Jaxon's 2021 IP And MT Survey
Results Vector In On Netalzul Mt Porphyry System
January 4, 2022, Vancouver, Canada - Jaxon Mining Inc.
("Jaxon" or the "Company") (TSX.V: JAX,
FSE: 0U31, OTC:
JXMNF) is pleased to announce the preliminary summary report on
results of the DC resistivity/3D induced polarization (IP) and a
short interval magnetotelluric (MT) geophysical survey over the
Netalzul Mt porphyry target area, conducted by SJ Geophysics of
Delta, B.C. The IP survey results define a large annular IP
chargeability anomaly interpreted as propylitic alteration. The MT
survey results show a deep central conductive MT anomaly further
lighting up the deeper porphyry target. The MT survey results
vector in on the porphyry at the same target area as the
comparative modeling of surface geochemistry produced by Fathom
Geophysics in early 2021. Fathom identified the Netalzul Mt
porphyry system and provided directional vectors to its location
using their comparative porphyry vectoring model. As a result of
this modeling exercise, Netalzul Mt is the priority and most
advanced of seven epithermal porphyry system exploration projects
on Jaxon's 100% owned Hazelton property approximately 40 km north
of Smithers, B.C.
In 2021, Jaxon drill tested locations inside the propylitic
alteration over the deeper porphyry target where multiple zones
with high-grade, epithermal, polymetallic sulfide quartz veins had
been identified. As a result, Jaxon has confirmed the presence of a
large number of monzonite dykes and monzonite altered granodiorite.
The monzonite is attributed to the deeper porphyry system.
Monzonite dykes are classically associated with, are generated by
and are signatures of a large porphyry system. The discovery and
identification of the monzonite dykes supports Jaxon and Fathom's
modeling which projects the location of the copper/molybdenum
porphyry system at a depth of ~800 m within Netalzul
Mt.
SJ Geophysics conducted a high resolution and deep
penetrating DC resistivity, Voltara 3D induced polarization (IP)
and MT geophysical survey in September and October of 2021. The MT
survey will be reprocessed in early 2022 to provide a more precise
3D projection of the porphyry system at depth. The IP survey shows
that the faults structurally control the location of the deeper
porphyry system. In the 2022 summer work season, Jaxon's consulting
structural geologist will confirm the extent to which these faults
control the location and the shape of the deeper porphyry system
and also examine how these same faults control/influence the
propylitic alteration zones with their nearer-to-surface,
epithermal sulfide quartz veining mineralized areas.
Highlights of the 3DIP/MT Survey
Results at Netalzul Mountain
-
A large (2.5 km x 2.3 km) annular
resistivity and chargeability anomaly has been identified. The
strong chargeability anomaly is interpreted as due to pyrite in the
propylitic zone surrounding a deep porphyry centre. The small
chargeability features within the annular anomaly are of classic
chalcopyrite chargeability likely caused by the mineralized
monzonite dykes (Figures 1 and 2).
-
These chargeability, resistivity
and magnetic features are analogous to Surge Copper's Seel and Ox
porphyry copper deposits. Surge's targets are satellite porphyry
deposits surrounding the large Huckleberry porphyry Cu-Au mine
located 150 km south of the Netalzul Mt project, in a similar
geological setting and of similar age (Surge
Copper Corp. | Exploration Targets).
-
A deep northwest trending fault
structure has been identified in the centre of the annular
chargeability anomaly. This fault controls the location of the
targeted porphyry system at Netalzul (Figure 2).
-
A large, deep magnetotelluric
conductivity anomaly at the central north surveying area is
identified within the annular chargeability anomaly (Figure 3) and
is interpreted to be a large porphyry system at depth.
-
These results confirm the
previously defined Rocks 1 and Soils 1 geochemical targets (Figures
2-3) based on the porphyry footprint modelling by Fathom Geophysics
in early 2021 (news
release).
-
The annular chargeability anomaly
is open to the southeast where there is strong magnetic anomaly
from the granite intrusion and where IP surveying will be conducted
in 2022 (Figure 6).
-
This survey has resulted in the
discovery of an annular high chargeability zone (2.5 km x 2.3 km)
surrounding the geochemically defined soil and rock porphyry
targets (Figures 2, 4 and 5). The new chargeability anomaly is best
developed below 200 metres. The MT anomaly at a depth of ~1000 m
(Figures 1, 3) confirms previous models and interpretations of the
porphyry.
Mr. Greg Hall, senior technical
advisor to Jaxon, commented, "These geophysical results are classic
expressions of a large porphyry copper system and support the
geochemically defined porphyry target locations. The sulphide vein
deposits are the surface expression of outflow from this porphyry.
