Jaxon Discovers High-Grade Au/Ag/Cu in Polymetallic Quartz Sulfide Mineralization at Netalzul Mountain, with Silver Grades up to 1641 g/t, Gold Grades up to 5.91 g/t and Copper Grades up to 3.46%
August 25, 2020, Vancouver, Canada - Jaxon Mining Inc. (TSXV: JAX, FSE: OU31, OTC: JXMNF) ("Jaxon" or the "Company”) is pleased to announce it has received the final assay results from the 2020 Phase One surface rock sampling program at Hazelton. Multiple high-grade, quartz sulfide mineralization zones with silver grades of up to 1641 g/t, gold grades of up to 5.91 g/t and copper grades of up to 3.46% have been discovered at Netalzul Mountain AOI.
A total of 70 rock samples were collected from the Red Springs and Netalzul Mountain AOIs (Figure 1). All samples were assayed at MSALABS in Langley, B.C., Canada by IMS-128 for 39 elements, FAS-111 fire assay for gold with ICP-ES finish and MET-440 for 29 elements for ore grade samples. Significant assay results are listed in Tables 1 and 2.
Netalzul Mountain AOI
Netalzul Mountain AOI (https://bit.ly/3l82xHc) is a polymetallic Au-Ag-Cu-Mo-W-Sb-Pd and polymetallic porphyry mineralization target, covering 62.06 km2 (Figure 1). The 2020 surface sampling program focused on historical artisanal workings at the centre of the AOI, at the Daisy and Ellen claims and their surrounding areas. 18 outcrop chip or grab samples were collected (Table 1, Figures 2 to 4).
Assay Result Highlights
- One combined grab sample from the artisanal adit 1 area contains gold equivalent grades of up to 18.81 g/t, which includes gold grades of up to 5.91 g/t, silver grades of up to 623 g/t and copper grades of up to 3.46% (Figures 2, 4).
- One 2-metre outcrop chip sample from quartz sulfide vein at the adit 1 area contains gold equivalent grades of up to 8.90 g/t, which includes gold grades of up to 1.59 g/t, silver grades of up to 411 g/t and copper grades of up to 0.71% (Figures 2, 4).
- 5 metre outcrop chip samples from the artisanal adit 2 area contain gold equivalent grades of up to 17.10 g/t, which includes gold grades of up to 2.30 g/t, silver grades of up to 748 g/t, copper grades of up to 1.17%, lead grades of up to 2.74% and antimony grades of up to 0.89% (Figures 3, 4); and includes one metre chip sample containing gold equivalent grades of up to 31.76 g/t with a gold grade of 3.96 g/t, silver grade of 1641 g/t, copper grade of 2.73% and antimony grade of 2.25%.
- Three samples (A0027252, A0027240 and A0027199) collected along a large fault/contact zone striking between the granite and hornfels (Figure 5) contain up to 0.33% molybdenum and 0.85% tungsten. This zone also contains historical high-grade sample NATMR006 which had previously been reported with assay results of >1% Cu, >1% Pb, >100 g/t Ag and 2.26 g/t Au (Assessment Report 32043).
Red Springs AOI
At Red Springs AOI, 52 grab or chip rock samples were collected from Northwest Cirque and its surrounding area (Figure 1, Table 2).
The rock sampling program and surface prospecting work confirmed a potential extension of the gold-bearing tourmaline breccia mineralization zone to Northwest Cirque from Main Cirque and North Cirque, and connection to the diorite intrusion at Northwest Cirque (Figure 6).
Assay Result Highlights
- Gold-bearing tourmaline breccia mineralization veins/zone existing in the hornfels and diorite intrusive at the Northwest Cirque area containing gold equivalent grades of up to 3.18 g/t including Au @2.36 g/t, Co @0.13% and Cu @0.07% (Sample A0027182, Table 2).
