Toronto, Ontario – May 24, 2022 – PJX Resources Inc. (“PJX”) is pleased to announce that recent drilling results extend the David Gold Zone to the north and help support potential for additional high grade gold mineralization on strike on the Gold Shear Property and PJX’s adjacent Eddy property in the Sullivan Mining District, Cranbrook, BC.
Exploration suggests that changes in drill hole orientation along the David Shear may improve gold grades and help identify new gold zones. Drilling also identified gold mineralization in gabbroic rocks that may be a new target in addition to the David Gold Zone.
David Gold Zone
High grade gold mineralization appears to occur when base metals (lead, zinc, copper) or visible gold are present with quartz-carbonate mineralization along the David Shear.
Table 1 – Drill Hole GS21-25 results on strike with David Gold Zone, weighted average gold is 11.66 g/t over 2.3m (78.9-81.2m interval), approximate true width.
Drill Hole Orientation May Improve Gold Grades and Identify New Gold Zones
Mapping the David Gold Zone at surface has identified the presence of tension gash veins containing base metals (lead, zinc, copper).
Gold Mineralization in Gabbro
Hole GS21-28 intersected 1.34 g/t gold over 5.2 m in a gabbro sill from 5.8 to 11 m, (see Table 2 below).
Table 2 – Drill Hole GS21-28 results for new Gabbro gold zone, weighted average gold is 1.34 g/t over 5.2m (5.8-11.0m interval), first hole to intersect this zone, true width of zone unknown.(* interval 7.4-8.6m had 0.33m lost core)
John Keating, President of PJX commented: “The David Gold Zone is Orogenic style mineralization with a narrow high-grade gold core along the David Shear. Understanding new geological controls that influence gold concentration in the David Gold Zone will help us explore gold and base metal targets across all our properties. Our exploration work along the 65 km long Vulcan Gold Belt in the Sullivan Mining District has identified over 20 gold and/or base metal targets (see Figure 3 below). The Weaver Creek area has at least 3 targets that we believe are part of a large gold mineralizing system (see Figure 4 below). Exploration this field season will focus on a number of these targets along with the David Gold Zone.”
The geological disclosure and content of this news release has been reviewed and approved by Michael Seabrook, P.Geo., and John Keating P.Geo. (qualified persons for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects). Mr. Seabrook is the consulting geologist for PJX on the Gold Shear Property. Mr. Keating is the President, Chief Executive Officer and a Director of PJX.
Figure 1 – High-grade gold occurs with black fine-grained sulphides (lead, zinc, copper) in hole 91-43 that was drilled in 1991 by previous explorers.
Figure 2 – PJX hole GS21-25 intersected 11.66 g/t gold over 2.3 m along the David Shear in sediments and extends David Gold Zone to the north. Hole GS21-28 intersected 1.34 g/t gold over 5.2 m in a new style of mineralization occurring in gabbro. Areas with anomalous gold (>100 ppb gold) may contain higher grades pf gold that have not been intersected because drill holes have been drilled parallel to tension gash type veins containing high grade gold with lead, zinc and copper.
Figure 3 – PJX Properties (colour differentiated) with over 20 gold and/or base metal targets along the 65 km long Vulcan Gold Belt in the Sullivan mining District.
Figure 4– Weaver Target Area – Potential large gold mineralizing system defined by 3 large gold targets (MC Zone, Hill Vein, Red Zone) over a 4 km by 2.5 km area centered on the Weaver Creek cross structure.
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
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.
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