Toronto, Ontario – September 19, 2022 – PJX Resources Inc. (“PJX” or “the Company”) is pleased to announce that, subject to TSX Venture Exchange approval, the Company intends to extend the expiry dates of 9,350,400 share purchase warrants, (the “Warrants”) by 12 months to October 5, 2023. The Warrants were issued pursuant to a private placement announced on September 21, 2020 and accepted for filing by the TSX Venture Exchange on October 6, 2020. The Warrants are exercisable at $0.20 per share and are currently set to expire on October 5, 2022. All other terms of the warrants, including the exercise price, remain unchanged. Upon receipt of the approval of the TSXV of the Warrant Extension, a material change report in respect of the Warrant Extension will be filed by the Company.
A total of 920,000 of the affected Warrants are held by parties considered to be “related parties” of the Company. Therefore, the amendment of Warrants constitutes a “related party transaction” as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 – Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants held by insiders does not exceed 25% of the market capitalization of the Company.
EXPLORATION UPDATE
Exploration continues to define sedimentary hosted lead, zinc, copper, silver and/or cobalt targets as well as intrusive related gold and/or copper targets to test on PJX’s large mineral property holdings in the Sullivan Mining District and Vulcan Gold Belt of southeastern British Columbia, Canada.
This summer, field crews focused on mapping, prospecting, and soil sampling the large Lewis Ridge target on the Dewdney Trail Property and the adjacent historical Estella mine that PJX optioned from Imperial Metals last summer. This work is being used to help define targets to test.
Drilling is presently testing the Lewis Ridge target area where gold, copper, lead, zinc, silver, arsenic, bismuth and/or molybdenum occur in soils along a 3 km trend. Airborne MobileMT (MT) and magnetic surveys by Expert Geophysics have identified conductive MT anomalies with locally overlapping magnetic signatures at depth that could be related to massive sulphide mineralization. The anomalies occur in a geological environment with potential to host Sullivan type massive sulphide mineralization.
John Keating, President of PJX commented: “Expert Geophysics’ airborne surveys can penetrate deeper than historical surveys and have helped identify target areas with potential to host sedimentary and/or intrusive related gold, silver, copper, or massive sulphide mineralization for 15 km across PJX’s Dewdney Trail Property. The Lewis Ridge and Estella mine are two of the many target areas to explore. The Estella mine has not been explored since the 1960’s. Our current on-going drilling program will be the preliminary test to assess the source or sources of the Lewis Ridge target geophysical anomalies.”
Qualified Persons
The foregoing geological disclosure 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.
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