- Biotite granite at Northwest Cirque with molybdenum grades of up to 0.37% (Sample A0027156)
- Granodiorite porphyry outcrop sample, from the Primary Ridge porphyry target, with copper grades of up to 0.28% (Sample A0027233)
Table 1. Significant Assay Results From Netalzul Mountain AOI
|A0027193||627053||6129247||1.5 m chip sample, quartz vein with semimassive sulfides in the adit 2 area||0.14||85||0.12||0.10||0.02||0.18||0.01||2.06|
|A0027194||627053||6129247||1 m chip sample, quartz vein with semimassive sulfides in the adit 2 area||0.02||13||0.03||0.08||0.01||0.01||0.01||0.60|
|A0027195||627053||6129247||1 m chip sample, quartz vein with semimassive sulfides in the adit 2 area||3.96||1641||2.73||0.01||0.79||2.25||0.01||31.76|
|A0027196||627053||6129247||2 m chip sample, quartz vein with semimassive sulfides in the adit 2 area||3.16||863||0.90||0||0.20||0.90||0.01||16.85|
|A0027197||627053||6129247||2 m chip smaple, quartz vein with semimassive sulfides in the adit 2 area||0.61||188||0.68||0.00||6.26||0.20||0.01||10.01|
|A0027198||627003||6129434||2 m chip sample, quartz vein with sulfides in a fault breccia zone in Daisy claim||0.01||1||0.01||0.01||0.03||0.01||0.01||0.18|
|A0027199||626417||6129949||5 m grab sample, quartz vein with sulfides in Daisy claim in the contact zone between hornfels and granite||0.03||5||0.11||0.11||0.01||0.01||0.02||0.79|
|A0027200||626417||6129949||1m chip sample, felsic porphyritic dyke with disseminated sulfides in Daisy Claim in the contact zone between hornfels and granite||0.01||1||0.01||0||0.01||0.01||0.01||0.12|
|A0027240||626043||6129397||Quartz vein along fracture zone in granite, containing some sulfides. 1 m wide; Distinctly, >100 m fracture zone, multiple quartz veins in the fracture zone in Ellen Claim||0.14||5||0||0.33||0.02||0.01||0.84||7.03|
|A0027241||626585||6129663||Quartz vein in a fracture zone > 10m in granite, containing some sulfides in Daisy Claim||0.03||27||0.01||0.01||0.01||0.01||0.02||0.60|
|A0027242||627130||6129195||Quartz vein with significant polymetallic sulfides, >2m wide, adit 1 area, grab sample.||5.91||623||3.46||0.00||0.25||0.82||0.01||18.81|
|A0027243||627125||6129194||Quartz vein with significant polymetallic sulfides, adit 1 area, chip sample of 2 m wide.||1.59||411||0.71||0.00||0.38||0.69||0.01||8.90|
|A0027244||627026||6129281||Grab sample, quartz vein with significant polymetallic sulfides in adit 2 area||0.73||93||0.75||0.22||0.09||0.183||0.01||3.91|
|A0027245||627016||6129285||Grab sample, quartz vein with significant polymetallic sulfides in adit 2 area||0.39||90||0.75||0.06||0.08||0.08||0.01||2.79|
|A0027246||627016||6129285||Grab sample, quartz vein with significant polymetallic sulfides in adit 2 area||0.17||42||2.11||0.03||0.03||0.03||0.01||3.05|
|A0027250||627053||6129247||quartz vein with sulfides in Daisy claim||0.01||1||0.02||0||0.01||0.01||0.01||0.12|
|A0027251||626261||6129673||quartz vein with sulfides in Daisy claim in the contact zone between hornfels and granite||0.01||2||0.05||0.02||0.01||0.01||0.01||0.24|
|A0027252||626014||6129415||quartz vein with semimassive sulfides in Ellen claim||0.05||2||0||0.18||0.01||0.01||0.21||2.19|
|AuEq calculated based on Au, USD 1,900/Ounce; Ag, USD 26.00/Ounce; Cu, USD 6,000/T; Co, USD 33,000/T; Mo, USD 24,000/T; Pb, USD 1,800/T; Sb, USD 5,000/T; W, USD 40,000/T|
Table 2. Significant Assay Results From Red Springs AOI
|A0027154||610250||6113965||Hornfel with disseminated sulfides and tourmaline vein.||0.01||124.8||2108||1.26||0.31|
|A0027156||610610||6113885||Biotite granite porphyry float with molybdenite crystal flakes||0.00||8.6||125||3740||1.49|
|A0027157||610737||6113881||Hornfel with massive sulfide, Rock flow.||2.12||497||2398||3.13||2.64|
|A0027158||610740||6113814||1-meter wide quartz veins outcrops within large biotite granodiorite stocks||0.24||102||3861||1.15||0.70|
|A0027161||610707||6113630||large boulder tourmaline breccia mineralization zone with well developed sulfidation, calcite and quartz veins||0.00||17.6||675||1.27||0.09|
|A0027162||610594||6113673||Hornfel with massive sulfide. Rock flow.||0.14||72||815||1.06||0.28|
|A0027167||610776||6113812||Hornfel with massive sulfide, Rock flow.||0.01||186||4786||0.87||0.60|
|A0027177||611812||6113695||Outcrop quartz tourmaline breccia with semimassive sulfide minerals within >10 meter zone||0.54||1.2||48||4.55||0.56|
|A0027178||611575||6113769||Strong oxidized diorite with veinlets or stockwork of pyrite and quartz veins near the contact between hornfels and diorite||0.20||153||2381||10.83||0.55|
|A0027182||611012||6113591||Diorite float with tourmaline and quartz vein, containing some sulfide||2.36||1308||729||4.2||3.18|
|A0020063||611017||6113597||float,qtz tourmaline bx in diorite , 10% asp, 2% cpy, 5% py||2.18||1400||520||10||3.02|
|A0027201||611196||6113750||strong silicified tourmaline breccia boulder within diorite intrusive area||1.02||2237||4||1.07||2.23|
|A0027206||611063||6113733||massive sulfide diorite porphyry||0.02||81||1224||1.66||0.21|
|A0027211||610894||6114263||large diorite boulder with with fracture filling and semimassive disseminated sulfides||0.08||57||1820||9.04||0.31|
|A0027223||610747||6114133||Diorite, Same location with A0027221. Mainly sulfides, strong limonitation||0.15||3||1060||18.24||0.29|
