Drilling Identifies Potential Structural Controls of High-Grade GOLD Mineralization ON PJX Resource’S GOLD Shear Property
(TSX VENTURE: PJX.V)
DRILLING IDENTIFIES POTENTIAL STRUCTURAL CONTROLS OF HIGH-GRADE
GOLD MINERALIZATION ON PJX RESOURCE’S GOLD SHEAR PROPERTY
Toronto, Ontario – May 3, 2021 – PJX Resources Inc. (“PJX”) is pleased to announce that recent drilling
and surface mapping suggest high grade gold mineralization may occur where the gold bearing , west
dipping David shear and vein system intersects North-South oriented pre-existing fold structures on the
Gold Shear Proper ty. This new understanding will be used to drill test the projected extension of the
David Gold Zone down plunge and possible parallel gold zones to the west down dip on the David Shear.
“The David Gold Zone appears to be a typical shear and fold related orogenic gold system similar to
others around the world, such as Wallbridge’s Fenelon discovery or Fosterville” states Mr. John Keating,
President and CEO of PJX Resources. “The key to building ounce s is to first understand what geologists
call structural kinematics, which is how fold and shear structures may influence and concentrate gold
mineralization. What we’ve intersec ted in this latest drilling is a larger vertical fold structure than
similar related structures at the David Gold Zone. Where the gold bearing David shear and vein system
would intersect this vertical f old, and possibly concentrate gol d, would be at depth below current
drilling, possibly 50 metres or more. We believe there may be a second phase of folding that could also
influence the location of high grade gold mineralizati on. Our next step is to design a trenching and
drilling program to further define the kinematics that control gold mineralization, and extend the David
Gold Zone to depth and discover potential additional parallel gold zones on strike this summer.”
Highlights
• The David Gold Z one on PJX’s Gold Shear Property has a narrow central core of high grade
gold mineralization with values such as 54.76 g/t over 1.0 m true width.
• This high -grade core occu rs with in a 4 to 5 metre (“m”) wide zone with anomalous gold
mineralization called the David shear-vein system.
• Modelling of historical pre-PJX drill holes , and PJX ’s 16 holes (totalling approximately
2,500m to date ), suggests that high-grade gold mineralization may occur where the west
dipping, gold bearing D avid shear-vein s ystem intersects north -south fold (F1) related
structures.
• Anomalous zones of gold mi neralization, greater than 100 ppb gold , appear to dip north
along the David shear-vein system, similar to the north 20-30 degree plunge of the F1 fold
axis measured in surface outcrop. (see Figure 1)
• VLF geophysics along the north-south F1 fold axis has identified a weakly conductive north
dipping anomaly that may reflect the David shear-vein system (see Figure 2).
• The north dipping VLF anomaly corresponds with the intersection of the David shear-vein
system and the vertical F1 fold axial plane orientation. (see Figure 3) This new structural and
geophysical observation is similar to the Da vid Gold Z one dip/rake and will be used to help
define drill targets at depth and on strike.
Figure 1 – Modelling of anomalous gold miner alization, using structural orien tations from surface
mapping and drill hole data, suggests the David Gold Zone may dip or rake to the north along the David
shear-vein system, with untested potential down dip and possible parallel zones along strike.
Figure 2 – VLF geophysical survey along the north-south fol d orientation has identified a we akly
conductive anomaly (shown in red) that dips to the north similar to the David Gold Zone . The anom aly
appears to correspond with the David shear-vein system . Breaks in the VLF anomaly at depth may
reflect distortions in the David shear-vein s ystem or stratigraphy. Areas of distor tion are locations
where gold mineralization can concentrate in Orogenic gold deposits and systems, similar to the Fenelon
discovery, Fosterville, and others.
Figure 3 – North dipping VLF anomaly appears to correspond with the intersection of the David shear -
vein system and the vertical F1 fold axial plane orientation. This new structural and geo physical
observation is similar to t he David Gold Zone dip/rake and will be used to help define dr ill targets at
depth and on strike.
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, 2021 and are exercisable at $0.2 5 per
share. The new expiration dat e of the Warrants is May 15, 202 2. All other terms of the warrants,
including the exercise price will remain unchanged.
Qualified Persons
The geological disclosure and content of this news release has been reviewed and approved by Michael
Seabrook, P.Geo., and John Keating P.Geo. (qualified persons for the purpose of National Instrument 43-
101 Standards of Disclosure fo r Mineral Projects). Mr. Seabrook is the c onsulting geologist f or PJX on
the Gold Shear Property. 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 expl oration and d evelopment of m ineral resources with a fo cus on gold , sil ver and base
metals (z inc, lead, copper) . PJX’s primary propert ies are located in the historical min ing area of
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
Forward-Looking Information
This News Release contains forward-looking statements. Forw ard looking s tatements are stateme nts which relate to future
events. Forward-looking statements include, but are not limited to, statements with respect to exploration results, the success
of exploration ac tivities, mine development prospects, completion of economic as sessments, and future gold production. I n
some cases, you can identify forwa rd-looking statements by t erminology suc h as "may", "should", "e xpects", "plans ",
"anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable
terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that
may cause our actual results, level of activity, performance or achievements to be materially different from any future results,
levels of activity, performance, or achievements expressed or implied by these forward-looking-statements.
Although PJX has attempted to identify important factors that could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be
as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements.
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Exchange) accepts responsibility for the adequacy or accuracy of this release.