PJX Resources Announces Soil Survey Supports Potential FOR Copper and GOLD to Be Associated with Sullivan Style Zinc-Lead-Silver Discovery and Undertaking of Non-Brokered Private Placement
TSX VENTURE: PJX.V
OTCQB: PJXRF
PJX RESOURCES ANNOUNCES SOIL SURVEY SUPPORTS POTENTIAL FOR COPPER AND
GOLD TO BE ASSOCIATED WITH SULLIVAN STYLE ZINC-LEAD-SILVER DISCOVERY AND
UNDERTAKING OF NON-BROKERED PRIVATE PLACEMENT
Toronto, Ontario – November 14, 2023 – PJX Resources Inc. (“PJX” or “the Company”) is pleased to announce
that highly anomalous gold and copper occur in soil material along with zinc, lead, and silver up slope from the
discovery of Sullivan deposit style and grade semi -massive to massive sulphide boulders. The new sediment -
hosted discovery of Sullivan style zinc -lead-silver mineralization in boulders occurs on the Company’s Dewdney
Trail Property in the Sullivan Minng District in southeastern British Columbia, Canada (see PJX news release
October 12, 2023).
Boulders of Sullivan style and grade mineralization were discovered in an area of about 50 metres (m) by 150 m
at the base of a talus slope. The boulders are strongly magnetic and appear to h ave not moved far down the
slope of the mountain from a possible bedrock source as some are large and angular (see Photo on subsequent
page).
Soil samples taken from talus material up-slope from the boulders are highly anomalous in zinc, lead, silver ,
gold, and copper. The soils coincide with the strong airborne magnetic anomaly immediately up-slope from the
boulders. This magnetic anomaly may be the source of the strongly magnetic boulders.
The highly anomalous zinc, lead, silver, gold , and copper content in soils are also coincident with a moderately
strong magnetic anomaly for about 500 m along strike to the north of the 500 m long strong magnetic anomaly
(see Figures 1 through 6).
John Keating, President of PJX commented: “Only 2 lines of soils are present up-slope from the boulders. The
soils are all anomalous in zinc, lead, silver, copper, and gold. The strongly magnetic anomaly is over 500m in
diameter with moderately strong magnetic anomalies on strike to the north and south. Additional mapping and
prospecting have been completed and more will be announced when lab analyses are received. We’ve outlined
an area 600 m wide and 1.6 km along strike on the attached maps that will be the main focus of exploration in
2024.”
Private Placement
The Company is pleased to announce a non-brokered private placement (the “Offering”) of up to sixteen million
units through the issuance of Flow Through ("Flow Th rough Unit") and Non-flow Through Units (“Unit”) at a
price of $0.105 per Flow Through Unit and $0.09 per Unit.
Each Flow -through Unit will cons ist of one commo n sh are to be issued as a "fl ow-through share" within the
meaning of the Income Tax Act (Canada) (the "Flow-through Shares") and one common share purchase warrant.
Each Unit will consist of one common share and one common share purchase wa rrant. Each warrant, whether
acquired as part of a Flow -through Unit or U nit, will entitle the holder to purchas e one common share at an
exercise price of $0.20 for 24 months following completion of the Offering.
The completion of the Offering may constitute a related party transaction within the meaning of Multilateral
Instrument 61 -101 (“MI 61 -101”) as certa in insiders of the com pany may participate in the Offering. The
Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI
61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61 -101, as the fair market value of the p articipation in
the offering by insiders will not exceed 25% of the market capitalization of the company, as determined in
accordance w ith MI 61 -101. The Company will also ma ke the Offering available to subscribers who receive
suitability advice from a registered investment dealer in accordance with applicable prospectus exemptions in
certain Canadian jurisdictions. The Company confirms that there is no material fact or material change about
the Company that has not been generally disclosed.
The Offering, and any modifications to it, is subject to compliance with applicable securities laws and to receipt
of the approval and acceptance of the TSX Venture Exch ange. The Company reserves the right to increase the
size of the Offering or to modify the type, nature and/or price of the units for any reason. The securities issuable
in connection with this Offering will be subj ect to a hold period in Canada which will run f or four months from
the date of the closing of the Offering. The Company may pay finders' fees in accordance with the policies of the
TSX Venture Exchange.
The Company inte nds to use the net proceeds of the Offering for expenditures on its properties located in
Cranbrook, British Columbia, and for general working capital. The gross proceeds from the issuance of the Flow -
through Shares shall be used to fund explora tion expenditures o n the Cranbrook Properties , with a focus on
exploration on the Dewdney Trail Proper ty, and will qualify as Canadian exploration expenses (as defined in the
“Income Tax Act (Canada)”).
Photo – Sean Kennedy (prospector) holding large
strongly magnetic boulder of semi -massive to
massive sulphide mi neralization containing zinc ,
lead, and silver. Boulder does not appear to have
been transported far because it is still very angular
and amongst other rock types from the area.
Boulders are down slope from a strong magnetic
geophysical anomaly and soils with zinc, lead, silver,
gold, and copper.
Figure 1 – Soil samples with highly anomalous zinc concentrations
occur up-slope of sulphide boulders with Sullivan style and grade
zinc-lead-silver mineralization.
Figure 2 - Soils with high zinc content occur with 500 m diameter
strong magnetic anomaly and with a moderately srong magnetic
anomaly for 500 m on strike to the north of the strong magnetic
anomaly. This area could be the source of the Sullivan style and
grade strongly magnetic boulders. Initial target area to explore is
0.6 km wide and 1.6 km along strike.
Figure 3 – High lead content in soil up-slope of boulders. Figure 4 - High silver content in soil up-slope of boulders.
Figure 5 – High gold content in soil up-slope of boulders. Figure 6 - High copper content in soil up-slope of boulders.
Qualified Persons
The geological disclosure and content of this news release ha s been r eviewed and approved by John Keatin g 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 miner al exploration co mpany foc used on building shareholder value and community opportunity through the
exploration and development of miner al resources with a focus on gold, silver and base metals (zinc, lead, copper, nickel).
PJX’s properties are located in the histor ical Sullivan Min e District and Vulcan Gold Belt near C ranbrook 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
Cautionary Note Regarding Forward-Looking Information
The information in this news release has been prepared as at the date noted above. Certain statements in this news release, referred to herein as
"forward-looking statements", constitu te "forward-looking statements" under the provisions of Canadian provincial securi ties 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 an d competitive uncertainties and contingencies.
Many factors, known and unknown, could cause actual results to be materially different from those express ed or implied by such forw ard-looking
statements. Readers are ca utioned not to place undue reliance on these forward-looking statements, which speak only as of the date made .
Except as o therwise requ ired by law, PJX Resources Inc. expressly disclaims any obligation or undertaking to release publicly a ny 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 PJ X 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 ar e cautioned
that mineral deposits on adjacent propertie s are not indicative of minera l deposits on our properties. This news r elease may contain forward-
looking statements including but not limited to comment s regarding the timing and content of u pcoming w ork programs, geo logical
interpretations, receipt of pr operty titles, potential miner al recover y p rocesses, etc. Forward -looking statements address futur e events and
conditions and therefore involve inherent risks and uncertainties. A ctual results may diff er materially fro m those currently anticipated in such
statements.
This press release uses the terms "Measured", "Indicated", and "Inferred" resources. United States investors are advised that while such terms are
recognized and requ ired by Canad ian regul ations, the Unite d States Securities and Exchange Commi ssion does not recognize them. "Inferred
Mineral Resources" have a grea t amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed
that all or an y part of an Infe rred Mineral Resource will ever be upg raded to a higher cate gory. Un der Cana dian 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 Min eral 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.