PJX Resources discovers iron and copper sulphides at Dewdney Trail Project, British Columbia
PJX Resources Inc. [TSXV: PJX; OTCQB; PJXRF] has discovered iron-rich minerals (pyrrhotite and pyrite) with copper (chalcopyrite) and minor to trace zinc (sphalerite) and lead (galena) in a venting geological environment by recent drilling, which appear consistent with mineralization typically found within a vent beneath sedex (sedimentary exhalative) type zinc-lead-silver mineralization. This first phase of drilling commenced in August this year after PJX received a five-year permit to explore and drill the large Dewdney Trail property near Cranbrook, British Columbia.
More drilling is required higher in the venting system, which is higher on the mountain and laterally on strike to the south and north.
John Keating, president, commented: “Discovering iron and copper sulphide minerals within a venting geological environment supports a mineralizing system that could produce a sedex type deposit, possibly similar to the Sullivan deposit located about 20 km to the west. The boulders discovered at surface late last year, in proximity to the drilling, are evidence that the mineralizing system produced Sullivan style and grade zinc, lead, silver and other critical metal mineralization.
“Additional information will be announced when drill core sample analyses have been received and compiled with drill core and other data to plan the next phase of drilling in 2025.”
Subject to the approval of the TSX Venture Exchange, the company intends to further extend the expiry date of 9,391,794 share purchase warrants by 12 months to Dec. 20, 2025. The warrants were issued pursuant to a private placement accepted for filing by the TSX Venture Exchange on December 21, 2021. The warrants are exercisable at 25 cents per share and are currently set to expire on December 20, 2024. All other terms of the warrants, including the exercise price, remain unchanged.
A total of 257,647 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 TSXV 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% of the market capitalization of the company.
PJX owns 100% of the mineral rights to multiple properties totalling over 680 km2 of mineral claims in the Sullivan mining district, southeastern British Columbia, Canada. Exploration in late 2023 discovered boulders and outcrop of Sullivan deposit style and grade mineralization on PJX’s Dewdney Trail property that is over 150 km2 in size. The zinc, lead, silver and other critical metal mineralization 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. This recent first phase of drilling on part of the anomalous trend confirms a geological environment with sulphide mineralization that supports the potential to discover a Sedex type deposit.
PJX’s properties are located in the historical Sullivan mine district and the Vulcan gold belt near Cranbrook and Kimberley, B.C.