Toronto, Ontario – April 21, 2022 – PJX Resources Inc. (“PJX” or the “Company”) is pleased to announce that DLP Resources has commenced drilling to test Magnetotelluric (MT) geophysical targets on the DD- Moby Dick-NZOU group of properties as part of DLP’s option of PJX’s DD Property, southwest of Cranbrook, British Columbia, Canada.
Drilling will test Magnetotelluric (MT) anomalies on strike of hole DD21-02 that intersected 168m thickness of fragmentals and muds with anomalous zinc mineralization on PJX’s DD Property during 2021. This thick sequence of muds and fragmentals is similar to what occurs in the sedimentary basin proximal to the Sullivan deposit located approximately 50 km northeast of the DD-Moby Dick-NZOU group of properties.
MT geophysics identifies areas with potential conductive mineralization. Parts of the Sullivan deposit consist of massive sulphide mineralization that is conductive. The MT targets occur on the NZOU and Moby Dick properties adjacent to the DD Property (see Figure 1). Three to four drill holes totalling approximately 5400m are planned to test multiple large MT targets on strike of hole DD21-02 (see Figure 2). A low resistivity (strong conductive) anomaly extending from approximately 700m to beyond the targeted depth of 1500-1700m will be tested by the first hole DD22-01 (Figure 3). PJX is partner with DLP on the NZOU and Moby Dick Properties as part of DLP’s option of the DD property (see Property Ownership below).
John Keating, President of PJX commented: “The geological environment identified by drilling to date combined with the similarity in size of the MT anomalies to the Sullivan deposit size makes these targets very attractive to test. We are pleased that DLP has commenced to drill multiple holes to test the MT targets. PJX continues to focus exploration on Sullivan deposit type targets on the Vine Property, intrusive related gold and copper targets on the Dewdney Trail, Zinger and Eddy Properties, and orogenic type gold targets on the Zinger, Eddy, and Gold Shear Properties. Analytical results from drilling on the Gold Shear Property are pending with results to be announced when all the analyses have been received and compiled with geological data.”
DD, NZOU and Moby Dick Property Ownership
DLP can earn a 50% interest in the DD Property by spending $4 million in exploration expenditures on the DD, Moby Dick and NZOU Properties and paying $250,000 cash to PJX by July 13, 2024.
DLP can earn an additional 25% interest, to a total of 75% interest, in the DD Property by completing a Commercial Feasibility Study on the 3 properties by July 13, 2028.
PJX (50%) and DLP (50%) jointly own 100% of the mineral rights to the Moby Dick Property and jointly have the right to own 100% interest in the NZOU Property through an option agreement between DLP and the NZOU Property owner. Exploration expenditures incurred by DLP on these two properties will be applied toward DLP’s exploration expenditure requirements to earn an interest in the DD Property.
Qualified Persons
The geological disclosure and content of this news release has been reviewed and approved by Dave Pighin, P.Geo., and John Keating P.Geo. (qualified persons for the purpose of National Instrument 43- 101 Standards of Disclosure for Mineral Projects). Mr. Pighin is the consulting geologist for PJX and DLP on the DD Property. Mr. Keating is the President, Chief Executive Officer and a Director of PJX.
Figure 1 – Simplified plan showing MT anomalies at 0m elevation on the DD-Moby Dick and NZOU Properties along with drill holes Pan-18-01EX, DD21-01, DD21-02 and historical holes Irish 05-01 and IR07-01.
Figure 2 – Titan MT resistivity plan at 0m elevation with the main MT anomaly trending NE from DD21-02.
Figure 3 – Titan MT resistivity section along Line 3N showing current drill hole MD22-01.
Extension of Share Purchase Warrant Expiry Date
The Company is pleased to announce that, subject to TSX Venture Exchange approval, it has extended the term of 12,296,276 share purchase warrants, (the “Warrants”). The Warrants were issued pursuant to a private placement announced on May 1, 2018 and accepted for filing by the TSX Venture Exchange on May 17, 2018. The Warrants are due to expire on May 15, 2022 and are exercisable at $0.25 per share. The new expiration date of the Warrants is May 15, 2023. All other terms of the warrants, including the exercise price will remain unchanged.
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
