Toronto, Ontario – March 30, 2023 – PJX Resources Inc. (“PJX”) has intersected massive sulphide with anomalous cobalt (Co), copper (Cu), nickel (Ni) and silver (Ag) in a quartz-dolomite gangue in metasediments that is possibly similar in style to mineralization at the Black Butte copper-cobalt deposit located to the south in Montana (see Photo-A, & Fig. 1).
Mineralization was intersected while drilling Mobile-MT electromagnetic (EM) and magnetic geophysical anomalies at the Lewis Ridge target late last year on the Dewdney Trail Property. The mineralization occurs approximately 3 kilometres north of alkalic intrusive related gold-copper-silver mineralization at PJX’S previously announced Estella Basin target in the Sullivan Mining District and Vulcan Gold Belt of southeastern British Columbia, Canada.
John Keating, President of PJX commented: “This was the first phase of drilling to test EM and magnetic anomalies at the more than 2.5 km long and 1.5 km wide Lewis Ridge target area. Our initial thinking was that geophysics identified potential Sullivan-type zinc-lead-silver mineralization. However, drilling has discovered potential for sediment hosted copper-cobalt type deposits possibly similar to those that occur east of Butte, Montana. PJX plans to further explore and drill the Lewis Ridge copper-cobalt target area, and the previously announced new Estella Basin intrusive-related gold-copper-silver target area this year.”
Photo A – Massive sulphide (pyrite) with anomalous cobalt, copper, nickel and silver mineralization in a quartz-dolomite gangue (white mineralization) at the Lewis Ridge target area. Possible sediment hosted mineralization similar to the Black Butte cobalt-copper deposit. On the right is an enlarged photo of the massive sulphide to display the fine to coarse pyrite texture.
Geophysics – Drilling
Figure 1 – Belt-Purcell basin geology map. Lewis Ridge target and Black Butte deposit both occur on the east side of the basin and were formed in shallower water environments and in similar age rock.
Figure 2 – Sullivan Mining District geology map with Dewdney Trail Property target areas. The Kimberley Fault influenced formation of the Sullivan Deposit. The Jackleg Fault may be the eastern extension of Kimberley fault.
Figure 3 – Dewdney Trail Geology map draped on topography. Lewis Ridge (cobalt-copper) and Estella Basin (gold-copper-silver) target areas occur along the same anticline fold axis as the historical Estella and Kootenay King Mines. The Lewis Ridge target occurs at or near a geological horizon that is equivalent in depositional time to the Sullivan Deposit located about 25 km to the west. The Jackleg Fault may be the eastern extension of the Kimberley Fault that influenced the formation of the Sullivan deposit. Video 1 and 2 showing the Lewis Ridge location can be found on PJX’s web site https://pjxresources.com/
Figure 4 – Apparent Conductivity Map draped on topography. Conductive Anomaly defines a large area, over 2.5 km long and 1.5 km wide. Massive sulphide (pyrite with anomalous cobalt and copper) and locally graphitic/calcareous sediments intersected in hole LR22-02 are conductive. The large Magnetic anomaly at depth may represent an area with greater sulphide content containing copper and cobalt that has been folded along the east limb of the wide overturned anticline fold.
Figure 5 – 2-Dimensional modelling of six of the 30 flight lines over the Lewis Ridge Target display a potentially more conductive area at depth (400 to 800m) that appears to correlate with the magnetic anomaly defined by 3 Dimensional modelling. Conductive and magnetic anomalies support the potential for sulphide mineralization. Sulphide zone intersected in LR22-02 and the magnetic anomaly at depth will be a focus of future drilling.
The large magnetic anomaly at depth occurs along the east limb of a broad anticline fold. Folding can cause massive sulphide mineralization to form cigar or irregular shaped deposits. The large magnetic anomaly at depth is somewhat coincident with a large conductive area. This target at depth and other shallow target areas on Lewis Ridge may host multiple cigar shaped and possibly horizontal Cu-Co mineralized bodies (see Fig. 5). The next phase of exploration includes drilling to test shallow targets and the large target area at depth.
The foregoing geological disclosure has been reviewed and approved by Dr. Trygve Hoy P.Eng. and John Keating P.Geo. (qualified persons for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects). Dr. Hoy is a Director of PJX, and 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 (copper, cobalt, lead zinc, and other metals). 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
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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.
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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.
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