Ms. Linda Brennan reports

NEW MASSIVE SULPHIDE ZONE POTENTIAL SUPPORTED BY DOWN HOLE GEOPHYSICS ON PJX RESOURCES VINE PROPERTY AND PJX RESOURCES COMPLETES PRIVATE PLACEMENT

PJX Resources Inc.'s new massive sulphide (NMS) zone recently intersected in hole VA19-48 corresponds with a strong conductive electromagnetic anomaly identified by recent downhole geophysics on the Vine property. The NMS zone is very conductive and occurs at the edge of the newly identified, strongly conductive electromagnetic anomaly, which supports that the NMS zone may be part of a larger body.

"This is very encouraging news," states John Keating. "The NMS zone we recently intersected appears to be the same massive sulphide horizon that was intersected over 700 metres to the south by a hole drilled in the 1990s. No holes have been drilled to test the NMS horizon between these holes or to the north and west. Downhole and surface geophysics suggest we intersected the edge of the NMS zone that has potential to be laterally extensive, similar to what occurs at the Sullivan deposit. Final compilation of the results is under way with drilling planned to start in January. In addition, recent drilling on the Gold Shear property was just completed and results are pending."

Downhole geophysics on drill hole VA19-48 also identified a moderate EM conductive anomaly that appears to correspond with the Sullivan horizon, which is the geological horizon hosting the Sullivan massive sulphide deposit located 35 kilometres north of the Vine property. This EM target occurs off the hole and has not yet been tested by drilling.

Highlights:

• PJX drill hole VA19-48 recently intersected a new massive sulphide zone, from 777.1 to 782.6 m. The zone has four layers that consist largely of conductive massive iron sulphides with anomalous zinc, copper, lead and silver.
• Recent downhole EM geophysics, by Quantec Geoscience, has delineated two conductor anomalies, located at depths of approximately 340 m and 780 m in drill hole VA19-48.
• EM anomaly at 340 m depth appears to correspond with the Sullivan time horizon that hosts the Sullivan deposit. This is an off-hole anomaly as it is located away from the hole and was not intersected by the drill hole. The anomaly is located to the south and west of hole VA19-48 and has moderate conductivity thickness of 100 siemens.
• EM anomaly at 780 m depth is stronger and corresponds with the NMS horizon containing four layers of massive sulphide mineralization. Hole VA19-48 intersected the northern edge of the EM anomaly that extends to the south and west of the hole. The anomaly is very conductive with a conductivity thickness greater than 2,000 siemens.
• Historical hole KV90-41, drilled by Kokanee Exploration in 1990, intersected a 3.4 m thick massive sulphide zone grading 5.65 lead, 2.7 per cent zinc and 1.2 ounces per ton silver.
• The Kokanee hole is located south of PJX's hole VA19-48. The holes are 700 m apart and appear to have intersected the same mineralized NMS horizon.
• No holes have been drilled to test the NMS horizon between these two holes or on strike and down dip to the north and west.
• Magnetotelluric (MT) geophysics has identified a large MT target.
• The NMS zone occurs at the top of the large MT target.
• According to Quantec Geoscience data, the large MT target has an 800 m strike length and can be traced down dip for over 2,000 m.
• Recent thin-section analysis of core samples by Vancouver Petrographics Ltd. has identified granofels alteration, beneath the NMS horizon, that is considered to occur in areas with high heat flow, such as venting environments on the ocean floor; a similar alteration occurs beneath the Sullivan deposit.

The foregoing geological disclosure has been reviewed and approved by Mr. Keating, PGeo (qualified persons 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, subject to TSX Venture Exchange approval, has completed a non-brokered private placement initially announced by the company on Oct. 15, 2019, for total proceeds of $1,409,200.

The company issued a cumulative total of 5,277,158 flow-through units and flow-through shares for gross proceeds of $830,450, and 3,858,333 units for gross proceeds of $578,750.

Each flow-through unit consists of one common share to be issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one common share purchase warrant. Each flow-through share consists of one common share to be issued as a flow-through share within the meaning of the Income Tax Act (Canada). Each unit consists of one common share and one common share purchase warrant. Each warrant, whether acquired as part of a flow-through unit or unit, entitles the holder to purchase one common share at an exercise price of 25 cents for 36 months following completion of the offering.

In connection with closing the offering, the company may pay, in accordance with the policies and subject to regulatory approval, aggregate cash finder's fees of $99,228 and issue certain finders 649,733 non-transferable finder's warrants. Each of the finder's warrants entitles the finder to purchase one common share of the company at a price of 25 cents per finder share for 36 months following completion of the offering.

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.

We seek Safe Harbor.