TORONTO, February 16, 2021 - PJX Resources Inc. ("PJX") (TSXV:PJX) is pleased to announce that drilling of the Gerry Vent target on the DD Property has commenced by DLP Resources ("DLP"). Hole DD21-01 will be drilled to test the MT resistivity anomaly which coincides with the known mapped surface outcrop of albite, actinolite and tourmaline alteration within a breccia extending over an area of approximately 400m x 100m. Visible mineralization of sphalerite (Zn) and galena (Pb) occurs within the breccia.
The depth of the Sullivan-type Zn-Pb-Ag target zone is between 300 to 600m below surface where a strong conductive body is identified by a magnetotelluric (MT) resistivity anomaly of between 20- and 60-ohm metres (Figures 1 and 2).
PJX's DD Property, located near Cranbrook, British Columbia, is under option to DLP Resources. (see Property Ownership below).
John Keating, President of PJX commented: "This is the first hole to test the Gerry Vent area for Sullivan type mineralization. The MT survey has identified additional targets across the project area for testing. PJX owns 4 base metal (silver, zinc, lead, copper) properties and 4 gold properties with 100% of the mineral rights to the largest land package in the Vulcan Gold Belt in the Sullivan Mining District. Gold results from drilling in December on our Gold Shear Property are expected by late March. We look forward to an exciting exploration year, including working with DLP on our DD Property, and going forward with Osisko Gold Royalties on our 4 gold properties (see news release February 9, 2021)."
The geological disclosure and content of this news release has been reviewed 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 PJX and DLP on the DD Property. Mr. Keating is the President, Chief Executive Officer and a Director of PJX.
Figure 1: Titan MT resistivity plan at 1000m elevation with DD21-01 on the Gerry Vent.
Figure 2: Titan MT resistivity section along Line 5N showing the 2021 drill hole DD21-01 targeting the Gerry Vent.
DD, NZOU and Moby Dick Property Ownership
DLP can earn a 50% interest in the DD Property by spending $4 million in exploration 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 Dick 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.
About PJX Resources Inc.
PJX is a mineral exploration company focused on building shareholder value and community opportunity through the exploration and development of mineral resources with a focus on gold and base metals. PJX's gold properties (Gold Shear, Eddy, Zinger, Dewdney Trail) and base metal properties (Vine, DD, West Basin, Parker Copper) are located in the historical Sullivan mining district and Vulcan Gold Belt 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
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.
This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. Forward-looking statements include, but are not limited to, statements with respect to exploration results, the success of exploration activities, mine development prospects, completion of economic assessments, and future gold production. In some cases, you can identify forward-looking statements by terminology such as "may", "appears to", "should", "expects", "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.
SOURCE: PJX Resources Inc.
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