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.

• Recently received results for PJX drill hole GS21-25 included 76.36 g/t gold, 14.8 ppm (14.8 g/t) silver, 8870 ppm lead, 3975 ppm zinc, and 632 ppm copper over 0.3m (approximate true width) from 79.2m to 79.5m.       This occurred within a 2.3 m interval with a weighted average of 11.66 g/t gold from 78.9 to 81.2 m (see Table 1 below).
• GS21-25 was drilled about 50 m on strike to the north of the David Gold Zone.
• GS21-25 had the best intersection in the 14 holes drilled to test the David Gold Zone on strike and at depth. The intersection occurs where computer modelling of structural measurements, from previous PJX drilling and surface mapping, predicted an inflection (a bend) in the David Shear that hosts the David Gold Zone.       Inflections are known to increase gold grade in gold deposits.
• Historical drilling also intersected high grade gold mineralization with base metals. Hole 91-43 drilled by previous explorers in 1991 intersected 196.69 g/t (5.74 oz/t) gold, 17.9 ppm (17.9 g/t) silver, 24686 ppm (2.47%) lead, 17368 ppm (1.74%) zinc, 2511 ppm copper, over 0.8 metres (see Figure 1 below).
• High grade gold mineralization also occurs as nuggety visible gold in quartz veins. PJX grab sample in 2019 of a quartz vein from the David Shear Zone trench had 5 visible grains of gold with no base metals and analyzed 193.9 g/t gold.

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).

• Tension gash vein orientation is perpendicular to the David Shear orientation.
• Historical drilling and most of PJX’s drilling have been oriented perpendicular to the David Shear.
• Therefore, most drilling to date is oriented approximately parallel to the tension gash veins and could have missed some high grade gold mineralization.
• Additional gold mineralization may thus be identified if future drill holes are oriented to test tension gash veins in areas along the David Shear and David Gold Zone.
• Computer modelling of anomalous gold mineralization (greater than 100 ppb gold) suggests there is significant potential within the David Gold Zone and on strike with possible additional zones at depth that could be tested (see Figure 2 below).

 

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).

• This is the first intersection of gold with this grade in gabbro on the Gold Shear Property.
• The gold mineralization occurs where gabbro with disseminated magnetite is sheared and has been pervasively altered with carbonate, hematite, chlorite, disseminated pyrite and quartz veins.
• The true width and orientation of this new gold intersection is not known as only one hole has intersected the mineralization; additional drilling is required to evaluate the potential for gold veining in the gabbro sill.

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.”

 

Qualified Persons

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
(416) 799-9205

info@pjxresources.com

 

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.

 This press release may use the terms “Measured”, “Indicated”, and “Inferred” resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.

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