|A0027224||610747||6114133||Massive sulfides, Same location with A0027221. Mainly sulfides, partially limonitation||0.07||155||3700||5.77||0.55|
|A0027226||610654||6114067||Diorite Rock flow, tourmaline + quartz vein + sulfide in hornfel||0.21||17||526||6.82||0.29|
|A0027228||611276||6113651||Diorite with disseminated sulfides, checking samples for previous sample of A0020077||0.01||36||731||0.89||0.10|
|A0020077||611280||6113650||siliceous rocks with 10% diss po, 2% cpy||0.00||40||540||10||0.11|
|A0027231||611285||6113569||Rock flow, diorite with significant sulfide, hydrothermal pepple in diorite||0.27||108||305||1.1||0.37|
|A0027232||612940||6115902||Granite porphyry dyke with sulfides, weak magnetic, 30 cm in width||0.00||9.9||511||1.55||0.06|
|A0027233||613233||6115754||Biotite granite porphyry with chalcopyrite,malachite, and quartz vein, B anomaly area||0.01||20||2787||36.28||0.34|
|AuEq calculated based on Au, USD 1,900/Ounce; Cu, USD 6,000/T; Co, USD 33,000/T; Mo, USD 24,000/T|
Mr. John King Burns, CEO and Chairman of the Board commented, “Our crew is now back in the field at Netalzul, mapping and channel sampling the areas where we just completed the rock sampling. The team is also reviewing the available geophysical and geochemical data; and extending our conceptual geological model of the area to create a picture of the structure that hosts the mineralization. Our major target remains the Cu, Au porphyry system at Red Springs, the elephant that drives the system. The Red Springs porphyry system generated the extensive tourmaline breccia occurrence that marks the major orogenic and metallogenic events that shape Hazelton as a porphyry province. These orogenic events occurred at approximately the same time the deeper basement, late Cretaceous, Laramide events were occurring further south. Our conceptual geological model indicates Hazelton is host to four or more targeted mineralized systems with a myriad of distal offshoots. Netalzul is one of those systems and will be prioritized after Red Springs and before Max and Blunt Mountain. As planned, we are preparing to drill test the Red Springs porphyry system in late 2020. Netalzul was a recent consolidation and the Company is working to secure drilling permits in time for the 2020 field season.”
“It is always exciting to be rewarded with something better than what was expected. Within a short time, our team found the artisanal workings and outcrops with evidence of high-grade Au/Ag and other metals we had been told to look for. The Netalzul area had been non-systemically prospected in the sixties through the eighties. One of those original prospectors, Mr. Martial Levasseur, is now an advisor to the Company. We have taken a page from the infamous Yukon prospector Shawn Ryan; we heard the rumors and are following the footsteps of the old prospectors. We are inspired by the geology we are working with and will continue our disciplined and systematic exploration. Despite market pressure to do otherwise, we will only drill test fully developed and geologically informed targets. The discoveries at Netalzul mark another advance in our understanding of and vision for Hazelton.”
Sample Preparation and Analyses
All samples described in this news release were collected by the Company’s Qualified Professional Geologists. Chip and prospecting samples were collected in the field by experienced, professional geological staff who selected hand samples from outcrop or chip samples. The samples were numbered, described and located in the field for follow-up. Numbered rock samples tags were placed inside each bag, securely closed for transport to the Company’s secure cold storage locked facility in Smithers, B.C. MSALABS of Langley, B.C. received the Rice Bag shipments after secure transport from Smithers. Samples were prepared by crushing, grinding and pulverizing to a pulp with barren material washing between each sample at the crush and pulverizing stages. Then 20 g of pulp was used for the IMS-128 for 39 elements, FAS-111 fire assay for gold with ICP-ES finish and MET-440 for 29 elements for ore grade samples, and MET-440 for ore grade samples. Overlimit silver is determined by Fire ASSAY 415 method. Laboratory standards and QA – QC are monitored by the Company.
Yingting (Tony) Guo, P.Geo., President of Jaxon Mining Inc., a Qualified Person as defined by National Instrument 43-101, has reviewed and prepared the scientific and technical information and verified the data supporting such scientific and technical information contained in this news release.
About Jaxon Mining Inc.
Jaxon is a precious and base metals exploration company with a regional focus on Western Canada. The Company is currently focused on advancing the Red Springs Project at its 466 km2 Hazelton Property located near Smithers in northwestern British Columbia. In addition to Red Springs, Hazelton hosts three other areas of interest (AOIs): Blunt Mountain, Max and Netalzul Mountain. For more information, please visit https://jaxonmining.com.
ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINING INC.
"John King Burns"
John King Burns, Chairman
For more information, please contact:
Kaye Wynn Consulting
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