2016-11-21 07:15 ET - News Release
Mr. Jason Cubitt reports
JAXON UPDATES HIGH-GRADE PRICE CREEK PROJECT
Jaxon Minerals Inc. is providing an update on the company's plans.
Jaxon's immediate focus is aimed at advancing the newly acquired Price Creek high-grade gold-silver-zinc-lead massive sulphide project located in north-central British Columbia, Canada. In 2017, Jaxon's planned exploration will further develop the bonanza-grade gold and silver areas, which also contain high-percentage grades of zinc and lead in the numerous mineralized zones exposed at surface. The property hosts assayed surface chip sample grades for silver up to 3,398 grams per tonne at the Max target and up to 22.7 g/t gold at the Spine prospect (B.C. Geological Survey, MINFILE report 093M 027-219).
Previous work on Jaxon's 2,396-hectare Price Creek property indicates a geological and volcanogenic massive sulphide (VMS) ore deposit setting similar to the shallow marine precious-metal hydrothermal systems present at Barrick Gold's Eskay Creek mine and at Goldcorp's Equity silver mine. These two mines, located in British Columbia, remain Canada's richest examples of the bonanza-grade precious-metal-rich class of shallow-marine-style volcanogenic massive sulphide deposits.
Jaxon is now in the process of collecting and analyzing all data from past exploration programs. These include the most recent modern exploration campaign results from 2011 to 2012, which the company is integrating into a new comprehensive exploration model for the property's two main targets -- Max and Knoll. Soil grid geochemistry survey results covering prospective areas distinct from the main targets significantly enlarge the near-surface potential for massive sulphide stratiform beds and their accompanying mineralized feeder zones. Established trenches will be sampled and mapped. This will further define the diamond drill program designed to quantify the observed high-grade massive stratiform and feeder polymetallic mineralization.
The company also reports that it has resubmitted for assay sample 16-02, one of four grab samples taken on its due diligence site visit to the property (see news release dated Nov. 2, 2016). Along with significant gold, lead and zinc values, the sample returned a silver value in excess of 1,500 parts per million (48.2 ounces per ton), which exceeds the upper limit of the assay method used. This news release has been reviewed by Glen Macdonald, PGeo (a qualified person for the purpose of National Instrument 43-101).
Stock options granted
Jaxon is granting a total of 250,000 new stock options to a director of the company. The options granted are for a period of two years, expiring on Nov. 20, 2018, and are exercisable at a price of seven cents.
We seek Safe Harbor.