Jaxon Mining completes phase one exploration at Red Springs
Jaxon Mining Inc. (TSXV: JAX) announced Tuesday the discovery of three large outcrops of disseminated sulfides in porphyritic intrusions, as part of the company’s first phase of fieldwork at the Red Springs copper-gold porphyry complex near Smithers, British Columbia, Canada.
“The discovery of these large potassic altered outcrops with disseminated sulfides is important,” Chairman and CEO John King Burns says. “They are confirmatory of and extend our geological model of the porphyry systems.”
This discovery further indicates the existence of a major polymetallic, copper/gold-bearing porphyry system at Red Springs, according to the company’s media release.
The 42,244-hectare Red Springs project involves a system of three or more copper/gold porphyries. This system has two distinct mineralized zones: an extensive gold-bearing tourmaline breccia mineralized zone with cobalt, copper, antimony and bismuth credits; and a second zone with antimony-silver mineralization. The tourmaline breccia gold-cobalt mineralization represents the first of its type discovered in BC.
Shares of Jaxon Mining rose by 12.5% on Tuesday. The company’s market cap is C$4.75 million.