PJX Resources Receives Permit to Drill Its Sullivan Deposit Style and Grade Mineralisation Discovery

Rhea-AI Summary

PJX Resources has received a five-year permit from the British Columbia Government to drill on its Dewdney Trail Property near Cranbrook, BC. This follows the discovery of Sullivan-style and grade zinc-lead-silver mineralisation on the property in late 2023. The upcoming drilling, slated for Summer and Fall, marks the first attempt to test these high-potential areas.

The discovery is significant as it is the first of its kind outside the Sullivan deposit area in 130 years. The mineralisation was found at surface, just 200 meters from an old mine road, and is tied to a magnetic geophysical anomaly spanning approximately 1.6 km.

At the annual and special meeting on June 18, 2024, all resolutions, including the approval of financial statements and company plans, were passed. A total of 77,707,985 shares, representing 44.6% of the issued shares, were represented.

Positive

• Received a five-year drilling permit for Dewdney Trail Property.
• Discovery of high-potential Sullivan-style mineralisation, first in 130 years outside Sullivan deposit area.
• 44.6% shareholder representation at the meeting with all resolutions passed.

Negative

• No mention of immediate financial gains or timelines for potential revenue from the new drilling.

TORONTO, ON / ACCESSWIRE / July 8, 2024 / PJX Resources Inc. ("PJX" or the "Company") is pleased to announce that the British Columbia Government has issued a 5 year permit to drill on PJX's Dewdney Trail Property located near Cranbrook, BC. This Summer and Fall, PJX plans to drill, for the first time, Sullivan style and grade zinc-lead-silver mineralisation discovered late last year on the Dewdney Trail Property.

John Keating, President of PJX, commented, "This is the first time in 130 years that this style and grade of mineralisation has been discovered outside of the Sullivan deposit area. The mineralisation was discovered at surface by prospecting and is about 200 m from an historical mine road. We are excited to now have the permit to drill and test these areas with high mineral potential."

PJX's New Discovery Potential Background
PJX owns 100% of the mineral rights to multiple properties totaling over 680 km² of mineral claims in the Sullivan Mining District of Southeastern British Columbia, Canada. Exploration in late 2023 discovered boulders and outcrop of Sullivan deposit style and grade mineralisation on PJX's Dewdney Trail Property that is over 150 km² in size. The zinc, lead, silver, and other critical metal mineralisation discovered at surface on the Dewdney Trail Property is magnetic and appears to be associated with a strong to moderate magnetic airborne geophysical anomaly that can be traced for approximately 1.6 km. The mineralisation and geophysical anomaly have never been drilled.

Annual and Special Meeting Results
The Company is also pleased to announce the results of its annual and special meeting (the "Meeting") of shareholders, which was held on Tuesday, June 18, 2024. The Meeting was held, in part, to deliver the annual audited financial statements and related management's discussion and analysis of the Company, fix and appoint the directors of the Company, appoint the Company's auditors, and approve both the Company's Share Incentive Plan and Shareholder Rights Plan, all as set out in the Management Information Circular that was delivered to shareholders in advance of the Meeting.

A total of 77,707,985 common shares were represented at the Meeting either in person or by proxy, representing approximately 44.6% of the issued and outstanding shares of the Company. All resolutions were passed by the shareholders of the Company.

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, silver and base metals (zinc, lead, copper, nickel). PJX's properties are located in the historical Sullivan Mine District and Vulcan Gold Belt near 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
info@pjxresources.com

Cautionary Note Regarding Forward-Looking Information
The information in this news release has been prepared as at the date noted above. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "expected", "may", "will" or similar terms.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by PJX Resources Inc. as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, PJX Resources Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in PJX Resources Inc.'s expectations or any change in events, conditions or circumstances on which any such statement is based.

Cautionary Note to US Investors:
This news release may contain information about adjacent properties on which PJX Resources Inc. has no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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.

SOURCE: PJX Resources Inc.

View the original press release on accesswire.com

FAQ

What permit did PJX Resources receive in July 2024?

PJX Resources received a five-year permit to drill on its Dewdney Trail Property near Cranbrook, BC.

What is significant about the mineralisation discovery by PJX Resources?

It is the first Sullivan-style and grade zinc-lead-silver mineralisation discovered outside of the Sullivan deposit area in 130 years.

When will PJX Resources begin drilling on the Dewdney Trail Property?

PJX Resources plans to start drilling in Summer and Fall of 2024.

What was discussed at PJX Resources' annual meeting in June 2024?

The meeting covered the approval of financial statements, appointment of directors and auditors, and approval of the Share Incentive Plan and Shareholder Rights Plan.

How many shares were represented at PJX Resources' June 2024 meeting?

A total of 77,707,985 shares, representing 44.6% of the issued and outstanding shares, were represented.