Jaxon Mining Inc (CVEJAX) saw its shares head higher after issuing a drilling update relating to its Hazleton project in the Skeena Arch, British Columbia.
Jaxon Mining completed the second and third drill holes, JAX 17-02 and JAX 17-03, with both holes being drilled from the same pad location, some 270 metres north of the first drill hole, JAX 17-01.
These first three holes tested chargeability targets - the Hamlin induced polarization (IP) target zone - from the Volterra 2D IP inversion below the survey line 4000E.
This IP target is in close proximity to outcropping sulphide exposures previously channel sampled at the 550 Zone and rich in zinc and silver bearing sulphosalts, as well as airborne geophysical VTEM conductive zone targets.
Jaxon is moving the drill to a third location about 500 metres furrther west of the Hamlin IP target zone and upslope roughly 200 vertical metres to a location near the sulphide exposures trenched and channel sampled at the 724 zone.
At this location, the sulphide exposures are also rich in zinc- and silver-bearing sulphosalts and are closely associated with iron pyrite, which Jaxon interprets as being highly chargeable in the 3-D Volterra detailed IP survey.
The company expects the first batch of drill core samples to be shipped at or around 12 November.
Shares in Jaxon were up 4.2% at C$0.25 in lunchtime trading.