VANCOUVER, July 28 /CNW/ - A recently released helicopter-airborne geophysical survey completed by the Geological Survey of Canada (GSC) covered a portion of the southern part of the Kootenay Arc in southwestern BC, including most of the Company's Nox Fort Property.
The Nox Fort Property, located southwest of Salmo, contains several gold prospects including a number of high-priority exploration targets. The geology of the Property is diverse, consisting of pelitic and volcanic sediments, and large granitic intrusions which, at their contacts holds the potential for Reduced Intrusion Related Gold Deposits (RIRGD). The former Bunker Hill mine in the center of the Property is recognized as a RIRGD-type Au-Bi-Te prospect. Other gold occurrences are known including the Bluestar showing which contains gold along with silver and elevated copper, lead and zinc values. The Property has not been a target for base metal exploration by the Company although a past producer, Remac Zinc, is located to the south of the property.
The GSC airborne survey was conducted through the autumn and winter of 2008-09 by Fugro Airborne Surveys using a helicopter-borne time-domain electromagnetic (EM) system in conjunction with a separate magnetometer survey. The survey was flown at 200-meter line spacings with readings recorded at ground elevations of less than 500 meters. The GSC issued a series of maps on 30 June 2010 including Open Files 6194 and 6195 which cover all but the northwest portion of the Nox Fort Property.
The magnetometer data is presented as contoured readings while the EM response is represented by point anomalies of various strengths. The Company has produced generalized highlight maps to accompany this press release at its website.
Flanking the Bunker Hill mine are a pair of 3 kilometer-long northeast trending clusters of EM anomalies that fall southeast and northwest of the mine area. That northeast trend generally conforms to the strike direction of the underlying pelitic and volcanic sediments.
The largest cluster of EM anomalies begins south of the Bunker Hill mine then widens as it runs southeast and east of the mine before terminating at the Wallack Creek stock. In spite of the Company completing a number of reconnaissance traverses in that area during its field programs of 2008 and 2009, it is not clear what geological feature can be attributed to that response.
Paralleling Limpid Creek northwest and north of the Bunker Hill mine, the string of GSC survey airborne EM anomalies are coincident with a pair of localized soil geochemical anomalies and a very prominent ground geophysical anomaly reported by earlier workers. Zinc was the prominent soil geochemical anomaly often supported by silver, lead and nickel. Historic ground geophysical survey EM and magnetic anomalies are coincident and enveloped by the new GSC airborne trend.
A scattershot of EM anomalies northwest of Bluestar falls on ground that was partly covered in a reconnaissance till survey by the Company in 2008. Some of those samples were somewhat elevated in gold and arsenic, and another sample was anomalous in lead. This area is also intersected the Waneta Fault, a significant regional structure that may have had an influence on the prospective nature of that area.
Magnetic response on the Property is dominated by a large positive anomaly centered over the granitic Wallack Creek stock that extends to the east, outside the mapped margin of the intrusive. The magnetic response is generally quieter elsewhere on the Property.
Northwest of the Bluestar gold occurrence, a magnetic high adds interest to the area. The Waneta Fault also crosses through this anomaly where geochemical sampling completed by the Company has targeted the area for mineral exploration.
North of the Bunker Hill mine a magnetic low straddling Limpid Creek may be significant as it corresponds to a small mineralized showing located by the Company in its 2008 field program. A sample of that quartz lens assayed 1.1 gm/tne gold and 4.9 gm/tne silver. Anomalous stream sediments, gathered by the Company in 2008 and last year, just upstream, are part of the high-priority north Limpid Creek exploration target that extends to the northeast for 1.5 kilometres.
The Company is pleased to have this additional new GSC airborne geophysical survey data and maps to assist in its future decision making process. J.David Williams, P.Eng., geological consultant to Jaxon Minerals Inc., qualified person as defined by NI 43-101, has reviewed the technical information contained in this release.
ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINERALS INC.
Laurence Stephenson, P.Eng., MBA
About Jaxon Minerals Inc.:
Jaxon Minerals Inc. is focused primarily on its Nox Fort Property where it has an option to acquire 100% interest from Clarke Gold Inc. of Calgary, AB. This large land package of about 87 square kilometers consists of 23 mineral tenures and two Crown Granted claims which cover potential Reduced Intrusion Related Gold Deposits. Although these style of deposits have been actively explored for in Alaska and Yukon, this is the first mineral property in Southern British Columbia to exhibit the many classic geologic and unique mineralogical and geochemical associations of Au-Bi-Te that are characteristic of the producing Fort Knox Mine in Alaska. It is further recognized that additional prospects containing gold and other metals occur on the Nox Fort Property.
Jaxon Minerals Inc. intends to continue its evaluation of its results from the completed exploration programs at Nox Fort with a view to plan and implement further fieldwork, and it expects to continue to evaluate alternate resource exploration projects that may be of merit and that fit within the Company's financial and manpower parameters.
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: For further information: regarding Jaxon Minerals Inc., please contact Leif Smither at 604-608-0400 or toll-free at 1-877-608-0007, or visit our website at www.jaxonminerals.com