PJX Resources Discovers Intrusive Related GOLD-Copper-Silver Mineralization IN Sullivan Mining District
TSX VENTURE: PJX.V
OTCQB: PJXRF
PJX RESOURCES DISCOVERS INTRUSIVE RELATED GOLD-COPPER-SILVER
MINERALIZATION IN SULLIVAN MINING DISTRICT
Toronto, Ontario – November 15, 2022 – PJX Resources Inc. (“PJX” or “the Company”) is pleased to announce that
gold, copper, and silver mineralization with values up to 15.59 g/t gold, 1.108 % copper, or 721 g/t silver occur in rock
grab samples of variably altered and veined syenitic/alkalic intrusives. This initial set of analyses to be received from
prospecting and mapping this summer are from the Estella Basin area of the Dewdney Trail Property . Additional
analyses are pending. Dewdney Trail is one of a number of PJX ’s large mineral properties in the Sullivan Mining
District and Vulcan Gold Belt of southeastern British Columbia, Canada.
Prospecting and mapping collected 22 rock grab samples of quartz veins in locally altered and pyri te bearing
syenitic/alkalic intrusives in the Estella Basin. Gold mineralization greater than 100 ppb occurs in 19 of the samples
with the highest value being 15,598 ppb (15.59 g/t). Copper mineralization greater than 1,000 ppm occurs in 7 of the
samples with the highest value being 1.108 %. Lead, zinc, and silver mineralization are also present in samples with
the highest analyses being >10 0,000 ppm (>10%) lead, 5,060 ppm (0.5%) zinc, and 721 ppm (721g/t) silver. Table
below displays analyses greater than 100 ppb gold . Sample locations are shown on the Estella Basin geology map
(Fig. 1).
Sample Number Gold* Silver* Copper* Lead* Zinc* Silver** Copper** Lead**
PPB PPM PPM PPM PPM PPM % %
MS22-51 15598.3 68.7 937.6 >10000.0 548 67 0.09 1.13
MS22-57 6906.3 >100.0 >10000.0 8328.7 1806 447 1.108 0.76
MS22-44 5398.6 >100.0 1615.3 >10000.0 324 147 0.152 3.08
MS22-50 4891.7 >100.0 9620.7 >10000.0 5060 721 0.939 >10.00
DT22-50-s 2830.2 40.4 1563.2 8708.7 729
MS22-48 2332.7 >100.0 2615.7 8859.3 1754 133 0.265 0.84
MS22-56 1955.6 >100.0 1684.3 >10000.0 192 120 0.148 1.08
DT22-52-s 1416.0 18.4 211.4 4504.6 100
MS22-47 1415.4 35.5 209.4 >10000.0 28 34 0.019 1.5
MS22-55 451.0 18.5 865.8 408.3 171
DT22-51-s 434.8 17.5 2125.5 3720.6 743
DT22-81-s 324.6 30.6 42.2 >10000.0 1323 29 0.004 2.73
MS22-49 299.7 29.1 299.5 5728.4 83
DT22-105-s 247.3 40.9 407.9 1040.3 1114
DT22-104-s 211.8 47.7 682.3 6333.1 292
MS22-53 136.7 7.5 244.2 2123.9 38
MS22-52 119.3 27.7 82.1 >10000.0 54 27 0.007 1.19
DT22-80-s 106.8 >100 12.2 >10000.0 15 125 0.001 1.19
MS22-46 104.9 2.7 34.6 837.4 102
Notes:
**Analyses exceeding the analytical limit of MS finish were re-analyzed by Emission
Spectrometry (ES) to provide the precise ppm or % value.
1000 ppb = 1 ppm = 1 g/t
10,000 ppm = 1%
*Analysis by Aqua Regia digestion with a Mass Spectrometry (MS) finish.
Mapping suggests the multiple phases of intrusives are part of a magmatic center. One apparent sub-vertical syenite
intrusive plug that was sampled can be traced in sporadic outcrops in steep terrain for over 300m along strike. There
appears to be a second intrusive plug approximately 600m to the south that is visible in a cliff wall and could not be
sampled this year because of steep terrain. Both plugs appear to have risen vertically to about the same level and are
only visible because their tops are exposed due to erosion. There may be additional buried plugs where erosion has
not exposed the tops of the intrusions.
Figure 1 – Estella Basin Geology with rock grab sample locations.
John Keating, President of PJX commented: “This is the first intrusive related gold, copper and silver mineralization of
its kind that we are aware of to be discovered in the Sullivan Mining district and Vulcan Gold Belt. We believe the
structural and geological environment of the Sullivan district supports the potential to discover multiple magmatic
centers in addition to the Estella Basin (see Fig. 2). Each magmatic cent er could host intrusive related gold-copper-
silver and other types of deposits, such as skarn or carbonate related (“CRD”) deposits.”
Figure 2 – PJX’s property map with target areas, including Estella Basin. Estella Basin and Gar-PGC target areas are two of a
number of potential magmatic canters in the Sullivan Mining District and Vulcan Gold Belt.
Regional Geological Significance
The Sullivan Mining District has geological similarities to other intrusive related copper-gold mining districts, such as
the Butte and Bingham Canyon districts located to the south in Montana and Utah, respectively.
• All 3 districts occur along continental scale transv erse structures, the Uinta arch/lineament at Bingha m
Canyon, Great Falls tectonic zone at Butte, and the Vulcan tectonic zone at the Sullivan District.
• Butte and Sullivan al so occur where the east-west oriented Great Falls and Vulcan transverse structures
intersect the continental scale north-south Rocky Mountain Trench fault zone structure.
• Copper, gold and other mineralization occur with alkalic intrusives in magmatic centers.
