JNC Resources Strengthens Australian Targets Based on Historical Review
JNC RESOURCES STRENGTHENS AUSTRALIAN TARGETS BASED ON
HISTORICAL REVIEW
VANCOUVER, BC – February 5, 2021 – (CSE: JNC) (OTC: JNCCF) (Frankfurt: 5VH) – JNC
Resources Inc. (“JNC” or the “Company”) is pleased to announce an update on the Malebo and
Solomon claims in the state of NSW, Australia that were, subject to closing, recently optioned
from Southern Precious Metals Ltd. (“SPML”). While SPML and JNC move toward finalizing a
definitive agreement, the SPML team has provided a further update, the result of an ongoing,
comprehensive compilation of available historic and contemporary exploration data. SPML has
focused on combining historic geochemical sampling and geological interpretation with
contemporary geophysical, geochemical, and geological surveying of the property to identify
robust exploration targets for field‐ based exploration to test.
The availability of open‐source, high resolution geophysical datasets provided by the NSW
government has allowed the company to cost‐effectively target and evaluate areas previously
ignored during historic exploration, due to a thin, but extensive cover gravel that blankets the area.
Historic and Contemporary Data Compilation
Initial compilation work has identified several robust targets across the properties. Using modern
high resolution magnetic TMI‐RTP data, a 40km long N/S striking linear magnetic anomaly has
been identified. This is interpreted as a deep‐seated fault system that is masked by Quaternary
gravel cover. The anomaly is coincident with areas of historical gold mining and/or frequent sets
of N/S striking quartz veins. Areas of vein outcrop that were not mined historically were never
drill tested, as prior to the availability of high‐resolution geophysical data, their structural setting
was not appreciated.
The delineation of this regional fault system provides an understanding on the genetic source of
gold mineralisation across the property, linking known gold deposits to a fault system that is over
40 km in strike length. Structural discontinuities exert a fundamental control on the distribution
gold mineralization. Faults represent the primary controlling structures for syn‐mineral fluid flow
but dependent upon their orientation relative to the palaeo principal compressive stress axes at the
time of metal deposition may be compressive, passive or dilational.
Magnetic data indicate that the property fault system comprises several sub‐parallel faults, which
will include dilational zones where they change orientation, at flexures. These areas represent
robust exploration targets. Fault splays are also high value targets. The SPML team is currently
designing a reconnaissance field mapping program and shallow auger soil geochemical program
to target the highest priority areas. With over 40 strike km of fault architecture that is largely
hidden beneath shallow Quaternary gravels and several historical gold mines on major structures,
SPML believes that the property is a robust exploration project.
Historic Mine and Exploration Report Review
Ongoing detailed review of historical mining and exploration records has emphasized the high
grade nature of gold mineralisation. Historical mine and exploration records were acquired from
the NSW government archive dating back to the early 19th century. Brief summaries of initial
findings from Prospectors Reef and Egans Prospects located within the property tenement are
stated bellow.
It is worth noting that mining in the early 19th century was based on following veins of mineable
width. Miners had no ability to mine or process disseminated or veinlet‐style gold mineralization
or to explore under shallow cover. The historical records strongly suggest that disseminated gold
targets are present at Egans prospect and Prospector Reef.
Egans prospect
Historic mine and exploration records describe the deposit as a sequence of altered metasediments
and quartz veins with associated limonitic‐sulphide mineralisation mapped over a strike length of
over 1.5 km. This zone forms the crest of a significant ridge from which numerous gold workings
and prospecting pits were located. Of note, the same ridge can be traced on satellite imagery for
over 40 km to the northernmost point of the current property, strongly mirroring the recently
identified magnetic anomaly.
Historic mining record MR00058 cites rock chip samples assaying up to 270ppm Au, 3500ppm
As, 840ppm Pb taken from N/S striking quartz veins with visible gold. Selective small‐scale
mining of auriferous quartz veins was also active during the late 1980s by PM Downes with
average production grades cited at 120 g/t Au.
Prospectors Reef
Historic mine and exploration records state four veins were historically worked for gold across the
prospect. The veins were mapped continuously for up to 700 m strike length, measuring up to 5 m
in width, striking approximately N/S dipping 55‐70 degrees west and conforming with the regional
magnetic anomaly. An estimated 80 tonnes of ore was mined from auriferous quartz veins via
small shafts and pit during the 19th century, at average grades of 31 g/t Au. The prospect remains
undrilled and has seen no formal exploration since the mid‐1980s, when Cyprus Gold Australia
Corporation conducted a limited chip sampling program.
Data compilation and historic record review remains ongoing for the remaining prospects across
the Malebo and Solomons properties not mentioned in this news release.
About JNC Resources Inc.
JNC is a North American-based junior mineral exploration company with a goal to develop under-
explored properties and benefit from deal flow generated by strategic partnerships and growth
opportunities. Currently the Company is developing its 100% optioned Triple 9 Project in South
Central British Columbia. The Triple 9 Project is a gold property with a new discovery of high
levels of base metals, located 20 km from the town of Sicamous. JNC also has an option agreement
with Great Basin Resources to acquire 100% control and interest in the Imperial Project in Nevada.
The Imperial Property is located in Esmeralda County, Nevada, which has been a prolific mining
area in the state. The Property is in close proximity to the town of Goldfields, where gold
production occurred in the early part of the 20th century . JNC also recently optioned the Malebo
and Solomon claims in the state of New South Wales, Australia, subject to closing, with an
exploration program planned in 2021.
For further information please contact:
Michael Mulberry
T: 778-855-5001
Forward-Looking Statements
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Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”,
“intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or
conditions “may” or “will” occur.
Although the Company believes that the expectations reflected in applicable forward-looking statements
are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-
looking statements are subject to risks and uncertainties that may cause actual results, performance or
developments to differ materially from those contained in such statements.
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