TORONTO, ON / ACCESS Newswire / January 17, 2025 / PJX Resources Inc. ("PJX" or the "Company") is pleased to announce that drilling has identified 3 Sedimentary Exhalative (Sedex) horizons with each horizon having the potential to host a Sedex type deposit at depth and on strike. The horizons are defined by increased sulphide mineralization in the form of stacked narrow massive to semi massive sulphide beds, bands, and/or disseminated sulphides. Iron rich minerals (pyrrhotite and pyrite) are dominant with lesser concentrations of copper (chalcopyrite), zinc (sphalerite) and/or lead (galena). Drilling explored for the source of Sullivan style and grade mineralized boulders (Photo A) found in talus material at the base of a mountain slope on PJX's 100% owned Dewdney Trail Property in the Sullivan Mining District near Cranbrook, British Columbia, Canada.
Although the source of the boulders was not encountered during this initial phase of drilling, the geological environment discovered by drilling supports an environment similar to the Sullivan basin hosting the Sullivan deposit. Features include stacked bedding conformable sulphides, syn-sedimentary faults defined by large blocks of zinc mineralized sediments in a chaotic breccia (Photo B), and a cross cutting vent (Photo C) that can function as a conduit to transport metals for the formation of deposits.
Figure 1 is a standard model for the formation of Sedex deposits. Features intersected while drilling and identified by mapping are shown on the model. The approximate area of the model tested by drilling is outlined. Further drilling is required stratigraphically higher in the system and laterally away from the venting environment.
Next Drilling Phase
The sulphide flooded vent intersected while drilling is predominantly iron sulphide with locally significant copper sulphide and less zinc or lead sulphide (see photo C and grades below). This combination of sulphides suggests a hotter part of the mineralizing system. The source of the more zinc and lead rich Sullivan style and grade boulders would likely be in a cooler part of the system. This could be higher in the mineralizing system, which is higher on the mountain slope above where we have drilled. The Kootenay King quartzite horizon, which hosts the Kootenay King sedex zinc-lead-silver deposit 6.5 km on strike to the south, occurs higher on the mountain and has not yet been drilled. The location of this target is shown on Figure 2.
Cooler parts of the mineralizing system that may be favourable for forming a zinc-lead-silver deposit, may also occur laterally away from the vent as shown by the location of sphalerite and galena in replacement ore on Figure 1. The 3 Sedex horizons encountered in drilling may be favourable mineralizing periods to form a deposit on strike and laterally away from the vent area. Two Sedex horizons occur in the footwall beneath the Estella workings at the base of the mountain. The third Sedex horizon occurs about one third of the way up the mountain slope. Figure 2 shows the approximate target locations to test 2 of the horizons laterally on strike and south of the vent.
Drilling commenced in early August last year after the exploration permit amendment was received from the government in mid-July, 2024. The exploration permit is good until July 2029. Further assessment of the results along with geophysics will be undertaken this winter to help define drill pad locations to test the various targets. Additional information will be provided when available.
Photo A - Sample STM-23-7 (9.33% zinc, 2.48% lead, 14.62 g/t silver, 495 ppm or 0.05% copper)
Sullivan style and grade boulder in talus at the base of a mountain slope. Alternating dark and light coloured bands with sulphides (zinc, lead, iron) appear to be sulphide-rich beds that have broken apart possibly by slumping during deposition, or during later folding.
Reddish-brown coloured bands and beds of sphalerite (zinc sulphide) in sediments. Rock sample is from an outcrop at surface that is part of a large (approximately 10 metre) block of sediment in the fault chaotic breccia.
Photo C - Vent Breccia/Fragmental with pyrrhotite (iron sulphide) and chalcopyrite (copper sulphide) flooding, hole ND24-02.
Hole ND24-02 - Vent intersection is 29.87 m in core length with true width estimated at about 10 m. Table displays weighted averages.
From
To
Interval
Copper
Gold
Silver
Zinc
Lead
Cobalt
Indium
(m)
(m)
(m)
(%)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
402.1
404.5
2.4
4.82
0.29
29.01
1508.13
1758.83
66.22
1.94
400.93
430.8
29.87
0.53
5.36
350
130.33
112.3
1.7
Figure 1 - Sedimentary Exhalative (Sedex) Deposit Model displays approximate location of surface sample (Photo B) and drill hole sample (Photo C). Typical mineralizing system has pyrrhotite (iron sulphide) and chalcopyrite (copper sulphide) within and above the hotter vent environment, with sphalerite (zinc sulphide) and galena (lead sulphide) in a cooler environment exhaled on the ocean floor or laterally beneath the ocean floor and peripheral to the vent area.
Figure 2 - Photo looking northeast. Holes were drilled toward the west to test east dipping sediments for the source of Sullivan style and grade mineralization discovered in talus at the base of the mountain slope (Photo A location). Three preliminary target areas have been identified to test horizons on strike laterally from the vent, or above the vent (Photo C location).
John Keating, President of PJX, commented, "Drilling has intersected a significant mineralizing system within a geological environment amenable to host a Sedex type deposit. The presence of sulphide mineralization occurring periodically over hundreds of metres of vertical stratigraphy suggests a mineralizing system that was active over an extended period of time. Soil sampling has identified coincident zinc, lead, copper, gold, and silver anomalies for over 3 kilometres on strike. Large mineralizing systems such as this are often required to produce significant deposits. The Sullivan style and grade boulders discovered in talus are expected to be close to their source as they are angular and located in a relatively confined area at the top of the mountain. Our exploration permit is good for another 4.5 years. We look forward to this next phase of drilling when the snow melts. We will have a booth to display and discuss results at the Metals Investor Forum in Vancouver January 17 and 18, and also at AME Roundup in Vancouver January 20 and 21, 2025."
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 mineralization on PJX's Dewdney Trail Property that is over 150 km² in size. The zinc, lead, silver, and other critical metal mineralization 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. This recent first phase of drilling on part of the anomalous trend confirms a geological environment with sulphide mineralization that supports the potential to discover a Sedex type deposit.
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.
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- ooking 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.
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