Vancouver, British Columbia--(Newsfile Corp. - August 29, 2017) - Jaxon Minerals Inc. announces it has entered into a binding Letter-of-Intent (LOI) to acquire a 75% interest in the Stock properties, owned by Rotation Minerals.
The 4,127-hectare property is located just west of Ascot Gold's Dilworth Property, and south of Rotation's Scottie Gold Mine in the heart of British Columbia's famed Golden Triangle. The properties have been explored intermittently since 1921, with numerous tunnels and crosscuts, one extending 300 metres. Mineralization on the property includes silver, gold, tungsten, copper, lead and zinc in beds of a siltstone complex. The most recent assessment report from 1980 indicating that silver mineralization "is widespread in the sedimentary sequence - every one of the 201 samples taken in 1980 contained silver values."
The terms of the LOI include Jaxon spending $375,000 on the properties over four years. Jaxon will also participate in Rotation's private placement by purchasing 1,333,334 units of Rotation at $0.15 per unit, with each unit including a common share and a share purchase warrant exercisable at $0.25 for two years.
Jason Cubitt, President of Jaxon, stated "Participation in Rotation Minerals Ltd. and the Stock properties represents an important addition to Jaxon's exposure in this prolific region. We look forward to more news to come from this emerging group."
The area known as the Golden Triangle of British Columbia is among the world's most prolific mineralized districts, host to past and current mining operations including Johnny Mountain, Red Mountain, Snip Mine, Premier Mine, Golden Bear, and Valley of the Kings. The Golden Triangle has reported mineral resources (past production and current resources) in total of 67 million oz of gold, 569 million oz of silver, and 27 billion pounds of copper.
The technical information present above is historical in nature from previous operators and has not been verified by Jaxon. However, Jaxon intends to use these results to focus its future exploration.
Technical information in this news release has been reviewed and approved by Derrick Strickland, P. Geo, a qualified person as defined in National Instrument 43-101.
About Jaxon
Jaxon is a base and precious metals exploration company with a regional focus on Western Canada. The company is currently focused on advancing its Hazelton Project in north-central British Columbia and the Wishbone/Foremore property in BC's Golden Triangle.
