Toronto, Ontario – November 15, 2022 – PJX Resources Inc. (“PJX” or “the Company”) is pleased to announce that gold, copper, and silver mineralization with values up to 15.59 g/t gold, 1.108 % copper, or 721 g/t silver occur in rock grab samples of variably altered and veined syenitic/alkalic intrusives. This initial set of analyses to be received from prospecting and mapping this summer are from the Estella Basin area of the Dewdney Trail Property. Additional analyses are pending. Dewdney Trail is one of a number of PJX’s large mineral properties in the Sullivan Mining District and Vulcan Gold Belt of southeastern British Columbia, Canada.
Prospecting and mapping collected 22 rock grab samples of quartz veins in locally altered and pyrite bearing syenitic/alkalic intrusives in the Estella Basin. Gold mineralization greater than 100 ppb occurs in 19 of the samples with the highest value being 15,598 ppb (15.59 g/t). Copper mineralization greater than 1,000 ppm occurs in 7 of the samples with the highest value being 1.108 %. Lead, zinc, and silver mineralization are also present in samples with the highest analyses being >100,000 ppm (>10%) lead, 5,060 ppm (0.5%) zinc, and 721 ppm (721g/t) silver. Table below displays analyses greater than 100 ppb gold. Sample locations are shown on the Estella Basin geology map (Fig. 1).
Mapping suggests the multiple phases of intrusives are part of a magmatic center. One apparent sub-vertical syenite intrusive plug that was sampled can be traced in sporadic outcrops in steep terrain for over 300m along strike. There appears to be a second intrusive plug approximately 600m to the south that is visible in a cliff wall and could not be sampled this year because of steep terrain. Both plugs appear to have risen vertically to about the same level and are only visible because their tops are exposed due to erosion. There may be additional buried plugs where erosion has not exposed the tops of the intrusions.
Figure 1 – Estella Basin Geology with rock grab sample locations.
John Keating, President of PJX commented: “This is the first intrusive related gold, copper and silver mineralization of its kind that we are aware of to be discovered in the Sullivan Mining district and Vulcan Gold Belt. We believe the structural and geological environment of the Sullivan district supports the potential to discover multiple magmatic centers in addition to the Estella Basin (see Fig. 2). Each magmatic center could host intrusive related gold-copper-silver and other types of deposits, such as skarn or carbonate related (“CRD”) deposits.”
Figure 2 – PJX’s property map with target areas, including Estella Basin. Estella Basin and Gar-PGC target areas are two of a number of potential magmatic canters in the Sullivan Mining District and Vulcan Gold Belt.
Regional Geological Significance
The Sullivan Mining District has geological similarities to other intrusive related copper-gold mining districts, such as the Butte and Bingham Canyon districts located to the south in Montana and Utah, respectively.
Additional results are pending from surface mapping and prospecting in the Estella Basin area and other target areas on the Dewdney Trail Property. Approximately 2,000 m of drilling have recently been completed on the Lewis Ridge Target Area that is located about 3 km north of the Estella Basin area. (see PJX news release, July 21, 2022). Drill core is being logged and sampled. Results with maps of this work will also be announced in the coming months when all the analyses have been received and compiled.
Sampling and QA/QC
Rock grab samples from outcrop or proximal float material are collected by experienced geologists, prospectors and technicians. Samples are then labeled, placed in plastic bags, and sealed with sample numbers recorded. Samples are delivered to Bureau Veritas Mineral Laboratories in Vancouver, B.C. The samples are dried, crushed and pulverized for Aqua Regia digestion and 37 element ICP-MS analysis, and by ICP-ES analysis to assess element over-limits. Titration is being performed for samples >10 % lead.
The Company is also pleased to announce that, subject to TSX Venture Exchange approval, the Company intends to extend the expiry date of 5,802,157 share purchase warrants, (the “Warrants”) by 12 months to December 5, 2023. The Warrants were issued pursuant to a private placement accepted for filing by the TSX Venture Exchange on December 27, 2019. The Warrants are exercisable at $0.25 per share and are currently set to expire on December 5, 2022. All other terms of the warrants, including the exercise price, remain unchanged. Upon receipt of the approval of the TSXV of the Warrant Extension, a material change report in respect of the Warrant Extension will be filed by the Company.
A total of 3,383,333 of the affected Warrants are held by parties considered to be “related parties” of the Company. Therefore, the amendment of Warrants constitutes a “related party transaction” as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 – Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants held by insiders does not exceed 25% of the market capitalization of the Company.
The foregoing geological disclosure has been reviewed and approved by John Keating P.Geo. (qualified persons for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects). 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, nickel). PJX’s primary properties are located in the historical Sullivan Mine District and Vulcan Gold Belt near 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
Cautionary Note Regarding Forward-Looking Information
The information in this news release has been prepared as at the date noted above. Certain statements in this news release, referred to herein as “forward-looking statements”, constitute “forward-looking statements” under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as “expected”, “may”, “will” or similar terms.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by PJX Resources Inc. as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, PJX Resources Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in PJX Resources Inc.’s expectations or any change in events, conditions or circumstances on which any such statement is based.
Cautionary Note to US Investors:
This news release may contain information about adjacent properties on which PJX Resources Inc. has no right to explore or mine. We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
This press release uses the terms “Measured”, “Indicated”, and “Inferred” resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.
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.