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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Jaxon Mining Inc    JAX   CA47200C1023

JAXON MINING INC

(JAX)
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Jaxon Mining : Completes IP Survey at its Red Springs project, Data Identifies Multiple High Priority Anomalies of Tourmaline Breccias and Porphyries

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12/18/2018 | 10:56am EDT

Vancouver - Jaxon Mining Inc. (TSXV: JAX) (FSE: OU31) (OTC: JXMNF) (the 'Company') is pleased to announce that on November 30, 2018 it completed 23 line km 2D Induced Polarization (IP) and ground magnetic surveys at its Red Springs project, near Smithers, B.C.

The Company has received the interpretation of the survey data from Simcoe Geoscience Ltd. of Toronto, Ontario. The survey identified multiple high priority chargeability anomalies for both the gold-cobalt tourmaline breccia mineralization and a number of associated porphyry targets where occurrences of the tourmaline breccia mineralization and porphyry targets are part of an associated geological system.

Highlighted IP Survey Results

At least 32 anomalous zones are interpreted along 7 lines as significant targets for follow up from surface to 800 m+ depths. Out of the 32 anomalous zones, 16 are considered first priority (S#), 14 second priority (W#) and 2 are third priority targets (P#). First priority zones show low resistivity gradient areas with moderate IP chargeability consistent with faults and shear zones with potential for structurally controlled sulphide mineralization. The interpreted second priority (W#) anomalous zones are generally large area responses at greater depth, where IP chargeability is strong and well-defined, with low to moderate resistivity associated with potential for porphyry sulphide mineralization.

IP Line EN, along the Backbone tourmaline breccia zone, shows low resistivity with moderate IP chargeability faults and shear zones controlled sulphide mineralization anomalies such as S1 which should be tested in the 2019 drilling season. More importantly, IP chargeability is stronger to the West as indicated by both S1 anomalies of IP Line EW and L800 from IP Line EN which indicates the tourmaline breccia mineralization zone at the Backbone area may extend to the West more than 500 m.

IP lines L3400, L3600, L3800 and L4000 at the Red Springs Cirque area show strong IP chargeability anomaly with low to moderate resistivity association with potential for porphyry sulphide mineralization.

Dr. Yingting (Tony) Guo, COO, commented, 'We are pleased with the results of the IP and ground magnetic surveys. The high-resolution survey consists of over 23,000 individual data points and the chargeability and resistivity inversions outlined a minimum of 32 anomaly zones. Out of 32 anomalous zones, 16 are considered first priority, 14 are second priority and 2 are third priority targets. This geophysical technique is an extremely useful tool allowing Jaxon to identify drill targets and to better focus drilling on the known gold-cobalt tourmaline breccia mineralization zone and distal porphyry targets. These survey results highlight a number of significant anomalies coincident with our geochemical and structural information and will be followed up in next year's field season. Jaxon will conduct additional geophysical, structural and geochemical studies and drill test a number of priority targets in the 2019 season. As 16 first priority IP anomalies in 2018 have not yet been tested, we can now use the anomalies highlighted in the geophysical work to better define and expand the number of occurrences of gold-cobalt tourmaline breccia mineralization and to test the porphyry targets. Design of the field work programs for the 2019 season is now underway.'

About the Red Springs Project

Located in Northwestern B.C., 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, only 10 km away from a major highway and 2 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-sulfide zones within the fault and along bedding planes and as discordant breccia zones in the hanging wall of the fault. Mineralized intervals display multiple phases of hydrothermal activity accompanied by strong silicification and tourmaline-sulfide mineralization.

Tourmaline-sulfide breccia zones and veins have been widely found in the Backbone, North Cirque and North West Cirque prospects. At Backbone, breccia mineralization extends over a strike length of 1000 m and is up to 15 to 50 m wide on surface. Gold grades from surface channel samples range from 1 g/t to 32 g/t Au, with cobalt and copper grades up to 0.36% and 8.33%, 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 (

(C) 2018 Electronic News Publishing, source ENP Newswire

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Managers
NameTitle
John King Burns Chairman & Chief Executive Officer
Ying Ting Guo Chief Operating Officer & Executive Director
Alain Voisin Chief Financial Officer & Secretary
Laurence Gilbert Stephenson Independent Director
James P. Lavigne Independent Director
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