PJX Resources Identifies Cobalt-Copper Mineralization Potential IN the Sullivan Mining District
TSX VENTURE: PJX.V
OTCQB: PJXRF
PJX RESOURCES IDENTIFIES COBALT-COPPER MINERALIZATION
POTENTIAL IN THE SULLIVAN MINING DISTRICT
Toronto, Ontario – March 30, 2023 – PJX Resources Inc. (“PJX”) has intersected massive sulphide with anoma lous
cobalt (Co), copper (Cu), nickel (Ni) and silver (Ag) in a quartz -dolomite gangue in metasediments that is possibly
similar in style to mineralization at the Black Butte copper-cobalt deposit located to the south in Montana (see Photo-
A, & Fig. 1).
Mineralization was intersected while drilling Mobile-MT electromagnetic (EM) and magnetic geophysical anomalies at
the Lewis Ridge target late last year on the Dewdney Trail Property. The mineralization occurs approximately 3
kilometres north o f alkalic intrusive related gold-copper-silver mineralization at PJX’S previously announced Estella
Basin target in the Sullivan Mining District and Vulcan Gold Belt of southeastern British Columbia, Canada.
John Keating, President of PJX commented: “This was the first phase of drilling to test EM and magnetic anomalies at
the more than 2.5 km long and 1.5 km wide Lewis Ridge target area. Our initial thinking was that geophysics
identified potential Sullivan-type zinc-lead-silver m ineralization. However, drilling has discovered potential for
sediment hosted copper-cobalt type deposits possibly similar to those that occur east of Butte, Montana. PJX plans
to further explore and drill the Lewis Ridge copper-cobalt target area, and the previously annou nced new Estella
Basin intrusive-related gold-copper-silver target area this year.”
Photo A – Massive sulphide (pyrite) with anomalous cobalt, copper, nickel and silver mineralization in a quartz-dolomite gangue
(white mineralization) at the Lewis Ridge target area. Possible sediment hosted mineralization similar to the Black Butte cobalt -
copper deposit. On the right is an enlarged photo of the massive sulphide to display the fine to coarse pyrite texture.
BACKGROUND
Geology
• Four holes (LR22-01 to LR22-04) were drilled late last year at the Lewis Ridge target to test EM and magnetic
anomalies defined by an airborne Mobile-MT (EM) and Magnetic survey flown for PJX by Expert Geophysics.
• Hole LR22-02 intersected massive sulphide mineralization consisting of fine to coarse grained pyrite that has
a somewhat net-textured appearance and is fractured or bre cciated possibly due to folding (see Photo A
above).
• The 1 .42 m wide (d rill width) zone with 60% mass ive sulphide in quartz -dolomite gangue was intersected
from 125.87m to 127.29 m down hole , and analyzed 644 ppm (0.06%) Co, 819 ppm (0.08%) Cu, 144 ppm Ni
and 2.66 ppm (2.6 g/t) Ag.
• The sulphide zone appears bedding parallel and possibly str atabound similar to B lack Butte massive pyrite
mineralization containing Co, Cu, with anomalous Ni and Ag.
• Black Butte massive pyrite locally contain s t ennantite (arsenic mineral); Lewis Ridge massive sulphide has
1187 ppm arsenic.
• Black B utte occurs with black shales that are correlative with the middle Aldridge geological formation .
Lewis Ridge target occurs at the base of locally black graphitic and/or calcareous silts and argillites of the
middle Aldridge.
• Black Butte occu rs in the Hel ena Embayment, a shal low water environment on the east side of the Belt -
Purcell rift basin and east of the Butte intrusive related Cu-Molybdenum-Ag deposits. The Lewis Ridge target
area is a shallow water environment on the east s ide of the Belt-Purcell basin, and east of the Sullivan
sediment hosted Zn-Pb-Ag deposit (see Fig. 1).
• Black Butte mineralization is associated with an east -west fault called Volc ano Valley. The east-west
Kimberley Fault influenced the formation of the Sullivan Deposit. The Jackleg Fault at Lewis Ridge may be the
eastern extension of the Kimberley Fault (see Fig 2). Volcano Valley, Kimberley and Jackleg are a ll
considered to be transverse faults in the Belt-Purcell basin.
• Lewis Ridge Target occurs along a large nor th-south oriented west dipping overturned an ticline, and at the
equivalent geological time to the Sullivan deposit located about 25 km to the west (see Fig. 3).
Geophysics – Drilling
• The Lewis Ridge zone with massive pyrite, and the overlying locally graphitic and/or calcareous sedimentary
rocks are both conductive rock units. Their conduct ive nature help explain the large EM apparent
conductivity geophysical anomaly. However, the 2 units, along with mafic sills intersected, are not magnetic
and do not appear to account for magnetic anomalies (see Fig. 4).
