04:34:49 EDT Thu 28 Mar 2024
Enter Symbol
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USA
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PJX Resources Inc
Symbol PJX
Shares Issued 53,440,946
Close 2016-07-12 C$ 0.20
Market Cap C$ 10,688,189
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PJX Resources arranges private placement

2016-07-12 17:44 ET - News Release

Mr. John Keating reports

PJX RESOURCES INC. EXPLORATION UPDATE AND PRIVATE PLACEMENT

PJX Resources Inc. believes that the Cranbrook area of British Columbia has the potential to host multiple gold and base-metal deposits. PJX has worked to capitalize on this potential by consolidating a large land package (60,000 hectares), compiling over an estimated $15-million worth of historical data, and then infilling data gaps with new exploration technology and techniques to better identify new target areas. The following update provides a sample of the gold and base-metal mineral potential of the company's properties:

  • Vine property -- Exploration continues to support the potential for a sedex (sedimentary exhalative) massive sulphide deposit. Modelling of the drill data and geology by Excel Geophysics indicate that rocks encountered to date by drilling do not have sufficient density to explain the large eastern gravity anomaly. According to Excel, there is over 0.5 milligal of mass unaccounted for by the rocks intersected to date by drilling. This unaccounted mass could represent a sedex massive sulphide body. Further drilling is planned for the Vine property.
  • Zinger property -- Soil sampling confirms the consistency of high gold values in the soil. Soil sampling in 2013 and 2014 identified an approximately 100-metre-wide and over 300-metre-long soil anomaly, with gold values ranging from 100 ppb (parts per billion) to 4,941 ppb (or 4.941 grams per tonne). Given the high gold values, a second soil sample was taken for quality-control purposes from the 4,941 ppb gold-in-soil location, and this sample analysis was also over four g/t with a value of 4,041 ppb gold. The reproducibility of these high gold values suggests that the gold is evenly distributed in the soil. This large anomaly has never been trenched or drilled. Further follow-up in preparation for trenching and/or drilling is planned for the Zinger property.
  • Dewdney Trail property -- Exploration and compilation of historical work outlined multiple gold anomalies in soil and rock that occur along a seven-kilometre-long anticline fold axis. Gold mineralization appears to be associated with quartz-carbonate-altered and locally brecciated sediments. The fold axis is intruded by Cretaceous- and possibly Tertiary-age felsic to mafic intrusives. The anomalies range in size from one to 2.5 kilometres in length, and have not been trenched or drilled. The broad distribution of anomalous gold mineralization associated with this type of geological environment suggests the potential for thermal aureole gold or sediment-hosted gold deposits, such as Muruntau, Fort Knox or Sukhoi-Log. Further follow-up to define targets for trenching or drilling is planned for the Dewdney Trail property.
  • DD property -- As previously announced, PJX has entered into an option agreement with Teck Resources Ltd., whereby Teck has been granted an option to acquire up to a 75-per-cent interest in the DD zinc-lead-silver property by spending $8-million in exploration over eight years.

PJX holds a 100-per-cent interest in its properties. They are all road accessible, and located close to rail, power, and local work force in Cranbrook and Kimberley, B.C.

The foregoing geological disclosure has been reviewed by John Keating, PGeo (a qualified person for the purpose of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects). Mr. Keating is the president, chief executive officer and a director of PJX.

Private placement

The company is pleased to announce a non-brokered private placement of up to four million units through the issuance of flow-through and non-flow-through units at a price of 17 cents per flow-through unit and 15 cents per unit.

Each flow-through unit will consist of one common share 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 unit, will entitle the holder to purchase one common share at an exercise price of 25 cents for 36 months following completion of the offering.

The private placement, and any modifications to it, are subject to compliance with applicable securities laws and to receipt of the approval of the TSX Venture Exchange. The company may pay finders' fees in accordance with the policies of the TSX Venture Exchange. The company reserves the right to increase the size of the private placement, or to modify the type, nature and/or price of the units for any reason. The securities issuable in connection with this private placement will be subject to a hold period in Canada, which will run for four months from the date of the private placement closing.

The company intends to use the net proceeds of the offering for expenditures on its properties located in Cranbrook, B.C., and for general working capital. The proceeds from the issuance of the flow-through units shall be used to finance exploration expenditures on the Cranbrook properties and will qualify as Canadian exploration expenses (as defined in the Income Tax Act).

We seek Safe Harbor.

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