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PJX Resources Finds Targets For Potentially Large Gold Or Base Metal Deposit At Eddy

Toronto-based PJX Resources (CVE:PJX) said Tuesday that it has discovered large geophysical anomalies on its Eddy property in BC that could represent porphyry style gold-copper deposits and possible "Sullivan-type" silver-lead-zinc deposits.

Last November, the company contracted Geotech to fly a 690 kilometre airborne geophysical survey over the property.

Recent processing of the electro-magnetic (NYSE:EM) data identified four large conductivity anomaly targets for drill testing, the company said.

These new targets, which are close to roads, have never been drilled.

"The geophysical targets discovered on the Eddy Property are impressive and located in a geological environment that could host a significant gold or base metal deposit," said president and CEO John Keating.

Three of the targets have EM conductivity responses without a Mag signature, the company said, which could be related to graphite in sedimentary rocks or to areas of more intense clay alteration associated with porphyry gold and/or copper deposits.

The porphyry potential is also supported by the presence of an area three kilometres in diameter that has localized argillic, sericite and/or iron-carbonate alteration in bedrock, as well as historical showings with anomalous gold- or copper-associated quartz breccias.

The fourth target has coincidental Mag and EM conductivity responses, PJX said, "which supports the potential for a massive sulphide deposit similar to the Sullivan Mine."

The Sullivan Mine, which was mined for more than 90 years by Teck Cominco prior to being closed down in 2001, contained over 120 million tonnes of lead-zinc-silver ore.

This fourth target is located 25 kilometres south of the Sullivan mine, in a "similar" geological environment, PJX said.

Meanwhile, the company said that with regards to other priority targets on its Cranbrook properties, its primary focus remains the Dewdney Trial asset - where three target areas have been identified so far, with large gold deposit potential.

PJX plans to test the "most promising targets" on the Cranbrook properties, with trenching and drilling this year. It also intends to continue to develop new targets.

A map of the targets found on the Eddy property is available for viewing on the company web site at http://pjxresources.com/wp-content/uploads/2012/05/eddy-property-b-field-newmap.jpg.

The mineral explorer's main properties are located in the historical mining areas of Cranbrook and Kimberley, British Columbia.