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.

Background

 Geology

• Four holes (LR22-01 to LR22-04) were drilled late last year at the Lewis Ridge target to test EM and magnetic anomalies defined by an airborne Mobile-MT (EM) and Magnetic survey flown for PJX by Expert Geophysics.
• Hole LR22-02 intersected massive sulphide mineralization consisting of fine to coarse grained pyrite that has a somewhat net-textured appearance and is fractured or brecciated possibly due to folding (see Photo A above).
• The 1.42 m wide (drill width) zone with 60% massive sulphide in quartz-dolomite gangue was intersected from 125.87m to 127.29 m down hole, and analyzed 644 ppm (0.06%) Co, 819 ppm (0.08%) Cu, 144 ppm Ni and 2.66 ppm (2.6 g/t) Ag.
• The sulphide zone appears bedding parallel and possibly stratabound similar to Black Butte massive pyrite mineralization containing Co, Cu, with anomalous Ni and Ag.
• Black Butte massive pyrite locally contains tennantite (arsenic mineral); Lewis Ridge massive sulphide has 1187 ppm arsenic.
• Black Butte occurs with black shales that are correlative with the middle Aldridge geological formation.       Lewis Ridge target occurs at the base of locally black graphitic and/or calcareous silts and argillites of the middle Aldridge.
• Black Butte occurs in the Helena Embayment, a shallow water environment on the east side of the Belt-Purcell rift basin and east of the Butte intrusive related Cu-Molybdenum-Ag deposits.       The Lewis Ridge target area is a shallow water environment on the east side of the Belt-Purcell basin, and east of the Sullivan sediment hosted Zn-Pb-Ag deposit (see Fig. 1).
• Black Butte mineralization is associated with an east-west fault called Volcano Valley. The east-west Kimberley Fault influenced the formation of the Sullivan Deposit. The Jackleg fault at Lewis Ridge may be the eastern extension of the Kimberley fault (see Fig 2) Volcano Valley, Kimberley and Jackleg are all considered to be transverse faults in the Belt-Purcell basin.
• Lewis Ridge Target occurs along a large north-south oriented west dipping overturned anticline, and at the equivalent geological time to the Sullivan deposit located about 25 km to the west (see Fig. 3).

Geophysics – Drilling

• The Lewis Ridge zone with massive pyrite, and the overlying locally graphitic and/or calcareous sedimentary rocks are both conductive rock units. Their conductive nature help explain the large EM apparent conductivity geophysical anomaly. However, the 2 units, along with mafic sills intersected, are not magnetic and do not appear to account for magnetic anomalies (see Fig. 4).
• Cu-Co deposits also occur in Idaho. Pyrite is known to replace pyrrhotite in some of these deposits. Pyrrhotite is often magnetic. If the same type of replacement occurs at Lewis Ridge, then any pyrrhotite not replaced by pyrite may generate a magnetic anomaly.
• Hole LR22-01, drilled toward the northeast (Az 047, dip -75), intersected locally graphitic and calcareous sediments above the quartz-carbonate zone from 111.67-116.12 m. The 4.45m (drill width) zone contained minor sulphide veins and a weighted average analysis of 2410 ppm Cu with low Co, Ni, and Ag.
• Hole LR22-02, was drilled toward the southwest (Az 227, dip -80) from the same drill pad as LR22-01.
• Hole LR22-03, was also drilled toward the southwest (Az 227, dip -45) and encountered what appear to be west dipping faults and was abandoned when the hole was becoming stuck in a fault zone.
• Hole LR22-04, was drilled toward the northeast (Az 047, dip -80) to drill across the west dipping faults and test the large EM and somewhat coincident magnetic anomaly at depth (see Fig. 4 and 5). The 800 m hole drilled along the eastern limb of the overturned anticline fold and across a series of faults. This resulted in the hole remaining within the locally graphitic and/or calcareous sediment unit, and therefore did not test the potential horizon with cobalt and copper mineralization at depth that is stratigraphically lower.

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.

Summary

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.

Qualified Persons

 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
(416) 799-9205

info@pjxresources.com

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