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PJX Resources Inc. (TSXV:PJX) closed its non-brokered private placement of 750,000 units at a price of $0.20 per unit, for total gross proceeds of $150,000. The Company also announced assay results from the first two drill holes of a program on the Zinger Property in Cranbrook, BC. The two NQ diamond drill holes were drilled to test separate sedimentary horizons with gold mineralization potential.
As quoted in the press release:
Hole ZG12-02 intersected 2.92 g/t gold over 2 m within a broader interval of 0.50 g/t gold over 22.38m from a depth of 2.62 m (bedrock) down to 25 m. Additional anomalous gold mineralization was intersected sporadically in the 188 m long hole including a 9 m section with a weighted average grade of 0.38 g/t gold from 158 to 167 m.
Hole ZG12-01 was drilled between 2 widely spaced holes drilled by Chapleau Resources in 2003 (Z-03-13, Z-03-14). The 96 m hole intersected quartz, sericite, hematite and iron carbonate altered sediments with sporadic narrow intervals of anomalous gold mineralization up to 0.35 g/t over 1m.
PJX Resources Inc. President and CEO, John Keating said:
This initial gold intersection is very encouraging as it occurs proximal to a fold structure recently mapped at surface in the fall of 2012. Gold deposits often occur along fold structures. The strike of the folding is also coincidental with the 8 km trend in gold mineralization from surface sampling. These results will allow us to assess possible factors that influence gold mineralization and help prioritize additional targets to test along strike this year.
Click here to read the PJX Resources Inc. (TSXV:PJX) press release