Sullivan Mining District - Drilling Commences to Test Sullivan-Type Zinc-Lead-Silver Targets ON PJX Resources’ Dd-Moby Dick-Nzou Properties
TSX VENTURE: PJX.V
OTCQB: PJXRF
SULLIVAN MINING DISTRICT - DRILLING COMMENCES TO TEST
SULLIVAN-TYPE ZINC-LEAD-SILVER TARGETS
ON PJX RESOURCES’ DD-MOBY DICK-NZOU PROPERTIES
Toronto, Ontario – April 21, 2022 – PJX Resources Inc. (“PJX” or the “Company”) is pleased to announce
that DLP Resources has commenced drilling to test Magnetotelluric (MT) geophysical targets on the DD-
Moby Dick -NZOU group of properties as part of DLP ’s option of PJX’s DD Property , south west of
Cranbrook, British Columbia, Canada.
Drilling wi ll test Magnetotelluric ( MT) anomalies on strike of hole DD21-02 that inter sected 168m
thickness of fragmentals and muds with anomalous zinc mineralization on PJX’s DD Property during
2021. This thick se quence of muds and fra gmentals is sim ilar to what occurs in the sedimentary basin
proximal to the Sullivan deposit located approximately 50 km northea st of the DD -Moby Dick-NZOU
group of properties.
MT geophysics identifies areas with potential conductive mineralization. Parts of the Sullivan deposit
consist of massive sulphide mineralization that is conductive. The MT targets occur on the NZOU and
Moby Dick properties adjacent to the DD Property (see Fi gure 1). Three to four drill holes totalling
approximately 5400m are planned to test multiple large MT target s on strike of hole DD21 -02 (se e
Figure 2). A low resistivity (strong conductive) anomaly extending from approximately 700m to beyond
the targeted depth of 1500 -1700m will be tested by the first hole DD22 -01 (Figure 3). PJX is partner
with DLP o n the NZOU and Moby Dick Properties as part of DL P’s option of the DD property (see
Property Ownership below).
John Keating, President of PJX commented: “The geological environment identified by drilling to date
combined with the similarity in size of the MT anomalies to the Sullivan deposit size makes these targets
very attractive to test. We are pleased that DLP has commenced to drill multiple holes to test the MT
targets. PJX continues to focus exploration on S ullivan deposit type t argets on the Vi ne Property,
intrusive related gold and copper targets on the Dewdney Trail, Zinger and Eddy Propert ies, and
orogenic type gold targets on the Zinger, Eddy, and Gold S hear Properties. Analytical results from
drilling on the Gold Shear Property are pending with results to be announced when all the analyses have
been received and compiled with geological data.”
DD, NZOU and Moby Dick Property Ownership
DLP can earn a 50% interest in the DD Property by spending $4 million in explo ration expenditures on
the DD, Moby Dick and NZOU Properties and paying $250,000 cash to PJX by July 13, 2024.
DLP can earn an additional 25% interest, to a total of 75% interest, in the DD Property by completing a
Commercial Feasibility Study on the 3 properties by July 13, 2028.
PJX (50%) and DLP (50%) jointly own 100% of the mineral rights to the Moby Di ck Property and jointly
have the right to own 100% interest in the NZOU Property through an option agreement between DLP
and the NZOU Property owner. Exploration expenditures incurred by DLP on these two properties will
be applied toward DLP’s exploration expenditure requirements to earn an interest in the DD Property.
Qualified Persons
The geological disclosure and c ontent of this news release has been reviewed and approved by Da ve
Pighin, P.Geo., and John Keating P.Geo. (qualified persons for the purpose of National Instrument 43-
101 Standards of Disclosure for Mineral Projects). Mr. Pighin is the consulting geologist for PJX and DLP
on the DD Property. Mr. Keating is the President, Chief Executive Officer and a Director of PJX.
Figure 1 – Simplified plan showing MT anomalies at 0m elevation on the DD-Moby Dick and NZOU Properties
along with drill holes Pan-18-01EX, DD21-01, DD21-02 and historical holes Irish 05-01 and IR07-01.
Figure 2 – Titan MT resistivity plan at 0m elevation with the main MT anomaly trending NE from DD21-02.
Figure 3 - Titan MT resistivity section along Line 3N showing current drill hole MD22-01.
Extension of Share Purchase Warrant Expiry Date
The Company is pleased to announc e that, subject to TSX Venture Exc hange approval, it has extended
the term of 12,296,276 share purchase warrants, (the "Warrants"). The Warrants were issued pursuant
to a private placement announced on May 1, 2018 and accepted for filing by the TSX Venture Exchange
on May 17, 2018 . The Warrants are due to expire on May 15, 2022 and are exercisable at $0.2 5 per
share. The new expiration dat e of the Warrants is May 15, 202 3. All other terms of the warrants,
including the exercise price will remain unchanged.
About PJX Resources Inc.
PJX is a mineral exploration company focused on building shareholder value and community opportunity
through the exp loration and develo pment of mineral resources with a focus on gold , silver and base
metals (zinc, lead, copper, nickel ). PJX’s primary properti es are located in th e his torical 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
Certain statements in this news release, referred to herein as "forward -looking statements", constitute "forward -looking statement s"
under the prov isions of Canad ian provincial securities laws. These statements can be identified by the use of wor ds such as "expected",
"may", "will" or similar terms.
Forward-looking statements ar e necessarily based upon a number of factors and assump tions that, while considered reasonable by PJX
Resources Inc. as of the date of such statements, are inherently subj ect to significant business, economic and competitive uncertainties
and contingencies . Many factors, known and unknown, could cause actual results to be mat erially differe nt from those expressed or
implied by such forward -looking statements. Readers are cautioned not to place undue reliance on t hese forward-looking statements,
which spea k only as of the date made. Except as otherwise requir ed b y law, PJX Resources Inc. expressly disclaims any obligation or
undertaking to release publicly any updates or r evisions to any such statements to reflect any change in PJX Resources Inc. ’s
expectations or any change in events, conditions or circumstan ces on which any such statement is based.
Cautionary Note to US Investors:
This news release may contain informati on about adjacent properties on which PJX Resources Inc. has no right to explore or m ine. We
advise U.S. investors that the SEC's mining gui delines strictly prohibit inform ation of this type in documents filed with the SEC. U.S.
investors are cautioned tha t mineral deposits on adjacent properties are not indicative of mineral deposits on o ur properties. This news
release may contain forward -looking statements including but n ot limited to comments regarding the timing and content of upco ming
work programs, g eological interpretations, receipt of prop erty titles, potential mineral recovery pro cesses, etc. Forward -looking
statements address future events and condit ions and theref ore involve inherent risks and uncertainties. Actual results ma y differ
materially from those currently anticipated in such st atements.
This press release may use the terms "Measured", "Indicated", and "Inferred" resources. United States in vestors are adv ised that while
such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commiss ion does not
recognize them. "Inferred M ineral Resources" have a great amount of uncertainty as to their existen ce, and as to t heir economic and
legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgra ded to a higher category.
Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis o f feasibility o r other economic studies. United
States investors are cautioned not to assume that all or any part of Measured or Indicated Miner al Resources will ever be converted into
Mineral Reserves. United States investors are also cau tioned not to ass ume that all or any part of a Mineral Resource is economically or
legally mineable.
Neither the TSX Venture Exchange nor its Regu lation 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.