The previously reported mineralized monzonite dykes are snapshots
from the underlying porphyry. I would expect the grade of the
underlying porphyry to exceed the grade of the monzonite dykes. I
look forward to drill testing these anomalies in 2022."
Statement from Chairman and CEO
John King Burns
"We now have the porphyry target in
sight. The 3DIP/MT survey has given us confirming evidence that we
are sitting on top of the porphyry target we previously defined. We
are now preparing to properly drill test this deep porphyry system
in 2022. The drill test will indicate the scope and scale of, and
the grades contained in the mineralized shells around the core of
the porphyry."
"Given the size and intensity of the
geochemical and geophysical anomalies that identify the system,
Netalzul has the potential to host one or more systems with
commercial volumes of high-grade, copper-molybdenum mineralization.
Jaxon intends to demonstrate in 2022 that Netalzul hosts one of the
highest grade and largest porphyry systems discovered to date in
BC. The Netalzul porphyry is in a setting that will allow it to be
developed and commercially advanced as an underground
operation."
"Fathom's comparative vectoring model
places the Netalzul porphyry system at ~800 m. The raw MT data will
be sent to MDRU at UBC, or to another centre of geophysical
inversion excellence, to be reprocessed to produce a 3D
inversion. The results from the 2021 LiDAR survey will be
utilized to correct the tops in the MT survey data."
"In Q1-Q2 of 2022, the updated and
reprocessed data set will be sent to Fathom to be rerun in their
porphyry comparative vectoring model. Fathom's modeling results
will be utilized to more precisely vector in on and further refine
the location of the porphyry to determine more exact drill targets.
Jaxon expects the 2022 porphyry system drill test to involve ~three
to five drill holes for a total of ~5,000 metres. In advance of
drilling, Jaxon's consulting structural geologist will walk and map
the target area to confirm the structural controls on and the
setting of the deeper porphyry system. In 2022, Jaxon's priority is
to drill demonstrate the scope and scale of the Netalzul porphyry
system."
Figure 1. Annular IP
chargeability anomaly at Netalzul Mt
Figure 2. 3D
projection of IP chargeability anomalies integrated with the
interpreted deep porphyry deposit target areas (yellow line)
identified by geochemical footprint 3D modelling within (+50 ppm)
Mo in soil anomaly (pink line), and northwest trending deep fault
(black line across Mo anomaly)
Figure 3.
Magnetotelluric and IP survey showing a deep strong and large
conductive anomaly (the porphyry system target) ~1,000 m at depth,
at central north area surrounded by annular IP chargeability nearer
to surface.
Figure 4. IP
chargeability anomaly and Mo-in-soil (+50 ppm) anomaly.
Figure 5. IP
chargeability anomaly and Cu-in-soil (+500 ppm) anomaly.
Figure 6. IP
chargeability anomaly open to the southeast where IP surveying is
planned for 2022.
Qualified Person
Yingting (Tony) Guo, P.Geo., President and Chief Geologist of
Jaxon Mining Inc., a Qualified Person as defined by National
Instrument 43-101, has reviewed and prepared the scientific and
technical information and verified the data supporting such
scientific and technical information contained in this news
release.
About SJ Geophysics
Inc.
SJ Geophysics Ltd. provides the mineral exploration community
with a full range of ground geophysical surveys, instrumentation,
interpretation and consulting services. SJ Geophysics' 30 years of
experience in the industry positioned the company as a leading
practitioner and contributed to the development of a
state-of-the-art field acquisition technology. Three key aspects
define the company: Innovative technology - The Research and
Development department, backed up by a diverse team of experts in
computer science, hardware engineering and mathematics, works
towards constantly innovating and improving the technology. Global
reach - SJ Geophysics' experienced field teams have conducted
surveys in over 50 countries on 6 continents from the extreme cold
north of the Arctic circle to the deserts of China and central
Africa, handling over 700 clients and a total of 2000 projects.
Full service - Geoimaging is a concept that SJ Geophysics adopted
since 2010 by which the company approaches integrated projects,
customizing every variable in order to better suit the client's
objectives and provide the best targeting and
recommendations.
About Jaxon Mining
Inc.
Jaxon Mining is a Canadian-based exploration and development
company pursuing the discoveries of commercial scale and grade Cu,
Au, Ag, polymetallic projects. Jaxon focuses on overlooked and
underexplored targets with deeper intervals that have not been
identified or adequately explored; in areas that often have not
been systematically mapped, modeled or drilled. Jaxon is currently
focused on the Skeena Arch, an exceptionally orogenic and
metallogenic area, in one of the most richly endowed terrains in
British Columbia. The Company is preparing the 2022 programs to
drill test the Netalzul Mountain and Red Springs projects on its
100% controlled Hazelton property.
ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINING INC.
"John King
Burns"
John King Burns, Chairman
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T: 604-424-4488
E: info@jaxonmining.com
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