Toronto, Ontario – January 21, 2013 – PJX Resources Inc. (“PJX” or the “Company”) is pleased to announce assay results from the first two drill holes of a program designed to test an eight kilometre zone of coincident anomalous geophysics and surface gold mineralization on the Zinger Property in Cranbrook, British Columbia.
The two NQ diamond drill holes (ZG12-01 and ZG 12-02) were drilled to test separate sedimentary horizons with gold mineralization potential and to validate gold mineralization intersected in previous drilling by Chapleau Resources Inc. in 2003. Historical data obtained from the Government of British Columbia’s Geological Survey Branch Assessment Reports Maps show Chapleau’s hole intersected 0.48 g/t gold over 17.5m in altered sediments from 7.5m to 25m.
Hole ZG12-02 intersected 2.92 g/t gold over 2 m within a broader interval of 0.50 g/t gold over 22.38m from a depth of 2.62 m (bedrock) down to 25 m. Additional anomalous gold mineralization was intersected sporadically in the 188 m long hole including a 9 m section with a weighted average grade of 0.38 g/t gold from 158 to 167 m (See drill result summary in Table I below). The gold mineralization appears to be associated with quartz veining and/or flooding in folded and sheared siltstones and argillites. The sediments are variably silicified and altered with sericite, chlorite and iron-carbonate.
Hole ZG12-01 was drilled between 2 widely spaced holes drilled by Chapleau Resources in 2003 (Z-03-13, Z-03-14). The 96 m hole intersected quartz, sericite, hematite and iron carbonate altered sediments with sporadic narrow intervals of anomalous gold mineralization up to 0.35 g/t over 1m. Although gold mineralization was limited, the geological information and results from ZG12-01 will be further evaluated and compared to those of ZG12-02 to help identify factors that control gold mineralization.
Sections of the holes are being prepared and will be placed on the company’s web site in the coming weeks.
Company President and CEO, John Keating, comments, “This initial gold intersection is very encouraging as it occurs proximal to a fold structure recently mapped at surface in the fall of 2012. Gold deposits often occur along fold structures. The strike of the folding is also coincidental with the 8 km trend in gold mineralization from surface sampling. These results will allow us to assess possible factors that influence gold mineralization and help prioritize additional targets to test along strike this year.”
Thorough quality assurance and quality control (QA/QC) protocols were utilized on the Zinger project, including the use of duplicate, blank and standard samples. Drill core and samples were securely stored and processed on site under the supervision of the company field geologist. Core samples were shipped directly to Acme Analytical Laboratories (Vancouver) Ltd. (“Acmelabs”) for crushing and fire assay for gold analysis. AcmeLabs is an independent certified laboratory and preparation facility which maintains an International Standards Organization (ISO) 9001 Model for Quality Assurance and ISO/IEC 17025 General Requirements for the Competence of Testing and Calibration Laboratories.
The foregoing geological disclosure has been reviewed by John Keating, P.Geo. (a qualified person for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects). Mr. Keating is the President, CEO and a Director of PJX. PJX is pleased to announce that it has closed its non-brokered private placement offering (the “Offering”), previously announced on December 19, 2012.
Close of Flow-Through Private Placement
PJX is also pleased to announce that it has closed its non-brokered private placement offering (the “Offering”), previously announced on December 19, 2012.
Pursuant to the Offering, 750,000 units (the “Units”) have been placed at a price of $0.20 per Unit for total gross proceeds of $150,000. Each Unit consists of one flow-through common share of the Company (each, a “FT Share”) and one common share purchase warrant of the Company (each, a “Warrant”), with each whole Warrant entitling the holder to acquire an additional common share of the Company at a price of $0.25 per share for a period of 24 months. Each FT Share and Warrant is designated as a “flow-through share” for the purposes of the Income Tax Act (Canada) (the “Tax Act”).
No finders’ fees were paid in connection with the Offering. The securities issued in connection with the Offering will be subject to a statutory four-month hold period expiring on December 27, 2014. Final acceptance of the Offering by the TSX Venture Exchange was received on December 28, 2012.
The proceeds from the Offering will be used to incur exploration expenditures on the Cranbrook, British Columbia Properties. Such exploration expenditures will constitute “Canadian exploration expenses” and “flow through mining expenditures” as defined in the Tax Act which can be renounced to purchasers of the Units for the 2012 taxation year.
About PJX Resources Inc.
PJX is a mineral exploration company focused on building shareholder value and community opportunity through the exploration and development of mineral resources with a focus on gold. PJX’s primary properties are located in the historical mining area of Cranbrook and Kimberley, British Columbia.
Please refer to our web site http://www.pjxresources.com for additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Linda Brennan, Chief Financial Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. Forward-looking statements include, but are not limited to, statements with respect to exploration results, the success of exploration activities, mine development prospects, completion of economic assessments, and future gold production. In some cases, you can identify forward-looking statements by terminology such as “may”, “appears to”, “should”, “expects”, “plans”, “anticipates”, believes”, “estimates”, “predicts”, “potential”, or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements.
Although PJX has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Summary of selected drill hole results ZG12-02