19, 2015, press release). The vertical hole intersected Proterozoic-age Lower Aldridge sediments that contain sections of anomalous sphalerite (zinc sulphide) and pyrrhotite (iron sulphide) mineralization disseminated within sedimentary beds that are locally altered by sericite, chlorite, albite and silica. The target horizon at the base of the footwall quartzite was not intersected due to a fault at 909 metres.

Re-evaluation of the drilling to date and of the gravity suggests that a Sedex massive sulphide body may be folded and contorted within the approximately 200-metre-wide deformed or attenuated zone caused by the Moyie fault. This folded and possibly vertically oriented style of mineralization would be more similar to the Broken Hill type of deposit in Australia than the somewhat flat-lying Sullivan deposit located 35 kilometres north of the Vine property.

"The results of our recent drilling are very encouraging and support the potential for a massive sulphide deposit on the Vine property," stated company president and chief executive officer John Keating. "Data is being compiled with additional geophysics to define targets for the next phase of drilling. An area permit is in place to continue exploring and drilling on the East Gravity target, and we are applying for a similar area permit to expand drilling on the West Gravity target."

The Vine 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 Cranbrook, B.C. 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 approximately 140 kilometres west of the property.

Hole VA15-06 technical summary

The Vine vein exhalative vent complex occurs on the west side of the Vine West Gravity anomaly. The anomaly occurs in a largely flat-lying area with limited rock outcrop. Therefore, hole VA15-06 was drilled to provide lithological and stratigraphic data to help assess the economic potential of the gravity anomaly. The Vine exhalative vent complex consists of zinc-lead-copper anomalous fragmental deposits. These deposits occur along the hangingwall of the Vine massive sulphide vein structure. Stratigraphically, the fragmental deposits occur nearly continuously for 184 stratigraphic metres beginning at the Sundown marker bed horizon and apexing at the Meadowbrook marker bed horizon. Diamond drill hole VA15-06 was drilled vertically, approximately one kilometre north of the Vine exhalative complex.

The hole collared in the Ginty marker bed horizon and cored mainly black thin-bedded pyrrhotiferous and pyritic sediments, consisting of calcareous silty argillites, argillite and argillaceous limestone, with some interbedded quartzites. The 10.3-metre-thick Sundown marker horizon from 123.2 metres to 133.5 metres down the hole contains 13 narrow massive sulphide beds consisting of pyrrhotite and pyrite and ranges in thickness from seven millimetres to 20 millimetres and rarely three millimetres. The hole was stopped in the Sundown gabbro sill at 154.8 metres. This is the first hole drilled into the Western Gravity anomaly. Disseminated sphalerite (zinc sulphide) and galena (lead sulphide) occur in the Sundown marker sediments along the western margin of the gravity anomaly, approximately one kilometre south of the hole.

As the hole collared at the Ginty marker bed horizon, it only tested the favourable Sundown horizon, where the massive iron sulphide beds were intersected. The hole did not test 184 metres of favourable stratigraphy from the Meadowbrook marker bed down to the Ginty marker bed. This stratigraphy would occur in the northern part of the gravity anomaly and has never been drilled.

Hole VA15-04 technical summary

The Vine East Gravity anomaly occurs approximately 1.5 kilometres east of two historical holes that intersected massive sulphide mineralization containing sphalerite (zinc sulphide), galena (lead sulphide), pyrrhotite (iron sulphide), pyrite (iron sulphide) and silver. The holes were drilled by other companies in the early 1990s and were logged by Mr. Pighin. The mineralization occurs at the base of a stratigraphic horizon called the footwall quartzite. Hole VA15-04 was drilled vertically to test the base of the footwall quartzite within the centre of the East Gravity anomaly.

Geology intersected in the hole is similar to that encountered by hole VA15-02 and supports the potential of a mineralized third-order basin. The hole collared in Proterozoic-age Lower Aldridge sediments before encountering two gabbro sills from 20 to 372 metres and 400 to 471 metres, respectively. Localized slumping of the sediments beneath the sills suggests that active faulting occurred during sediment deposition.

At 561.7 metres, the sediments and minor gabbro become deformed into predominantly competent chlorite-sericite-phyllite that is locally silicified. What is believed to be the footwall quartzite was intersected at 699.5 metres. The quartzites are fractured, brecciated, silicified and albitized. The base of the footwall quartzite was not intersected as the hole encountered what is believed to be the Moyie fault from 909 to 934 metres. Anomalous disseminated sphalerite, pyrrhotite-pyrite and chalcopyrite (copper sulphide) occur locally from 778 to 824 metres.

The phyllite and altered quartzites appear to form an approximately 200-metre-wide zone, where the rocks have been deformed and attenuated above the Moyie fault. The source of the gravity anomaly has not been identified by the holes to date. Shallow holes VA15-03 and VA15-05 have been drilled to help confirm geological contacts. Based on this work, the company believes that the source of the gravity anomaly may be a massive sulphide body folded with the attenuation zone of the Moyie fault.

This style of deposit would be more similar to a Broken Hill massive sulphide deposit in Australia than the somewhat flat-lying Sullivan type of deposit that is located 35 kilometres north of the Vine property. The foregoing geological disclosure has been reviewed by Mr. Pighin, PGeo (a qualified person for the purpose of National Instrument 43-101 (standards of disclosure for mineral projects)).

Mr. Pighin is the company's consulting geologist managing the Vine drilling program. Additional information will be placed on the PJX website when the assessment is completed.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.