PJX Resources Signs Definitive Option Agreement with DLP Resources (Mg Capital) ON Pjx’S Dd Property
(TSX VENTURE: PJX.V)
PJX RESOURCES SIGNS DEFINITIVE OPTION AGREEMENT WITH DLP RESOURCES
(MG CAPITAL) ON PJX’S DD PROPERTY
Toronto, Ontario – July 20, 2020 – PJX Resources Inc. (“PJX”) is pleased to announce that it has signed a
definitive Option Agreement with DLP Resources Inc. (“DLP”), a wholly owned subsidiary of MG C apital
Corporation, in respect of DLP's option to acquire an interest in PJX’s Sullivan-type Lead Zinc Silver DD
Property (the "DD Property”).
The DD Property has potential to ho st a high-grade Sullivan style deposit that is located near Cranbrook,
British Columbia, Canada. The Sulli van Deposit occurs at a geological horizon called the Lower -Middle
Aldridge Contact or “LMC” horizon. A 1425 metre sub-vertical hole (PAN-18-01) to test a Magnetotelluric
(MT) geophysical anomaly stopped short of the LMC horizon (see Figure below)
PJX and DLP believe there is an opportunity to drill th e Pan-18-01 hole to a greater depth and locate the
LMC zone and potential Sullivan style mineralization.
The key terms of the definitive option agreement are consistent with th e terms of the letter of intent
announced on June 22, 2020, being as follows:
• DLP to earn a 50% undivided interest in the DD Property by spending $4 million in expl oration
expenditures and making a total of $ 250,000 cash pay ments to PJX over 48 months of the
effective date of the agreement.
• DLP will have the right to earn an additional undivided 25% interest (75% total interest) by
delivering a bankable commercial feasibility study on the DD Property within 9 6 months of the
effective date of the agreement.
• Upon DLP’s exercise of the Option and acquisition of a 50% or 75% interest in the DD Property, as
applicable, the parties will enter into a joint v enture agreement for the further development of
the Property.
Ian Gendall, President of DLP commented “Now that we have the Definitive Option signed and the work
permit in place, we can commence d rilling to extend PAN -18-01 to the LMC horizon by late Jul y-early
August. The geology and Sullivan type deposit potent ial makes the DD Property very attractive. No holes
have tested the LMC horizon on the property and the historical holes drilled to test the LMC horizon in
vicinity of the DD Property have encount ered g eology th at supports the potential for a Sullivan Type
Deposit. The thickness, alteration, and mineralization of the LMC horizon increases and is strongest in
historical holes drilled closest to the DD Property. This points to the DD Property as the location with the
best potential to host a Sullivan Type deposit in the Panda geological basin”.
President and CEO of PJX, John Keating commented “We look forward to working with DLP to advance
our DD Property which is one of PJX’s eight , 100% owned, base metal and gold properties in the Sullivan
mining district and Vulcan Gold Belt. The DD Property, in the Panda Basin, and PJX’s Vine and West Basin
Properties, in the Vine Basin, have considerable potential to host Sullivan type mineralization. High-grade
gold mineralization and targets occur on our Gold Shear, Eddy, and other properties. PJX’s plan is to
focus resources this year to explore and drill these highly prospective gold and base metal targets.”
For further information on the DD property potential refer to the recent news release of Ju ne 22, 2020:
PJX Resources Signs Letter of Intent with DLP Resources (MG Cap ital) to Option up to 75% of PJX
Resources DD Property.
The road accessible DD Property is located approximately 120 km east of the Trail Metallurgical Complex
that produced some 8 million tonnes of zinc, 9 mil lion tonnes of lead, and over 285 million ounces of
silver from processing Sullivan Mine concentrate. The Sullivan Mine produced concentrate for over 90
years before being closed in 2001.
The foregoing geological disclosure and content of thi s news relea se has been reviewed and approved
by Dave Pighin , P.Geo., Ian Gendall, Pr. Sci. Nat. , and John Keating P.Geo. (qualified persons for the
purpose of National Instrument 43 -101 Standards of Disclosure for Mineral Projects). Mr. Pighin i s the
consulting geol ogist for PJ X and DL P on the DD Property. Mr. Gendall is the President of DLP. 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 exploration an d development of m ineral resources with a focus on gold and base metals.
PJX’s properties are located in the historical 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 forward-looking statements. F orward looking sta tements ar e statements which relate to future events. Forward -looking s tatements
include, bu t ar e not limited to, statements with respect to exploration results, the success of e xploration activities, mine dev elopment pros pects, completio n of
economic asse ssments, a nd future go ld p roduction. In some cases, you can identi fy fo rward-looking st atements by terminology suc h as "may", “appears to”,
"should", "ex pects", "pla ns", "anticipates", believes", "est imates", "predicts", " potential", or " continue" or the n egative of these terms or other com parable
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 achiev ements to be materially different from any future results, levels of activity, perfo rmance, 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.