VANCOUVER, Feb. 8, 2013 /CNW/ - Jaxon Minerals Inc. ("the Company")
completed a program of core drilling on December 19, 2012 at the Snow
Lake, Manitoba, property. The drilling tested a VTEM airborne
geophysical anomaly which had been further defined with a TDEM ground
geophysical survey performed by Koop Geotechnical Services Inc. of Flin
Flon, Manitoba. The survey data was analyzed by Maxwell modeling
techniques to select drill targets. The Company's Snow Lake claim is
underlain at depth by a series of volcanic rock units known to host
VMS-style mineral deposits regionally. This favourable rock package is
overlain locally by a 25 meter thick unit of younger sedimentary
limestones and sandstones. The target volcanic sequence does not
outcrop in the vicinity of the property.
The first two drill holes were drilled on a section selected to
intercept a steeply dipping interpreted "conductive plate"
approximately 40 meters from the model top and then 50 meters below the
first intercept. The third hole was drilled off section to intercept
the same plate at depth. Koop performed down hole Borehole TDEM
surveying on holes 2 and 3, which were drilled an extra 50 meters past
the conductor plate intercept to further confirm the position and
extent of the conductive drill targets.
All holes cut volcanic rocks known to host VMS-style deposits in the
Flin Flon-Snow Lake Belt. Under the Paleozoic cover rocks, the steeply
dipping volcanic sequence ranges from ash tuffs to mafic volcanics and
basalts. Dykes of dacite, diabase and diorite were also encountered.
Most sulphide mineralization intercepted in the holes was associated
with quartz-bearing banded iron formations and dyke margins.
DDH SL12-01, Dip -60º, 248m EOH
Two magnetite-banded sections containing sulphide-bearing bands ranging
from 10-20cm containing 20%-30% pyrrhotite and trace chalcopyrite were
encountered. These sulphide-bearing intercepts are located in the hole
at the Maxwell model conductive plate position and would appear to
explain the ground and airborne TDEM geophysical survey conductor
anomaly. Best intercept in the hole is 0.5 meter at 187.2 meters down
the hole grading 0.79 g/t silver and 430 ppm zinc.
DDH SL12-02, Dip -60º, 298.5m EOH
Further down the conductive plate, three quartz-bearing iron formations
containing magnetite-banded sections with sulphides as 8-10cm bands of
pyrrhotite ranging from 30% to 70% with traces of chalcopyrite were
intersected. These sulphide-bearing intercepts are again located in the
drill hole at the modeled conductive plate position and would also
appear to explain the ground and airborne TDEM geophysical survey
anomaly. Down hole TDEM borehole surveying confirmed the conductor's
position and anomalous conductivity due to bands of pyrrhotite
sulphides. The best intercept in hole 2 was a 0.7 meter banded-iron
formation interval grading 0.14% copper and 1.0 g/t silver at 258.0
meters down the hole.
DDH SL12-03, Dip -55º, 320m EOH
Magnetite-banded sections containing sulphides (ranging up to 40%)
pyrrhotite and trace chalcopyrite were intersected. These
sulphide-bearing intercepts are located in the hole at the modeled
conductive plate position and would appear to explain the ground and
airborne TDEM geophysical survey anomaly.
Best intercepts in the hole are 0.9 meters at 250.2 meters down hole
grading 0.1% copper and 1.3 g/t silver contained in a 6.8 meter
interval of anomalous copper, zinc and silver. At 310 meters a 0.5
meter intercept graded 0.52% copper, 4.85 g/t silver and 310.0 ppb
Jaxon concludes that the drilling results adequately explain the main
conductive trend. On the Snow Lake claims, the recent ground TDEM
survey also identified a strong conductive anomaly paralleling the
tested trend which remains to be drill tested.
The Company plans to complete a deep penetration ground TDEM geophysical
survey at its Beatty Lake, Saskatchewan project where coincident
conductors and magnetic response has been identified by its VTEM
helicopter survey. The survey will be used to further model the
conductive plates and prioritize drill targets. The Beatty Lake project
area is not covered by Paleozoic rocks and massive sulphide float
material containing grades of copper, zinc, silver and gold typical of
the district's VMS deposits has been found north of Beatty Lake and
associated with VTEM conductive trends. The Company is planning the
geophysical and drilling program for this permitted drill target. Other
parties have staked a significant number of new mineral claims in the
Beatty Lake area.
All technical content in the foregoing disclosure has been verified and
approved by Glen C. Macdonald, P.Geo. (a qualified person for the
purpose of National Instrument 43-101, Standards of Disclosure for
LABORATORY PROTOCOL AND QA/QC PROCEDURE: Acme Analytical Laboratories
Ltd. is an ISO-9001 and ISO/IEC 17025:2005 registered and accredited
laboratory who uses methods of analysis including fire assay for
precious metals and ICP-Mass Spectrometry to determine metal and
elemental contents for Jaxon's sample material. A 30-gram subsample of
each drill core pulp is analyzed by a 58 element wet geochemical
ultra-trace ICP-MS method (Acme Code IF06). Drill core recovery is
estimated to generally be between 90% and 100% and true intercept
thickness estimates are unknown at this time. All NQ-sized drill core
is logged, photographed and cut in half with a diamond saw. The second
half of the core is stored in labeled core boxes at Manitoba's core
storage facility. Half of the core is labeled, bagged and securely
delivered to Acme Labs who prepares by crushing and grinding the
individual samples into pulps. Each sample batch has certified control
reference standards, plus Acme Labs also inserts into each sample batch
additional quality assurance and quality control samples prior to
analysis. The certified standards, duplicates and blanks are monitored
for quality by Acme Labs' and Jaxon's data management personnel. The
above process meets or exceeds National Instrument 43-101 technical
ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINERALS INC.
This news release may contain forward-looking information which is not
comprised of historical facts. Forward-looking information involves
risks, uncertainties and other factors that could cause actual events,
results, performance, prospects and opportunities to differ materially
from those expressed or implied by such forward-looking information.
Forward looking information in this news release may include, but is
not limited to, the Company's objectives, goals or future plans.
Factors that could cause actual results to differ materially from such
forward-looking information include, but are not limited to, those
risks set out in the Company's public documents filed on SEDAR.
Although the Company believes that the assumptions and factors used in
preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such information,
which only applies as of the date of this news release, and no
assurance can be given that such events will occur in the disclosed
time frames or at all. The Company disclaims any intention or
obligation to update or revise any forward-looking information, whether
as a result of new information, future events or otherwise, other than
as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Jaxon Minerals Inc.
For further information:
regarding Jaxon Minerals Inc., please contact Leif Smither or Fulvio Scrigner at 604-608-0400, Toll Free: 1-877-608-0007 or visit our website at www.Jaxonminerals.com.