Business
PJX Completes Consolidation of High-Grade Gold Zone in Vulcan Gold Belt
TORONTO, ON / ACCESSWIRE / June 1, 2020 / PJX Resources Inc. (TSXV:PJX) ("PJX") is pleased t...
About this update from Pjx Resources Inc.
[{"type":"text","content":"PJX Completes Consolidation of High-Grade Gold Zone in Vulcan Gold BeltTORONTO, ON / ACCESSWIRE / June 1, 2020 / PJX Resources Inc. (TSXV:PJX) (\"PJX\") is pleased to announce it has completed consolidation of the High-Grade David Gold Zone with acquisition of the last remaining heritage claim, subject to regulatory approval. The David Gold Zone occurs on PJX's Gold Shear Property that is 30 km by road from Cranbrook, British Columbia, Canada.\"PJX has strategically consolidated 100% of the mineral title to over 50,000 hectares of land covering the potential bedrock source of gold found in placer mining creeks,\" states Mr. John Keating, President and CEO of PJX Resources. Anecdotal data suggests that 1.5 million ounces of gold have been mined from the creeks since placer gold was first discovered and started a gold rush in 1864, similar to the Cariboo gold rush of 1862. Barkerville Gold Mines discovered a multi-million ounce bedrock resource of gold, in the Cariboo placer gold camp, that is now owned by Osisko Gold Royalties Ltd and is in the development stage.\"Placer gold is found in 3 separate drainage basins around Cranbrook. This suggests there is more than one bedrock source of the gold and supports the potential to discover multiple deposits. Regional and local geology also support the potential for multiple gold discoveries in what we are calling the Vulcan Gold (\"VG\") Belt (see VG Belt https://pjxresources.com/VG-Belt.jpg).\"The gold bearing creeks align along and within a large, deep-penetrating structural zone called the Kanasewich or Vulcan Tectonic Zone,\" states Dr. Trygve Hoy, Director of PJX Resources. \"The structural zone is in 2.5 billion year and older Archean basement rocks at depth below the mountains. Reactivation of the zone over time influenced the formation of the Sullivan Deposit 1.45 billion years ago and also localized late intrusions and structures that provided the pathways for the formation of potential gold deposits from 110 million to possibly 45 million years ago.\"Background - Kanasewich or Vulcan Tectonic Zone and Mineral DepositsLarge deep seated structure in Archean rocks over 2.5 billion years old.First recognized while drilling for oil near Vulcan Alberta.Related structure can be followed west at depth under British Columbia where researchers (e.g., Kanasewich, 1968; Hoy, 1982) as well...