New Massive Sulphide Zone Potential Supported BY Down Hole Geophysics ON PJX Resources’ Vine Property and PJX Resources Completes Private Placement
(TSX VENTURE: PJX.V)
NEW MASSIVE SULPHIDE ZONE POTENTIAL SUPPORTED BY DOWN HOLE GEOPHYSICS
ON PJX RESOURCES’ VINE PROPERTY
AND
PJX RESOURCES COMPLETES PRIVATE PLACEMENT
Toronto, Ontario – December 09, 2019 – PJX Resources Inc. (“PJX” or “the Company”) is pleased to
announce that the New Massive Sulphide (“NMS”) zone recently intersected in hole VA19 -48
corresponds with a strong conductive Electromagnetic (EM) anomaly identified by recent down
hole geophysics on the Vine Property. The NMS zone is very conductive and occurs at the edge of
the newly identified strongly conductive EM anomaly which supports the NMS zone may be part of
a larger body.
“This is very encouraging news ,” states John Keating. “ The NMS zone we recently intersected
appears to b e the same massive sul phide horizon that was intersected over 700 metres to the
south by a hole drilled in the 1990’s. No holes have been drilled to test the NMS horizon between
these holes or to the north and west. Down hole and surface g eophysics suggest we intersected
the edge of the NMS zone that has potential to be laterally extensive, similar to what occurs at the
Sullivan deposit . Final compilation of the results is underway with drilling planned to start in
January. In addition, recent drilling on the Gold Shear Property was just completed and results are
pending.”
Down hole geophysics on drill hole VA19 -48 also identified a moderate EM conductive anomal y
that appears to corre spond with the Sulli van Horizon, which is the geological horizon hosting the
Sullivan massive sulphide deposit located 35 kilometres north of the Vine Pro perty. This EM target
occurs off the hole and has not yet been tested by drilling.
Highlights
• PJX drill ho le VA 19-48 recently intersected a n ew massive sulphi de (“NMS”) zone, from
777.1 – 782.6 metres. The zone has 4 layers that consist largely of conductive massive iron-
sulphides with anomalous zinc, copper, lead, and silver.
• Recent down hole EM geo physics, by Quantec Geoscience, has delineated two conductor
anomalies, located at depths of about 340 metres (m) and 780m in drill hole VA19-48.
• EM anomaly at 340m depth appears to correspond with the Sullivan time horizon that
hosts the Sullivan deposit . This is an off-hole anomaly as it is located away from the hole
and was not intersected by the drill hole. The anomaly is located to the south and west of
hole VA19-48 and has moderate conductivity thickness of 100 siemens.
• EM anomaly at 780m depth is stronger and correspond s with the New Massive Sulphide
(NMS) hori zon containing 4 layers of mas sive sulphide minera lization. Hole VA19 -48
intersected the northern edge of the EM anomaly that extends to the south and west of the
hole. The anomaly is very conductive with a conductivity thickness greater than 2 ,000
siemens.
• Historical hole KV9 0-41, drilled by Kokan ee E xploration in 1990, intersected a 3.4 metre
thick massive sulphide zone grading 5.65 lead, 2.7% zinc and 1.2 ounces/ton silver.
• The Kokanee hole is located south of PJX’s hole VA19-48. The holes are 700 metres apart
and appear to have intersected the same mineralized NMS horizon.
• No holes have been drilled to test th e NMS horizon between these two holes or on strike
and down dip to the north and west.
• Magnetotelluric (“MT”) Geophysics has identified a large MT target.
• The NMS zone occurs at the top of the large MT target.
• According to Quantec Geoscience data, the large MT target has an 800-metre strike length
and can be traced down dip for over 2,000 metres.
• Recent thin section analysis of core samples by Vancouver Petrographics Ltd. has identified
granofels alteration, beneath the NMS horizon, that is considered to occur in areas with
high heat flow, such as venting environments on the ocean floor; a similar alteration occurs
beneath the Sullivan Deposit.
The f oregoing ge ological disclosure has been reviewed and approved by John K eating P.Geo.
(qualified persons for the purpose of Nat ional Instrument 43 -101 Stan dards of Disclosure for
Mineral Projects). Mr. Keating is the President, Chief Executive Officer and a Director of PJX.
Private Placement
The Company is also pleased to a nnounce that, subject to T SX Venture Exchange approval, it has
completed a non-brokered private placement initially announced by the Company on October 15,
2019 (the “Offering”) for total proceeds of $1,409,200.
The Company issued a cumulative total of 5,277,158 Flow-through Units (“Flow-Through Units”)
and Flow-through Shares for gross proceeds of $830,450 and 3,858,333 Units for gross proceeds of
$578,750.
Each Flow -through Unit consists of one com mon share to be issued as a "flow -through share"
within the meaning of the Income Tax Act (Canada) (the "Flow -through Shares") and one common
share purchase warrant. Each Flow-through share consists of one common share to be issued as a
"flow-through share" within the meaning of the Income Tax Act (Canada). Each Unit consist s of
one common share and one common share purchase warrant. Each warran t, whether acquired as
part of a Flow -through Unit or Unit, entitles the holder to purc hase one common share at an
exercise price of $0.25 for 36 months following completion of the Offering.
In connection with closing the Offering, the Company may pay, in accordance with the policies and
subject to r egulatory approval, aggregate cash finder’s f ees of $99,228 and issue certain Finders
649,733 non-transferable Finder’s Warrants. Each of the Finder’s Warrants entitles the Finder to
purchase one common share of the Company at a p rice of $0.25 per Finder Share for 36 months
following completion of the Offering.
About PJX Resources Inc.
PJX is a mineral exploration company focused on building shareholder value and community
opportunity through the exploration and development of min eral resources with a fo cus on go ld
and base metals. PJX’s propert ies are located in th e histo rical mining area of Cranbrook and
Kimberley, Bri tish 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 con tains forw ard-looking statements. F orward l ooking state ments are state ments whi ch relate to future events. Forward -looking
statements include, but ar e not limited to, statements with respect to exploration resul ts, the success of explorati on activities, mine development
prospects, completion of eco nomic assessments, and future gold p roduction. In so me cases, you can identify forward-looking statements by terminology
such as "may", “appears to”, "shou ld", "expects ", "plans", "anticipates", believes", "estima tes", "pre dicts", "potential", or " continue" or the neg ative of
these terms or o ther com parable terminology. These statem ents are o nly predict ions an d 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 antic ipated, 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.