Toronto, Ontario – October 24, 2011 – PJX Resources Inc. (“PJX”) is pleased to announce exploration is well underway on the Dewdney Trail Property.
* Over 20 large target areas with gold mineralization potential identified by geophysics on Dewdney Trail Property.
* Drilling commences to explore one target area where rock grab samples contain up to 10 g/t gold.
Large target areas with gold mineralization potential have been identified using airborne geophysical survey data on PJX Resources’ Dewdney Trail Property. Over 20 target areas have been identified by the airborne magnetic or conductivity signature of the rocks. (see target areas on magnetic and conductivity maps at http://pjxresources.com/wp-content/uploads/2011/07/PJX-Mag-Cond-Map-1.jpg) More than half of the target areas have been prospected to date. Approximately 400 rock samples have been collected and sent for analysis to determine the gold potential.
Most impressive about one of the targets, called the M1, is its size. The interbedded quartzite and argillite unit is over 200 meter in true width. This variably altered unit with sericite, quartz-pyrite, iron-carbonate, and iron-oxide can be traced for over 4 km along strike. A rock grab sample returning 18 g/t gold was collected in the C2 target area about 2 km away and on strike with the M1 target area. There is over 12 km of the favourable altered quartzite with gold showings on the Dewdney Trail Property.
The large tonnage potential of the gold quartzite rock unit is what attracted PJX to the area. The Dewdney Trail Technical Report concludes that the gold showings exhibit many features in common that support potential for a large tonnage deposit of the Sediment Hosted Vein type (SHV). SHV deposits are some of the largest gold producers in the world. (go to www.pjxresources.com to view the Technical Report and information on SHV deposits )
PJX is currently focused on trenching part of the M1 target area to assess the orientation and controls on gold mineralization found at surface. Grab rock samples taken previously from a fractured altered quartzite (sedimentary rock) unit range from 200 ppb to 10,000 ppb (0.2 g/t to10 g/t) gold. Drilling has also commenced to test one part of the M1 target area for gold mineralization within the quartzite unit at depth.
The foregoing geological disclosure has been reviewed by Mr. John Keating, P. Geo (a qualified person for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects). Mr. Keating is the President, CEO and a director of PJX.
More information will be announced about PJX’s exploration activities and other properties in the coming weeks. Please refer to our web site www.pjxresources.com for additional information.
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. PJX’s primary properties are located in the historical mining area of Cranbrook and Kimberley, British Columbia.
FOR FURTHER INFORMATION PLEASE CONTACT:
Linda Brennan Chief Financial Officer
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.
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