PJX Resources Proposes Extension of Warrants and Provides Exploration Update
TSX VENTURE: PJX.V
OTCQB: PJXRF
PJX RESOURCES PROPOSES EXTENSION OF WARRANTS AND
PROVIDES EXPLORATION UPDATE
Toronto, Ontario – September 19, 2022 – PJX Resources Inc. (“PJX” or “the Company”) is pleased to
announce that, subject to TSX Venture Exchange approval, the Company intends to extend the expiry dates
of 9,350,400 share purchase warrants, (the " Warrants") by 12 months to October 5, 2023 . The Warrants
were issued pursuant to a private placement announced on September 21, 2020 and accepted for filing by
the TSX Venture Exchange on October 6, 2020. The Warrants are exercisable at $0. 20 per share and are
currently set to expire on October 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 920,000 of the affected Warrants are held by parties considered to be “r elated parties” of the
Company. Therefore, the amendment of Warr ants constitutes a “related party transaction” as
contemplated by Multilateral Instrument 61 -101 Protection of Minority Shareholders in Special
Transactions, and TSXV Policy 5.9 - Protection of Minority Shareholders in Spe cial Transactions. However,
the ex emptions from formal valuation and minority approval requirements provided for by these
guidelines can be relied upon as the fair market value of the Warrants held by insiders does not exceed
25% of the market capitalization of the Company.
EXPLORATION UPDATE
Exploration continues to define sedimentary hosted lead, zinc, copper, silver and/or cobalt targets as well
as intrusive related gold and/or copper targets to test on PJX ’s large mineral property holdings i n the
Sullivan Mining District and Vulcan Gold Belt of southeastern British Columbia, Canada.
This summer, field crews focused on mapping, prospecting, and soil sampling the large Lewis Ridge target
on the Dewdney Trail Property and the adjacent historical Est ella mine that PJX option ed from Imperial
Metals last summer. This work is being used to help define targets to test.
Drilling is presently testing the Lewis Ridge target area where gold, copper, lead , zinc , silver, arsenic,
bismuth and/or molybdenum occur in soils along a 3 km trend. Airborne MobileMT (MT) and magnetic
surveys by Expert Geophysics have identified conductive MT anomalies with locally overlapping magnetic
signatures at depth that could be related to massive sulphide min eralization. The anomalies occur in a
geological environment with potential to host Sullivan type massive sulphide mineralization.
John Keating, President of PJX comment ed: “Expert Geophysics’ airborne surveys can penetrate deeper
than historical survey s and have helped identify target areas with potential to host sedimentary and/ or
intrusive related gold, silver, copper, or massive sulphide mineralization for 15 km across PJX’s Dewdney
Trail Property. The Lewis Ridge and Estella mine are two of the many target areas to explore. The Estella
mine has not been explored since the 1960’s. Our current on-going drilling program will be the preliminary
test to assess the source or sources of the Lewis Ridge target geophysical anomalies.”
Qualified Persons
The foregoing geo logical disclosure has be en re viewed and approved by Jo hn K eating 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 minera l 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
Cautionary Note Regarding Forward-Looking Information
The information in this news release has b een prepared as at the date noted above . Certain stateme nts in this news release, referred to
herein as "forward -looking statements", constitute "forward -looking statements" under the provision s o f Canadia n 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 cons idered reaso nable 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 material ly different from those expressed or implied by
such forward -looking sta tements. Readers ar e cautioned not to place un due reliance on t hese forward -looking statements, which speak
only as of the date made. Except as otherwise required by law, PJX Resourc es Inc. expressly disc laims 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 In vestors:
This new s release may contain informa tion about adjac ent propert ies on which PJX Resources Inc. has no right to explore or mine. We
advise U.S. investors that the SEC's mining guidelines strictly prohi bit information of this type in documents filed with the SEC. U.S. investors
are cautioned that mineral depo sits on adj acent properties are not indicative of mineral deposits on our properties. This news release may
contain forward-looking statements inclu ding but not limited to comments regarding th e timing and conte nt of upc oming work programs,
geological interpretations, receipt of prop erty titles, potential mineral recovery processes, etc. Forward -looking statements address future
events and conditions and therefore involve inherent risks and unce rtainties. Actual results m ay differ materially from those curr ently
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 recogni zed and required b y Canadia n regulations, the U nited States Sec urities and Exchange Commiss ion 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 assume d that al l or any part of an Inferred Mineral Resource w ill ever be upgra ded to a higher category. Under Canadian
rules, estimates of Inferred Mineral Resources may not form the basis of feasib ility or oth er economic studies. United State s investors are
cautioned n ot to assume that al l or any part of Measured o r Indicated Miner al 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 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.