Toronto, Ontario – January 7, 2019 – Magnetic geophysics, Magnetotelluric (“MT”) geophysics and Gravity geophysics all support the potential that a large target at depth could be a massive sulphide body similar in area to the Sullivan Zinc-Lead massive sulphide deposit located 35 km north of PJX Resources’ 100% owned Vine Property near Cranbrook, British Columbia, Canada.
Highlights
- Recent Three-Dimensional (“3D”) Modeling of Magnetic data has identified a magnetic signature that appears to correlate with a large conductive MT anomaly announced in December 2018. (see 3D images of MT and Magnetic Models http://pjxresources.com/wp-content/uploads/2019/01/pjx-vine-mt-mag.jpg)
- The large conductive MT anomaly can be traced for 800 metres (m) horizontally along strike. The sub-vertical MT anomaly starts at about 600 m deep and can be traced down dip to the west to a depth of at least 2 kilometres (km).
- Two-Dimensional Modelling of gravity data suggests the potential for large dense bodies of massive sulphide at depths similar to the MT and magnetic anomalies.
- The anomalies appear to occur above the Moyie fault and adjoining fault splays. Anomalous zinc and lead mineralization have been intersected above these faults, in holes drilled up dip and on strike with the anomalies.
“The addition of a magnetic signature to the large target at depth identified by MT and gravity geophysics strengthens the potential for massive sulphide mineralization on the Vine Property.” states the President and CEO of PJX, John Keating. “Each geophysical technique can be used to identify massive sulphides, however it is not often that we see all 3 correlate with the same target.”
As announced in December, 2018, Management believes the large MT anomaly could represent a folded massive sulphide body along the regional Moyie fault and adjoining fault splays. There is also a smaller, less conductive, MT target closer to surface. Of great significance is how both MT anomalies appear to correlate with the depths of potential massive sulphide identified by gravity data modelling. Neither of these target areas have been drilled.
PJX plans to first test shallow targets for massive sulphide potential before testing the deep target. Shallow targets are at depths between 100 and 200 m. Drilling is planned to commence this month. Additional work to assess the MT and other data is on-going.
The foregoing geological disclosure has been reviewed 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.
Stock Option Grant
The Company’s board of directors has authorized granting stock purchase options to certain directors, employees and consultants to acquire an aggregate of 2,960,000 common shares at an exercise price of $0.25, expiring January 3, 2024. 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.