Toronto, Ontario – May 3, 2021 – PJX Resources Inc. (“PJX”) is pleased to announce that recent drilling and surface mapping suggest high grade gold mineralization may occur where the gold bearing, west dipping David shear and vein system intersects North-South oriented pre-existing fold structures on the Gold Shear Property. This new understanding will be used to drill test the projected extension of the David Gold Zone down plunge and possible parallel gold zones to the west down dip on the David Shear.

“The David Gold Zone appears to be a typical shear and fold related orogenic gold system similar to others around the world, such as Wallbridge’s Fenelon discovery or Fosterville” states Mr. John Keating, President and CEO of PJX Resources. “The key to building ounces is to first understand what geologists call structural kinematics, which is how fold and shear structures may influence and concentrate gold mineralization. What we’ve intersected in this latest drilling is a larger vertical fold structure than similar related structures at the David Gold Zone. Where the gold bearing David shear and vein system would intersect this vertical fold, and possibly concentrate gold, would be at depth below current drilling, possibly 50 metres or more. We believe there may be a second phase of folding that could also influence the location of high grade gold mineralization. Our next step is to design a trenching and drilling program to further define the kinematics that control gold mineralization, and extend the David Gold Zone to depth and discover potential additional parallel gold zones on strike this summer.”

Highlights

• The David Gold Zone on PJX’s Gold Shear Property has a narrow central core of high grade gold mineralization with values such as 54.76 g/t over 1.0 m true width.
• This high-grade core occurs within a 4 to 5 metre (“m”) wide zone with anomalous gold mineralization called the David shear-vein system.
• Modelling of historical pre-PJX drill holes, and PJX’s 16 holes (totalling approximately 2,500m to date), suggests that high-grade gold mineralization may occur where the west dipping, gold bearing David shear-vein system intersects north-south fold (F1) related structures.
• Anomalous zones of gold mineralization, greater than 100 ppb gold, appear to dip north along the David shear-vein system, similar to the north 20-30 degree plunge of the F1 fold axis measured in surface outcrop. (see Figure 1)
• VLF geophysics along the north-south F1 fold axis has identified a weakly conductive north dipping anomaly that may reflect the David shear-vein system (see Figure 2).
• The north dipping VLF anomaly corresponds with the intersection of the David shear-vein system and the vertical F1 fold axial plane orientation. (see Figure 3) This new structural and geophysical observation is similar to the David Gold Zone dip/rake and will be used to help define drill targets at depth and on strike.

Figure 1 – Modelling of anomalous gold mineralization, using structural orientations from surface mapping and drill hole data, suggests the David Gold Zone may dip or rake to the north along the David shear-vein system, with untested potential down dip and possible parallel zones along strike.

Figure 2 – VLF geophysical survey along the north-south fold orientation has identified a weakly conductive anomaly (shown in red) that dips to the north similar to the David Gold Zone. The anomaly appears to correspond with the David shear-vein system. Breaks in the VLF anomaly at depth may reflect distortions in the David shear-vein system or stratigraphy. Areas of distortion are locations where gold mineralization can concentrate in Orogenic gold deposits and systems, similar to the Fenelon discovery, Fosterville, and others.

Figure 3 – North dipping VLF anomaly appears to correspond with the intersection of the David shear-vein system and the vertical F1 fold axial plane orientation. This new structural and geophysical observation is similar to the David Gold Zone dip/rake and will be used to help define drill targets at depth and on strike.

Extension of Share Purchase Warrant Expiry Date

The Company is pleased to announce that, subject to TSX Venture Exchange approval, it has extended the term of 12,296,276 share purchase warrants, (the “Warrants”). The Warrants were issued pursuant to a private placement announced on May 1, 2018 and accepted for filing by the TSX Venture Exchange on May 17, 2018. The Warrants are due to expire on May 15, 2021 and are exercisable at $0.25 per share. The new expiration date of the Warrants is May 15, 2022. All other terms of the warrants, including the exercise price will remain unchanged.

 Qualified Persons

The geological disclosure and content of this news release has been reviewed and approved by Michael Seabrook, P.Geo., and John Keating P.Geo. (qualified persons for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects). Mr. Seabrook is the consulting geologist for PJX on the Gold Shear Property. Mr. Keating is the President, Chief Executive Officer, 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, silver and base metals (zinc, lead, copper). 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 ADDITIONAL INFORMATION PLEASE CONTACT:

Linda Brennan, Chief Financial Officer
(416) 799-9205

info@pjxresources.com

Forward-Looking Information

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”, “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.

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.