• Cu-Co deposits also occur in Idah o. Pyrite is known to replace pyrrhotite i n some of these deposits .
Pyrrhotite is often magnetic. If the same type of replacement occurs at Lewis Ridge, then any pyrrhotite not
replaced by pyrite may generate a magnetic anomaly.
• Hole LR22 -01, drilled toward the northeast (Az 047, dip -75), intersected locally graphitic and calcareou s
sediments above the quartz-carbonate zone from 111.67-116.12 m. The 4.45m (drill width) zone contained
minor sulphide veins and a weighted average analysis of 2410 ppm Cu with low Co, Ni, and Ag.
• Hole LR22-02, was drilled toward the southwest (Az 227, dip -80) from the same drill pad as LR22-01.
• Hole LR22-03, was also drilled toward the southwest (Az 227, dip -45) and encountered what appear to be
west dipping faults and was abandoned when the hole was becoming stuck in a fault zone.
• Hole LR22-04, was drilled toward the northeast (Az 047, dip -80) to drill across the west dipping faults and
test the large EM and somewhat coinciden t magnetic anomaly at depth (see Fig. 4 and 5). The 800 m hole
drilled along the eastern limb of the overturned anticline fold and across a series of fault s. This resulted in
the hole remaining within the locally graphitic and/or calcareous sediment unit, and therefore did not test
the potential horizon with cobalt and copper mineralization at depth that is stratigraphically lower.
Figure 1 – Belt-Purcell basin geology map. Lewis Ridge target and Black Butte deposit both occur on the east side of the basin
and were formed in shallower water environments and in similar age rock.
Figure 2 – Sullivan Mining District geology map with Dewdney Trai l Property target areas. The Kimberley Fault influenced
formation of the Sullivan Deposit. The Jackleg Fault may be the eastern extension of Kimberley Fault.
Figure 3 – Dewdney Trail Geology map draped on topography. Lewis Ridge (cobalt-copper) and Estella Basin (gold-copper-silver)
target areas occur along the same anticline fold axis as the historical Estella and Kootenay King Mine s. The Lewis Ridge target
occurs at or near a geological horizon th at is equivalent in depositional time to the Sullivan Deposit located about 25 km to the
west. The Jackleg Fault may be the eastern extension of the Kimberley Fault that influenced the formation of the Sullivan deposit.
Video 1 and 2 showing the Lewis Ridge location can be found on PJX’s web site https://pjxresources.com/
Figure 4 – Apparent Conductivity Map draped on topography. Conductive Anomaly defines a large area, over 2.5 km long and 1.5
km wide. Massive sulphide (pyrite with anomalous cobalt and copper) and locally graphitic/calcareous sediments intersected in
hole LR22 -02 are conductive. The l arge Magnetic a nomaly at depth may represent an area with greater sulphide c ontent
containing copper and cobalt that has been folded along the east limb of the wide overturned anticline fold.
Figure 5 – 2-Dimensional modelling of six of the 30 flight lines over the Lewis Ridge Target display a potentially more conductive
area at depth (400 to 800m) that ap pears to correlate with the magn etic anoma ly define d by 3 Dimensional modelling.
Conductive and magnetic anomalies support the potential for sulphide mineral ization. Sulphide zone intersected in LR22-02 and
the magnetic anomaly at depth will be a focus of future drilling.
Summary
The large magnetic anomaly at depth occurs along the east limb of a broad anticline fold. Folding can cause massive
sulphide mineralization to form cigar or irregular shaped deposits. The large magnetic anomaly at depth is somewhat
coincident with a large conductive area. This target at depth and other shallow target areas on Lewis Ridge may host
multiple cigar shaped and possibly horizontal Cu-Co mineralized bodies (see Fig. 5). The next phase of exploration
includes drilling to test shallow targets and the large target area at depth.
Qualified Persons
The forego ing geological disclosure has been reviewed and approved by Dr. Trygve Hoy P.Eng. and John Keating
P.Geo. ( qualified persons for the purpose of National Instrument 43 -101 Standards of Disclosure for Mineral
Projects). Dr. Hoy is a Director of PJX, and 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 development of mineral resources w ith a focus on gold, silver and base metals (copper, cobalt, lead
zinc, and other metals). 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
Cautionary Note Regarding Forward-Looking Information
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herein as "forward -looking statements", constitute "fo rward-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 numbe r of factors and assumptions tha t, w hile c onsidered reasonable by PJX
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