Ms. Linda Brennan reports

PJX RESOURCES PROPOSES EXTENSION OF WARRANTS AND PROVIDES EXPLORATION UPDATE

PJX Resources Inc., subject to TSX Venture Exchange approval, intends to further extend the expiry dates of 9,350,400 share purchase warrants by 12 months, to Oct. 5, 2024. The warrants were issued pursuant to a private placement announced on Sept. 21, 2020, and accepted for filing by the TSX Venture Exchange on Oct. 6, 2020. The warrants are exercisable at 20 cents per share and are currently set to expire on Oct. 5, 2023. All other terms of the warrants, including the exercise price, remain unchanged. Upon receipt of the approval of the TSX-V of the warrant extension, a material change report in respect of the warrant extension will be filed by the company.

A total of 920,000 of the affected warrants are held by parties considered to be related parties of the company. Therefore, the amendment of warrants constitutes a related-party transaction as contemplated by Multilateral Instrument 61-101 -- Protection of Minority Shareholders in Special Transactions, and TSX-V Policy 5.9 -- Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the warrants held by insiders does not exceed 25 per cent of the market capitalization of the company.

Exploration update

Exploration by PJX Resources this year continues to discover new zones of mineralization almost every week on the Dewdney Trail property.

The district-scale 107-square-kilometre Dewdney Trail property is in the Sullivan mining district in a Tier 1 jurisdiction. Examples of mineralization discovered to date include:

• Massive sulphide with anomalous copper, cobalt, silver and nickel in Proterozoic-age sediments -- possibly similar in style to Mt. Isa.
• A few kilometres to the south is stratigraphy with anomalous zinc and lead mineralization disseminated and bedding conformable bands.
• About three kilometres farther south and west are stacked bedding conformable gold-bearing veins with grab samples up to 63 grams per tonne (g/t) gold.
• A further 1.5 km south are iron-oxide breccias with copper mineralization.
• These mineralized zones all occur along a broad regional anticline that is intruded by alkalic/syenite porphyries and associated breccias that locally contain copper in the groundmass.
• Sheeted veins in the intrusions contain gold, copper and silver, with one grab sample analyzing 6.9 g/t gold, 447 g/t silver and 1.1 per cent copper.

Field crews continue to explore additional targets, including large areas with coincident airborne electromagnetic and magnetic anomalies that occur along the equivalent time horizon to the world-class Sullivan zinc-lead-silver deposit located 25 km to the west.

"The more we learn about the relationship of mineralization to geology from surface exploration, the greater our chance of discovering new deposits near surface and at depth when drilling," states John Keating, president of PJX. "We believe the significant amount and variety of mineralization we are finding greatly supports the potential to make a major discovery and possibly multiple discoveries."

Qualified person

The foregoing geological disclosure has been reviewed and approved by Mr. 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.

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, B.C.

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