Jaxon Mining (JAX) announced the company has completed the inaugural drill hole at its Netalzul Mountain Project.
The Netalzul Mountain Project is located on the Hazelton Property near Smithers, British Columbia.
Three holes will test for high-grade silver polymetallic sulfide-quartz veining zones at the Daisy South Adit Zone.
The holes will extend more than 1,600 metres along the strike, and test for patterns of alteration that indicate the presence of the deeper porphyry system that generated the mineralization.
"With the results from these first drill holes, we are on track to publish in Q1 of 2022, a model of an inferred, nearer to surface, polymetallic resource at Netalzul Mt. Further, we have been able to observe the types of alteration consistent with a deeper porphyry (source) system as visualized in our conceptual geological models. The deeper porphyry target modeled by Jaxon's geological team has been confirmed by the comparative models in the Fathom Geophysics Study (as previously published). Fathom Geophysics' model locates the porphyry system at depths between 800 and 1000 metres. We will refine that vectoring with the data we collect from the examination of the well bores and drill core, and other geophysical work programs," said Jaxon Mining Chairman and CEO John King Burns.
The Vancouver mining company expects to publish a model of an inferred, nearer to surface polymetallic resource in the first quarter of 2022.
Jaxon Mining is down 6.67 per cent, trading at $0.07 at 10:10 am ET.