JAX-TSX.V
VANCOUVER, Feb. 8, 2013 /CNW/ - Jaxon Minerals Inc. ("the
Company") completed a program of core drilling on December 19, 2012 at the Snow Lake, Manitoba, property. The drilling
tested a VTEM airborne geophysical anomaly which had been further
defined with a TDEM ground geophysical survey performed by Koop
Geotechnical Services Inc. of Flin Flon,
Manitoba. The survey data was analyzed by Maxwell modeling
techniques to select drill targets. The Company's Snow Lake claim is underlain at depth by a
series of volcanic rock units known to host VMS-style mineral
deposits regionally. This favourable rock package is overlain
locally by a 25 meter thick unit of younger sedimentary limestones
and sandstones. The target volcanic sequence does not outcrop in
the vicinity of the property.
The first two drill holes were drilled on a
section selected to intercept a steeply dipping interpreted
"conductive plate" approximately 40 meters from the model top and
then 50 meters below the first intercept. The third hole was
drilled off section to intercept the same plate at depth. Koop
performed down hole Borehole TDEM surveying on holes 2 and 3, which
were drilled an extra 50 meters past the conductor plate intercept
to further confirm the position and extent of the conductive drill
targets.
All holes cut volcanic rocks known to host
VMS-style deposits in the Flin Flon-Snow Lake Belt. Under the
Paleozoic cover rocks, the steeply dipping volcanic sequence ranges
from ash tuffs to mafic volcanics and basalts. Dykes of dacite,
diabase and diorite were also encountered. Most sulphide
mineralization intercepted in the holes was associated with
quartz-bearing banded iron formations and dyke margins.
DDH SL12-01, Dip -60º, 248m EOH
Two magnetite-banded sections containing
sulphide-bearing bands ranging from 10-20cm containing 20%-30%
pyrrhotite and trace chalcopyrite were encountered. These
sulphide-bearing intercepts are located in the hole at the Maxwell
model conductive plate position and would appear to explain the
ground and airborne TDEM geophysical survey conductor anomaly. Best
intercept in the hole is 0.5 meter at 187.2 meters down the hole
grading 0.79 g/t silver and 430 ppm zinc.
DDH SL12-02, Dip -60º, 298.5m EOH
Further down the conductive plate, three
quartz-bearing iron formations containing magnetite-banded sections
with sulphides as 8-10cm bands of pyrrhotite ranging from 30% to
70% with traces of chalcopyrite were intersected. These
sulphide-bearing intercepts are again located in the drill hole at
the modeled conductive plate position and would also appear to
explain the ground and airborne TDEM geophysical survey anomaly.
Down hole TDEM borehole surveying confirmed the conductor's
position and anomalous conductivity due to bands of pyrrhotite
sulphides. The best intercept in hole 2 was a 0.7 meter banded-iron
formation interval grading 0.14% copper and 1.0 g/t silver at 258.0
meters down the hole.
DDH SL12-03, Dip -55º, 320m EOH
Magnetite-banded sections containing sulphides
(ranging up to 40%) pyrrhotite and trace chalcopyrite were
intersected. These sulphide-bearing intercepts are located in the
hole at the modeled conductive plate position and would appear to
explain the ground and airborne TDEM geophysical survey
anomaly.
Best intercepts in the hole are 0.9 meters at
250.2 meters down hole grading 0.1% copper and 1.3 g/t silver
contained in a 6.8 meter interval of anomalous copper, zinc and
silver. At 310 meters a 0.5 meter intercept graded 0.52% copper,
4.85 g/t silver and 310.0 ppb gold.
Jaxon concludes that the drilling results
adequately explain the main conductive trend. On the Snow Lake claims, the recent ground TDEM
survey also identified a strong conductive anomaly paralleling the
tested trend which remains to be drill tested.
The Company plans to complete a deep penetration
ground TDEM geophysical survey at its Beatty Lake, Saskatchewan project where coincident
conductors and magnetic response has been identified by its VTEM
helicopter survey. The survey will be used to further model the
conductive plates and prioritize drill targets. The Beatty Lake
project area is not covered by Paleozoic rocks and massive sulphide
float material containing grades of copper, zinc, silver and gold
typical of the district's VMS deposits has been found north of
Beatty Lake and associated with VTEM conductive trends. The Company
is planning the geophysical and drilling program for this permitted
drill target. Other parties have staked a significant number of new
mineral claims in the Beatty Lake area.
All technical content in the foregoing
disclosure has been verified and approved by Glen C. Macdonald, P.Geo. (a qualified person
for the purpose of National Instrument 43-101, Standards of
Disclosure for Mineral Projects).
LABORATORY PROTOCOL AND QA/QC PROCEDURE: Acme
Analytical Laboratories Ltd. is an ISO-9001 and ISO/IEC 17025:2005
registered and accredited laboratory who uses methods of analysis
including fire assay for precious metals and ICP-Mass Spectrometry
to determine metal and elemental contents for Jaxon's sample
material. A 30-gram subsample of each drill core pulp is analyzed
by a 58 element wet geochemical ultra-trace ICP-MS method (Acme
Code IF06). Drill core recovery is estimated to generally be
between 90% and 100% and true intercept thickness estimates are
unknown at this time. All NQ-sized drill core is logged,
photographed and cut in half with a diamond saw. The second half of
the core is stored in labeled core boxes at Manitoba's core storage facility. Half of the
core is labeled, bagged and securely delivered to Acme Labs who
prepares by crushing and grinding the individual samples into
pulps. Each sample batch has certified control reference standards,
plus Acme Labs also inserts into each sample batch additional
quality assurance and quality control samples prior to analysis.
The certified standards, duplicates and blanks are monitored for
quality by Acme Labs' and Jaxon's data management personnel. The
above process meets or exceeds National Instrument 43-101 technical
requirements.
ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINERALS INC.
"Paul
Zdebiak"
President
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
Regulation 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.