Jaxon Minerals Inc. Updates High-Grade Price Creek Project
VANCOUVER, November 21, 2016 - Jaxon Minerals Inc. (TSXV: JAX) (FSE: 0U3) ("Jaxon" or the "Company") is pleased to provide 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 g/t at the MAX target, and up to 22.7 g/t gold at the SPINE prospect (BC Geological Survey MINFILE Report 093M 027-219).
Previous work on Jaxon's 2,396 ha 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 Gold Corp'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 VMS deposits.
Upcoming work
Jaxon is now in the process of collecting and analyzing all data from past exploration programs. This includes the most recent modern exploration campaign results from 2011-12, which the Company is integrating into a new comprehensive exploration model for the property's two main targets - the MAX and the 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 re-submitted for assay sample 16-02, one of four grab samples taken on its due diligence site visit to the property. (See news release dated November 2, 2016). Along with significant gold lead and zinc values, the sample returned a silver value in excess of 1500 ppm (48.2 oz/t), which exceeds the upper limit of the assay method used.
This news release has been reviewed by Glen Macdonald, P.Geo. (a qualified person for the purpose of National Instrument 43-101, Standards and Disclosure for Mineral Projects).
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 November 20, 2018, and are exercisable at a price of seven cents.
About Jaxon
Jaxon is a base and precious metals exploration company with a regional focus on western Canada. The company is currently advancing its optioned Price Creek Property in north-central British Columbia. The property has seen considerable historic exploration work and presents a VMS-style target with reported potential for Eskay Creek Mine / Equity Silver Mine style mineralization.
ON BEHALF OF THE BOARD
Signed "Jason Cubitt"
Jason Cubitt, President and Director
For further information regarding Jaxon Minerals Inc., please contact Jason Cubitt at 604-608-0400, Toll free: 1-877-608-0007.
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 Regulations 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.