Strategic Property Option in Advance of Drilling on the Vine Property
Toronto, Ontario – July 27, 2015 – Exploration on PJX Resources Inc.’s (the” Company”) Vine Property has identified massive sulphide mineralization and geology that support the potential for a Sedex (sedimentary exhalative) zinc-lead-silver type of deposit. This work has provided new insight on geological controls that could influence a deposit’s location and orientation. The new information also supports the potential for the Company’s West Basin Property to host a Sedex type of deposit. In addition, in advance of the next phase of drilling on the Vine Property, the Company has used this information to strategically assess and acquire other locations in the region with potential to host a Sedex deposit.
PJX Resources is pleased to announce the option of the DD Property which management believes has similar potential to the Vine and West Basin Properties for hosting a Sedex deposit. The Company has also staked over 1900 hectares (ha) of land with mineral potential adjacent to the 440 ha DD Property. Historical drilling proximal to the property intersected zinc-lead mineralization at the same time horizon that the Sullivan Sedex deposit was formed, which is located approximately 45 km north of the DD Property. The historical mineralization combined with the Company’s new insight on geological controls for mineralization on the Vine Property supports the potential for a Sedex type deposit on the DD Property and claims staked by the Company.
The Company has an option to acquire 100% interest in the DD Property by granting an aggregate total of 250,000 PJX common shares over a 5 year Option Period (50,000 shares per year to be issued on or before the anniversary date of the Option Agreement). Once the option is exercised, DD Property Optionors, Doug Anderson (50%) and Dave Pighin (50%), will be granted an aggregate Net Smelter Royalty (NSR) of 2% in respect of the DD Property and adjacent claims staked by the Company. The Company will have the right to purchase 50% of such NSR for $1,000,000, and the remaining 50% NSR for $1,000,000. During the Option Period, should the Company obtain a third-party agreement to option the DD Property and the agreement includes cash payments that do not relate to work or other commitments, the Company will pay the Optionors 5% of the annual cash payment once received from the third party during the Option Period or until the option is exercised, whichever occurs first. The option of the DD Property is subject to TSX Venture Exchange approval.
“With this option, and the additional claims we staked, we now have full control of 3 of the best properties with mineral potential for a Sullivan type of deposit along the Moyie fault structure.” states Company President and CEO John Keating. “We believe that the Moyie fault is similar to the Kimberley fault that was important in controlling zinc-lead-silver mineralization at the Sullivan Mine. All the properties are road accessible and close to rail, power and a local workforce.”
The Company’s board of directors has authorized granting stock purchase options to certain directors, employees and consultants to acquire an aggregate of 1,615,000 common shares at an exercise price of $0.19 expiring July 20, 2020. The foregoing is subject to regulatory acceptance.
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.
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 and base metals. PJX’s 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. Forwardlooking 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-lookingstatements. 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.