Drilling Identifies Sullivan Deposit Type Environment ON PJX Resources’ Vine Property
(TSX VENTURE: PJX.V)
DRILLING IDENTIFIES SULLIVAN DEPOSIT TYPE
ENVIRONMENT ON PJX RESOURCES’ VINE PROPERTY
Toronto, Ontario – October 15, 2019 – PJX Resources Inc. (“PJX” or “the Company”) is pleased to
announce that the 5.5 metre zone with massive su lphide m ineralization intersected by recent
drilling occurs above a large Granofels altered zone on PJX’s Vine Property . This same geological
setting occurs at the Sullivan Deposit located 3 5 kilome tres north of the Vine Property near
Cranbrook, British Columbia, Canada.
“Granofels alteration occurs beneath and adjacent t o the Sullivan Deposit,” states Dave Pighin .
“Recent analysis of core samples has confirmed that Granofels alteration also occurs beneath the
massive sulphide mineralized zone discovered in hole VA19 -48 that was announced in late August.
The Vine Granofels altered zone is approximately 80 metres true thickness, the Sullivan Granofels is
estimated to average about 40 metres thick. This is the first time I have encountered such a thick
Granofels altered zone beneath massive sulphides in my 45 years of exploration.”
Highlights
• Recent analysis of core samples by Vancouver Petrographics Ltd. has iden tified Granofels
alteration which is considered to occur in areas with high heat flow.
• Massive Sulphide deposits like the Sullivan occur in areas with high heat flow.
• The core of the S ullivan massive su lphide d eposit is largely comp osed o f ir on-sulphides.
Mineable zinc, lead, silver and other sulphide concentrations occur around the core.
• The recently intersected 5.5 metre thick zone with 4 layers of massive sulphide, in Vine drill
hole VA19-48, consists largely of iron-sulphides wi th anomalous zinc, copper , lead and
silver. (see August 19, 2019 news release)
• The Vine massive sulphide zon e was intersected in onl y the 2 nd hole to test a large
Magnetotelluric MT Geophysical target.
• According to Quantec Geoscience, t he large MT target has an 800 m etre strike length and
can be traced down dip for over 2,000 metres.
• The Vine massi ve sulphide zo ne occurs at t he top of the large M T target. (see attached
sections https://pjxresources.com/vine-section1.jpg and https://pjxresources.com/vine-
section2.jpg)
• Given the significant thickness of the MT target, there may be additional mineralized zones
at depth and/or possible massive sulphide feede r zones at depth that have not yet been
intersected by drilling.
“The massive-sulphide zone recently intersected on the Vine Property may transition into higher
concentrations of zinc, copper, lead and silver on strike and down dip, similar to what occurs at the
Sullivan Deposit,” states John Keating. “The 5.5 m thick massive sulphide zone is a good width, we
now need to explore for an increase in grade of mineralization . Our plan is to u se down hole
geophysics and drilling to explore for greater concentrations of zinc, lead, copper and silver around
the massive-sulphide intersection.”
More information about the down hole geophysics will be announced when it is available.
Gold Exploration
PJX has drilled preliminary holes to test the high-grade David gold z one on PJX’s Gold Shear
Property. The David Gold Zone was last drilled in the 1990’s when a non 43-101 compliant resource
estimated an average grade of 13 grams per tonne (g/t). (see PJX news release July 24, 2019)
Seven of 12 grab samples taken from the D avid Gold Zo ne trenches by PJX returned gold grades
over 68 grams/tonne (g/t) with the highest being 193.9 g/t gold.
The exact location of holes drilled in the 1990 ’s is not available. PJX drilled 6 holes as a first p hase
to help assess the location , orientation, and geology of the David Gold Zone. Core s amples have
been s ent fo r analysis. The assessment of this work and the next p hase of drilling will be
announced when core analyses have been received and compiled.
“The high-grade nature of gold mineralization at the David Gold Z one makes it very attrac tive for
exploration,” states John Keating. “We are the first company to drill the Gold Zone in over 20 years.
Our initial plan is to understand the geological controls on gold mineralization as much as possible
with shallow drilling. This information can then be used to effectively explore and discover more
gold on strike and at depth on both the Gold Shear and adjacent Eddy Properties.”
PJX’s 100% owned Vine, Gold S hear and Eddy Properties are road-accessible close to power, rail
and a work force. The Vine Prope rty is app roximately 140 km east of the Trail Metallurgical
Complex and a bout 35 km south of the historical Sullivan Mine, which operated for over 90 year s
before being closed in 2001. The Vine property is at an elevation wi th terrain amenable to drill at
any time of the year.
The foregoing geological disclosure has been r eviewed and approved by Dave 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 P JX on t he Vine
Property. Mr. Keating is the President, Chief Executive Officer and a Director of PJX.
Non-brokered Private Placement
The Company is pleased to announce a non -brokered private placement of up to ten million units
through the issuance of F low Through ("Flow Through Unit") and N on-flow Through Units (“Unit”)
at a price of $0.17 per Flow Through Unit and $0.15 per Unit.
Each Flow-through Unit will consist of one commo n share to be issued as a "fl ow-through share"
within the meaning of the Income Tax Act (Canada) (the "Flow -through Shares") and one common
share purchase warrant. Each Unit will consist of one common share and one common share
purchase warrant. Each warrant, whether acquired as part of a Flow -through Unit or U nit, will
entitle the holder to purchase one common share at an exercise price of $0.25 for 36 months
following completion of the Offering.
The Offering, and any modifications to it, is subject to compl iance with applicable sec urities laws
and to receipt of the approval of the TSX Venture Exchange. The Company may pay finders' fees in
accordance w ith the policies of the TSX Venture Exchange. The Company reserves the right to
increase the size of the Off ering or to modify the ty pe, nature and/or price of t he units for any
reason. The securities issuable in connection with this Offering will be subj ect to a hold period in
Canada which will run for four months from the date of the closing of the Offering.
The O ffering is expected to close on or before November 29, 2019 . Closing of the Offering is
subject to certain conditions customary for financings of this kind, including, but not limited to, the
receipt of all necessary approvals including approval and acceptance by the TSX Venture Exchange.
The Company inten ds to use the net proceeds of the Offering for expenditures on its properties
located in Cranbrook, Britis h Columbia and for general working capital. The gross proceeds from
the issuance of the Flow -through Shares shall be used to fund exploration expendit ures on the
Cranbrook Properties and will qualify as Canadian exploration expenses (as defined in the “ Income
Tax Act (Canada)”).
About PJX Resources Inc.
PJX is a mineral exploration company focus ed on building shareholde r value a nd community
opportunity through the exploration an d development of min eral resources with a fo cus on go ld
and base metals. PJX’s properties a re located in the histo rical mining area of Cranbrook and
Kimberley, British Columbia . Please refer to our web site http://www.pjxresources.com for
additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Linda Brennan, Chief Financial Officer
(416) 799-9205
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.
Forward-Looking Information
This News Release contains fo rward-looking statements. F orward looking state ments are s tatements whi ch relate to future events. Forward -looking
statements include, but ar e not limited to, statements with respect to exploration results, the success of e xploration activities, mine development
prospects, completion of ec onomic assessments, and f uture gold p roduction. In so me cases, you can identify forwar d-looking statements by terminology
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Although PJX has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in
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