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Jaxon Mining's first-pass drilling campaign at Max target "ticks all the boxes"

Last updated: 02:29 20 Feb 2018 AEDT, First published: 22:29 16 Feb 2018 AEDT

Hazelton project
A total of 2,281 metres were drilled and 1,019 core samples were selected for assay

Jaxon Mining Inc (CVE:JAX) said on Friday it had “ticked all the boxes” with its first drilling programme on the Max silver-zinc target at the Hazelton project in Canada.

The exploration company highlighted 11 separate intervals of high-grade silver were intercepted in seven of the 12 exploratory holes drilled in December at the project, which is located 50 kilometres north of Smithers in British Columbia.

All drill holes intercepted sulphide mineralisation indicating a widespread distribution of mineralisation indicative of a robust system, Jaxon said.

A total of 2,281 metres were drilled and 1,019 core samples were selected for assay. The drilling targeted modelled high chargeability and low resistivity locations from the ground-based 2D and 3D induced polarisation (IP) survey.

The 12 completed drill holes tested a roughly one-square kilometre area at the Max target along the north-eastern slope of Blunt Mountain, from elevations of 550 metres (m) to 775m, coincident with the channel sampling completed in the summer of 2017. This drill zone at Max only represents 0.2% of the area of the Hazelton project, which covers a contiguous 47,000 hectares.

Drilling confirmed the diagnostic signature (antimony) of a precious metal rich shallow marine volcanogenic massive sulphide (VMS) system. The Max target displays characteristics of the nearby Equity Silver Mine (once Canada's most profitable silver mine) including similar age rock, shallow marine setting, and possible remobilization of precious metal rich mineralisation.

Due to the success of blind IP targeting, particularly in drill holes 17-11 and 17-12, Jaxon has made preliminary plans for an additional 1,000 — 4,000 metres of drilling at the Max zone in the coming 2018 field season. This drilling will also cover the area directly adjacent to the north of the known mineralized Max target, where a magnetic low (potentially due to hydrothermal alteration) is coincident with high chargeability targets.

Table of Significant Intercepts from 2017 Max Drilling of IP Survey, Hazelton

JAX17-08

775

150

120.2

121.4

1.2

111

0.691

1.82

4.88

0

JAX17-08

775

 

123.1

123.6

0.5

273

0.906

3.13

11.1

0

Hole ID

Alt (m)

Depth (m)

from (m)

to (m)

Length (m)

Ag ppm

Sb %

Pb %

Zn %

Au ppm

JAX17-06

700

144

95.2

96.2

1.0

114

0.509

0.73

5.27

0.003

JAX17-09

675

108

30

31

1.0

109

0.256

0.53

4.16

0.257

JAX17-10

625

201

no high grade intercepts

JAX17-12

605

174

104.8

105.3

0.5

153

1.942

2.15

3.62

0.654

JAX17-12

605

 

107.5

108.1

0.62

418

5

6.87

10.29

1.077

JAX17-11

605

150

92.33

92.53

0.2

1206

4.731

5.29

10.83

2.075

JAX17-03

550

231

114.1

114.6

0.5

306

1.192

2.44

0.44

0.925

JAX17-03

550

 

181.3

181.8

0.5

265

2.002

3.87

2.01

0.038

JAX17-03

550

 

192.2

192.8

0.6

146

1.316

1.51

1.23

0.085

JAX 17-02

550

201

no high grade intercepts 

JAX 17-01

550

171

no high grade intercepts

JAX17-04

725

129

37.9

38.3

0.4

15

0.268

0.64

7.78

0.268

JAX17-07

700

192

76.5

78

1.5

103

0.282

0.53

3.08

0.01

Jax17-05

700

129

85

86.1

1.1

13

0.258

0.62

2.97

0.166


 

“The drill results, as modelled, indicate that we're in a large mineralised volcanogenic system. It's evident that the system carries high grades of precious and base metals, and, importantly, we're beginning to understand its diagnostic signature at depth," said Carl Swensson, vice-president of exploration at Jaxon.

Jason Cubitt, Jaxon's president, said the company would be able “to build on what we seeing here”.

“The next task for us is to add this drill data to our conceptual model, locate the boundaries of this large mineralised system, and vector to the areas where the highest grade mineralisation is structurally controlled," Cubitt said.

Shares closed on Friday at C$0.24.

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