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PJX Resources Inc
Symbol PJX
Shares Issued 91,419,672
Close 2018-09-19 C$ 0.175
Market Cap C$ 15,998,443
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PJX finds target with possible massive sulphide at Vine

2018-09-19 10:53 ET - News Release

Mr. John Keating reports

DRILLING INTERSECTS POSSIBLE FEEDER ZONE TO A POTENTIAL MASSIVE SULPHIDE BODY ON PJX RESOURCES' VINE PROPERTY

PJX Resources Inc.'s drilling on the Vine property's East gravity anomaly has defined an extensive target horizon with potential to host a massive sulphide body containing zinc, lead and/or copper.

"Recent drilling has intersected massive iron sulphide (pyrite/pyrrhotite) veins within a thick and extensive alteration zone that may be a feeder system to a potential massive sulphide body at the East gravity anomaly," stated Dave Pighin, PGeo, for PJX Resources. "For comparison, there is a thick extensive tourmaline alteration zone with massive iron sulphide veins as a feeder zone beneath the Sullivan deposit. The East gravity alteration zone is over 700 metres long and up to 180 metres thick. This is similar in size and thickness to the Sullivan alteration zone but has a silica- and sericite-rich composition instead of tourmaline. There is a five-metre-thick chlorite-rich zone with abundant iron sulphides and localized disseminated sphalerite (zinc-iron sulphide) and chalcopyrite (copper-iron sulphide) mineralization in phyllite above the alteration zone. This chlorite-rich zone is a favourable target horizon with potential to host a massive sulphide body."

"Three-dimensional (3-D) modelling of geophysics by Quantec Geoscience has identified a gravity anomaly that is coincident with a two-dimensional (2-D) magnetotelluric (MT) anomaly," stated John Keating, president and chief executive officer of PJX. "The anomalies start at about 400 metres below surface and extend to depth. Recent holes drilled to test the shallowest part of the geophysical target have intersected disseminated zinc with lesser lead and copper mineralization in the chlorite-rich target zone. This mineralization is not sufficient to cause the gravity anomaly. Therefore, it appears that we may have intersected peripheral alteration and mineralization to a more dense massive sulphide body that could cause a gravity anomaly. Additional geophysics and drilling are planned to test this new target area down dip and on strike."

The road-accessible Vine property is located approximately 140 kilometres east of Teck's metallurgical complex and about 35 kilometres south of the Sullivan mine, which operated for over 90 years before being closed in 2001. The property is at an elevation with terrain amenable to drill at any time of the year. It is crossed by two power lines as well as a rail line and is only a 20-minute drive south along Highway 3 from Cranbrook, B.C.

Vine geology, alteration and mineralization

The 150-to-180-metre-thick East gravity breccia zone with intense silica and sericite alteration occurs along the Moyie fault. The zone is at least 400 metres wide and over 700 metres long and is locally cut by massive iron sulphide veins.

The altered breccia zone is overlain by a 100-to-150-metre-thick phyllite unit. Near the base of this unit is a five-metre-thick zone of strong chlorite alteration with abundant disseminated iron sulphide (pyrite/pyrrhotite) and localized disseminated zinc (sphalerite) and copper (chalcopyrite) mineralization.

Sediments that overly the phyllite zone are generally strongly silicified and chloritic. They locally contain disseminated sphalerite or massive sphalerite in veins and veinlets.

Right-lateral thrust movement along the Moyie fault has separated, folded and moved part of the phyllite unit for over one kilometre along a secondary fault (Hogg fault) to the north of the northeast-striking Moyie fault breccia zone. The large East gravity anomaly occurs within this faulted block.

Other properties

As previously announced (see news release dated Aug. 20, 2018), Teck Resources Ltd. has received the necessary permits to drill PJX's DD property. Drilling is planned to commence this month and be carried out into the fall. Exploration work on the Zinger, Eddy and Dewdney Trail properties has continued through the summer and results will be announced when information is available.

The foregoing geological disclosure has been reviewed by Dave Pighin, PGeo, and John Keating, PGeo (qualified persons for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects). Mr. Pighin is the consulting geologist for PJX on the DD and Vine properties. 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 and development of mineral resources with a focus on gold and base metals. PJX's properties are located in the historical mining area of Cranbrook and Kimberley, B.C.

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