Toronto, Ontario, – April 1, 2021 – PJX Resources Inc. (“PJX”) is pleased to announce that drilling by DLP Resources (“DLP”) on PJX’s DD Property has intersected strongly hydrothermally altered and sheared Sullivan horizon siltstone/argillite at Sullivan Horizon target depth from 1452.46m to 1550m in hole DDH21-01 (Figure 1). Weak pyrrhotite (iron-sulphide), chalcopyrite (copper-iron-sulphide) and trace pyrite (iron-sulphide) occur through the alteration zone. The hole ended at 1728m in weakly altered lower Aldridge sediments with tourmalinite.
John Keating, President of PJX commented: “Only two holes spaced 2 km apart have been drilled on the DD Property. Both holes intersected hydrothermally altered sediments at target depth called the Sullivan time horizon, the geological age when the Sullivan deposit was formed. These holes and historical holes drilled about 4 km and 5.5 km to the east, on the Moby Dick and NZOU Properties, support the potential for Sullivan type massive sulphide mineralization. We are pleased that DLP is encouraged by results to date and will continue drilling to test large Magnetotelluric (MT) anomalies at target depth along a 5 km untested trend.”
According to DLP, strong sericite-silica alteration and yellow-brown phengite visible in the altered Sullivan horizon confirms hole DD21-01 is distal from a mineralized source. Drilling will now move 2.1km to the SE where the main NE-SW trend of MT anomalies corresponds with DLP’s vectoring to the main Sullivan Zn-Pb-Ag targets over approximately 5.1km. Drilling of the first of four targets along this trend is planned to commence in the first week of April (Figures 2 and 3).
PJX’s DD Property, located near Cranbrook, British Columbia, is under option to DLP Resources. (see Property Ownership below).
The geological disclosure and content of this news release has been reviewed and approved by Dave Pighin, P.Geo., and John Keating P.Geo. (qualified persons for the purpose of National Instrument 43- 101 Standards of Disclosure for Mineral Projects). Mr. Pighin is the consulting geologist for PJX and DLP on the DD Property. Mr. Keating is the President, Chief Executive Officer and a Director of PJX.
DD, NZOU and Moby Dick Property Ownership
DLP can earn a 50% interest in the DD Property by spending $4 million in exploration expenditures on the DD, Moby Dick and NZOU Properties and paying $250,000 cash to PJX by July 13, 2024.
DLP can earn an additional 25% interest, to a total of 75% interest, in the DD Property by completing a Commercial Feasibility Study on the 3 properties by July 13, 2028.
PJX (50%) and DLP (50%) jointly own 100% of the mineral rights to the Moby Dick Property and jointly have the right to own 100% interest in the NZOU Property through an option agreement between DLP and the NZOU Property owner. Exploration expenditures incurred by DLP on these two properties will be applied toward DLP’s exploration expenditure requirements to earn an interest in the DD Property.
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 gold properties (Gold Shear, Eddy, Zinger, Dewdney Trail) and base metal properties (Vine, DD, West Basin, Parker Copper) are located in the historical Sullivan mining district and Vulcan Gold Belt of Cranbrook and Kimberley, British Columbia. Please refer to our web site http://www.pjxresources.com for additional information.
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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.
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