• Sulphide rich Proterozoic age sediments that occur in the Butte district are the same in the Sullivan District.
Proterozoic sediments are also considered to occur at depth beneath Bingham Canyon.
• Sulphide mineralization in the sediments can provide a source of sulfur to assist with the formation of
copper, gold, silver, and other mineralization in the intrusives.
• Silty carbonate rocks in the Sullivan district may be good host rocks for the formation of potential gold,
copper, zinc, lead , and/or silver skarn, CRD, or other deposit types that can occur proximal to magmatic
centers.
• Gabbro sills in the Sullivan District may form impermeable rock layers which can help enrich copper, gold,
silver, and other mineralization by impeding and concentrating rising fluids that transport the metals.
Additional results are pending from surface mapping and prospecting in the Estella Basin area and other target areas
on the Dewdney Trail Property. Approximately 2,000 m of drilling have recently been completed on the Lewis Ridge
Target Area that is located about 3 km north of the Estella Basin area. (see PJX news release, July 21, 2022). Drill core
is being logged and sampled. Results with maps of this work will also be announced in the coming months when all
the analyses have been received and compiled.
Sampling and QA/QC
Rock grab samples from outcrop or proximal float material are collected by experienc ed geologists, prospectors and
technicians. Samples are then labeled, placed in plastic bags, and sealed with sample numbers recorded. Samples are
delivered to Bureau Veritas Mineral Laboratories in Vancouver, B.C. The sampl es are dried, crushed and pulve rized
for Aqua Regia digestion and 3 7 element ICP -MS analysis, a nd by ICP-ES analysis to assess element over -limits.
Titration is being performed for samples >10 % lead.
Warrant Extension
The Company is also pleased to announce that, subject to TSX Venture Exc hange approval, the Company intends to
extend the expiry date of 5,802,157 share purchase warrants, (the "Warrants") by 12 months to December 5, 2023.
The Wa rrants were issued pursuant to a priv ate placement accepted for filing by the TSX Venture Exchange on
December 27, 2019. The Warrants are exercisable at $0.25 per share and are currently set to expire on December 5,
2022. All other terms of the warrants, including the exercise price, remain unchanged. Upon receipt of the approval
of the TSXV of the W arrant Extension, a material change report in respect of the Warrant Extension will be filed by
the Company.
A total of 3,383,333 of the affected Warrants are held by parties considered to be “related parties” of the Company.
Therefore, the amendment of Warr ants c onstitutes a “ related party transaction” as contemplated by Multilateral
Instrument 61-101 Protection of Minority Shareho lders in Spec ial Transactions, and TSXV Polic y 5.9 - Protection of
Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval
requirements provided for by these guideline s can be relied upon as the fa ir market val ue of the Warrants held by
insiders does not exceed 25% of the market capitalization of the Company.
Qualified Persons
The foregoing geological disclosure has be en reviewed and approved by John Keating P.Geo. (qualified persons for
the purpo se of Na tional Instrument 43 -101 Standards of Disclosure for Mi neral P rojects). 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 deve lopment of mineral resources with a focus on gold, silver and base metals (zinc, lead, copper,
nickel). PJX’s pri mary pr operties are locat ed in th e historical Sullivan Mine D istrict a nd Vulcan Gold Bel t nea r
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
Cautionary Note Regarding Forward-Looking Information
The information in this news release has b een prepared as at the date noted above . Certain statem ents in this news release, referred to
herein as "fo rward-looking s tatements", con stitute "forward -looking statements" under the provis ions o f Canadi an provincial securities
laws. These statements can be identified by the use of words such as "expected", "may", "will" or similar terms.
Forward-looking stat ements are necessarily based u pon a number of factors and assumptions that, while c onsidered reas onable b y PJX
Resources Inc. as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties a nd
contingencies. Many factors, know n and unknown, could cause actual results to be mater ially different from those expressed or implied by
such forward -looking sta tements. Readers are cautioned not to place u ndue reliance on these forward -looking statem ents, w hich speak
only as of the date made. Except as otherwise required by law, PJX Reso urces 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 i n
events, conditions or circumstances on which any su ch statement is based.
Cautionary Note to US In vestors:
This new s release may conta in inf ormation about adjac ent proper ties on which PJX Resources Inc. has no right to exp lore or min e. W e
advise U.S. investors that the SEC's mining guidelines strictly pr ohibit information of this type in documents filed with the SEC. U.S. investors
are cautioned that mineral depo sits on ad jacent properties are not indicative of miner al deposits on our properties. This n ews release may
contain forward-looking statements in cluding but not limited to comments regarding th e timing and conte nt of upc oming work programs,
geological interpretations, receipt of property titles, potential mine ral recovery proce sses, etc. Forward-looking statements address future
events and conditio ns and therefore involve inherent risks and unce rtainties. Actual results m ay differ materially from those curr ently
anticipated in such statements.
This press relea se uses the terms "Measured", "Indica ted", and "Inferred" resources. United States investo rs are advised that wh ile such
terms are recogni zed and required b y Canadia n regulations, t he U nited States Sec urities an d Exchange Co mmission does not recognize
them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, a nd as to their economic and legal feasibility.
It cannot be assume d that al l or any p art of an Inferred Mineral Resource will ever be upgraded to a higher category. U nder Ca nadian
rules, estimates of Inf erred Mineral Resources may not form the basis of fea sibility or ot her economic studies. United State s investors are
cautioned n ot to assu me tha t al l or any part of Measured or Indicated Mineral Resources will ever be c onverted into Mine ral Reserves.
United States investors are also cautioned not to assume t hat all or any part of a Mineral Resource is eco nomically 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.