Porphyry Gold-copper Target Identified on PJX Resources’ Zinger Property in the Sullivan Mining District

June 9, 2022

Toronto, Ontario – June 09, 2022 – PJX Resources Inc. (“PJX”) is pleased to announce that 3- Dimensional (3D) inversion and interpretation of airborne magnetic (mag) and MobileMT data by Expert Geophysics has identified a potential large Porphyry Gold-Copper (“PGC”) Target on PJX Resources’ Zinger Property in the Sullivan Mining District, Cranbrook, British Columbia.

Highlights

Highlights Magnetic Data

Gold rich porphyry copper deposits can have a distinctive magnetic signature where a mag-high anomaly occurs in the center surrounded by a mag low which produces a donut shaped anomaly (see figure 1).
Expert Geophysic’s 3D inversion and interpretation of the airborne magnetic data has identified a donut shaped anomaly that resembles the mag signature for a gold-rich copper porphyry deposit (see PGC target on figure 2).

MobileMT Data

Expert Geophysics’ airborne MobileMT data has identified a large low conductive anomaly at depth (see blue area on figure 3).
The PGC target occurs on the edge of the low conductive anomaly. The Gar Intrusive target with gold in sheeted quartz veins at surface, and the Gar North target (see PJX news release March 7, 2022) also occur along the edge of the anomaly.
The large low conductive anomaly may represent an intrusive at depth that could be a common source for the multiple phases of intrusives mapped at surface, and the PGC and Gar North targets.

Gold-Copper Mineralization

The PGC target occurs adjacent to the Leader granitic porphyry intrusive that is associated with gold and copper occurrences called the Leader and Dug-Dug (see figure 4).

Leader occurrence – gold, silver, lead, and copper mineralization occur with quartz veining in a shear in sediments adjacent to the Leader intrusive. The narrow (0.15 to 1.5 metres (“m”) wide) vein was identified by historical surface trenching and/or underground workings for approximately 600 m along strike in the 1930s. PJX grab sample of mineralized quartz vein material in 2021 analyzed 10,226 ppb (10.2 g/t) gold, 107 ppm (107 g/t) silver, 2.56% copper, and greater than 10% lead.
Dug-Dug occurrence – shear hosted quartz veins with gold and silver mineralization occur within the Leader stock. One of 4 holes drilled by Ruby Red Resources in 2007 intersected 2.91 g/t gold, 394 g/t silver, 2.94% lead, and 3170 ppm (0.31%) copper over 1.27m from 33.2 m – 34.47 m down hole.

John Keating, President of PJX commented: “The Leader and Dug-Dug occurrences are not our primary targets. The PGC target is considered to be more significant as it may be a gold-rich copper porphyry that has intruded adjacent to the Leader intrusive. Gold, copper and other mineralization in the Leader and Dug-Dug occurrences support the potential that the PGC target may host gold and copper mineralization. The PGC target, like the Gar North target, occur in areas covered with overburden and no known rock exposure (see figure 4). Next steps will include prospecting, mapping, and soil sampling in these areas to identify potential gold and copper mineralization.“

DD-NZOU-Moby Dick Drilling Update

DLP Resources (“DLP”) has announced temporary abandonment of drilling Hole MD22-01 on the Moby Dick claims, which are part of DLP’s option of PJX’s DD Property. The hole was started in late April to test an MT anomaly at a depth of about 1700 m. The MT target is on strike with Sullivan type alteration encountered by a hole drilled in 2021 on the adjacent DD claims. Hole MD22-01 hit a major fault and became stuck at approximately 1200 m. The re-drill off a downhole wedge placed at 1150 m had to be abandoned at 1305 m due to poor drilling conditions. The hole was in Middle Aldridge sediments with weak pyrrhotite mineralization and intense sericite alteration with trace tourmaline within the fault zone. DLP has indicated that they plan to continue with the drill program and re-enter Hole MD22-01 at a future date when equipment is available to continue drilling with a smaller core size.

Qualified Persons

The geological disclosure and content of this news release 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.

Source – http://www.dmec.ca/DMEC/media/Presentations/10_Clark_Magnetic-effects-of-alteration-in-mineral-systems.pdf Figure 1 – CSIRO (Australian government Commonwealth Scientific and Industrial Research Organisation) type- example for a Porphyry gold-copper deposit with zoned magnetic signature. Zonation in alteration and mineralization within and around the porphyry can produce a somewhat donut shaped magnetic anomaly. The central mag high (red area) reflects a potassic altered zone with gold, copper, and magnetic mineralization. The central mag high is encircled by a mag low (blue area) that reflects a phyllic altered zone, and this produces a somewhat donut shaped anomaly.

Figure 2 – Porphyry Gold-Copper (PGC) target has a typical porphyry gold-copper signature with a central mag high (red area) encircled by a donut shaped mag low (blue area).

Figure 3 – Apparent Conductivity (33 Hz frequency) displays a large low conductivity anomaly (blue area) at depth. The large conductivity low may represent an intrusive body at depth that was the original magma source with multiple pulses of magma to form intrusive offshoots, such as the Gar granitic intrusive, and the Gar North and PGC Targets with their near surface outlines shown on the map.

Figure 4 – The Gar and Leader intrusives with associated gold and/or copper mineralization occur along a 5 km trend of skarn altered sediments on the Northwest part of the Zinger Property. The PGC and Gar North targets occur in low topography covered by overburden and alluvium with no known bedrock or surface expression.

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 (416) 799-9205 info@pjxresources.com

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