More Creek Project
The Company has acquired two adjoining projects within British Columbia’s famed Golden Triangle. The Foremore Project, acquired in the spring of 2017 (see press release dated June 1, 2017) extends north to Jaxon’s 3,900 ha Wishbone Project, extending the Company’s holdings to almost 20,000 ha in this premier mining district. Collectively, these two projects comprise the More Creek Project
The area known as the Golden Triangle of British Columbia is among the world’s most prolific mining districts, host to past and current mining operations including Johnny Mountain, Red Mountain, Snip Mine, Premier Mine, Golden Bear, and Valley of the Kings.
The 15,500-hectare Foremore Property is located 45 kilometres north of Barrick Gold Corporation’s legendary historic Eskay Creek Mine. It hosts an abundance of known precious and base metal-rich mineralized boulder fields, outcrops, as well as multiple geochemical and geophysical anomalies in multiple areas. Cominco Limited staked portions of the property after the original discovery of a 162 g/t gold Au quartz boulder and several massive sulphide boulder fields during helicopter reconnaissance in 1987. Since that time millions of dollars have been reportedly spent by Cominco and, subsequently, Roca Mines Inc., developing multiple target areas. An even more spectacular sample was reported in a NI43-101 report for Roca Mines Inc. from the southern end of the Wishbone property, where an out cropping 2 to 3 cm vein carries visible gold at 3,240.9 g/t gold and 82,514 g/t silver (Sears and Wadkins, 2005; available on www.sedar.com). The vein cuts across the local foliation and it is difficult to determine if it is related to the abundant folioform veins cutting the schists and phyllites. Jaxon cannot verify this sample result, but intends to locate the vein and resample.
Gold enrichment has been observed by historical exploration in numerous outcropping vein styles and in sulphide zones across the property. It Includes a 1 metre chip sample by Cominco reported to grade 93.7 g/t gold and a Roca Mines grab samples reported to grade 81.7 g/t gold, from the north slope of the valley. Also, in 2004, drill hole FM04-04 returned 3.1 metres averaged 14.6 grams per tonne gold, 1114 grams per tonne silver, 0.2 per cent copper, 1.2 per cent lead and 6.6 per cent zinc, in the BRT showing (Exploration and Mining in BC 2004). This drill hole was never followed up nor was downhole geophysics utilised to better track prospective targets.
Jaxon believes new sulphide boulder trains and outcrops will be exposed from glacial melt- back across this well mineralized, partially covered property.
The Company entered into a LOI to acquire 100% interest in the company as follows:
- $5,000 on signing
- $45,000 and 350,000 Jaxon shares on TSX-V Approval
- $50,000 and 350,000 Jaxon shares on 1st anniversary (2018)
- $75,000 and 400,000 Jaxon shares on 2nd anniversary (2019)
- $125,000 and 450,000 Jaxon shares on 3rd anniversary (2020)
- $200,000 and 500,000 Jaxon shares on 4th anniversary (2021)
- $200,000 and 500,000 Jaxon shares on 5th anniversary (2022)
Additionally, on commencement of commercial production from the Property, $2,500,000 and 2,500,000 Jaxon shares are payable. Jaxon has 60-days to conduct due diligence, and in that time, the parties will prepare a definitive agreement to be submitted to TSX-V for approval.
In addition to the historical data being compiled Jaxon has completed further technical programs that are currently being interpreted by the company’s technical team.
The Wishbone property is comprised of 4,000 ha and is located within the Golden Triangle in Western British Columbia, approximately 30 km southeast of the Nova Gold/Teck-owned Galore Creek Property, a significant copper-gold-silver asset. The project is located in a region with active glaciation and has seen only limited exploration. Wishbone contains epithermal/mesothermal quartz hosted vein and rhyolite volcanic VMS targets on the northern extent of the property, and a series of six gold mineralized veins within 200 m of the original discovery vein have been found to date. The longest vein is exposed intermittently for approximately 550 m.
The property has seen some historic exploration which includes:
- The most consistent channel samples in a single vein averaging 7.8 g/t Au over an average vein width of 2.4 metres and a strike length of 78 metres.
- Mineralized boulder train and outcrop consisting of disseminated massive sulphides in quartz carbonate vein material with assay values up to 6.7 kg/t Ag, and 8.2% Cu.
The company announced the signing of a definitive agreement for the Wishbone property in March of 2017 with an option to earn 100% interest in the property.
2017 Spring/Summer Work Program
Jaxon is currently in the process of defining the summer work program. Details will be announced once the plan is complete; however, the program will include:
- Examination of newly exposed ground from glacial melt.
- Detailed follow-up of numerous high priority targets identified from historic data.
- Property-wide sampling and reconnaissance.