Toronto, Ontario – August 20, 2018 – PJX Resources Inc. (“PJX”) is pleased to announce that Teck Resources Limited (Teck) has received the necessary permits to drill PJX’s DD Property. Drilling is planned to commence later this month, subject to potential backcountry restrictions in light of current forest fire hazards in British Columbia, and be carried out into the Fall.
“Historical drilling adjacent to the DD Property defined geological and geochemical vectors for a potential Sullivan-type system, which increase toward the DD Property,” states Dave Pighin, PGeo for PJX Resources. “The Sullivan deposit occurs at a geological time called the Sullivan Horizon. The thickness, alteration and anomalous zinc-lead concentrations of the Sullivan Horizon progressively increases in intensity the closer holes are drilled to the DD Property. A similar increase in thickness, alteration and anomalous zinc-lead concentrations in the Sullivan Horizon occurs in proximity to the Sullivan Deposit.”
“The Magnetotelluric (MT) geophysical survey carried out by Quantec Geoscience on the DD Property has defined an MT anomaly that appears to coincide with the anticipated depth of the favourable Sullivan Horizon,” states the President and CEO of PJX, John Keating. “The Sullivan deposit contained iron sulphides that could be detected by an MT survey and cause an MT anomaly. The MT anomaly on the DD Property occurs on two widely spaced lines, 700 metres apart, and is open to the north and south. The DD Property MT anomaly is at a depth and a size that supports the potential for a Sullivan Type target.”
PJX has granted Teck an option to earn up to a 75% interest in the DD Property (see March 5, 2018 press release for more details.).
The road-accessible DD Property is located approximately 120 km east of Teck’s Metallurgical Complex in Trail, BC and about 45 kilometres south of the Sullivan Mine, which operated for over 90 years before being closed in 2001.
The foregoing geological disclosure has been reviewed 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 on the DD and Vine Properties. Mr. Keating is the President, Chief Executive Officer and a Director of PJX.
The Company’s board of directors has authorized granting stock purchase options to certain directors, employees and consultants to acquire an aggregate of 1,925,000 common shares at an exercise price of $0.25, expiring August 19, 2023. The foregoing is subject to regulatory acceptance.
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 and base metals. PJX’s properties are located in the historical mining area of Cranbrook and Kimberley, British Columbia. Please refer to our web site http://www.pjxresources.com for additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Linda Brennan,
Chief Financial Officer
(416) 799-9205
info@pjxresources.com
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Forward-Looking Information
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”, “appears to”, “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.