TORONTO, ON / ACCESSWIRE / July 29, 2021 / PJX Resources Inc. ("PJX")(TSXV:PJX.V) is pleased to announce the option of the historical Estella mine crown grants (the "Estella Property") from Imperial Metals Corporation ("Imperial"). The 14 Estella crown grants are encompassed by PJX's large Dewdney Trail Property (see map below). The property is road accessible and located approximately 30 km northeast of Cranbrook, British Columbia.
John Keating, President of PJX commented: "PJX's Dewdney Trail Property and the Estella Property have potential to host intrusive related gold and copper deposits as well as sedimentary hosted massive silver-lead-zinc mineralization similar to the historical Kootenay King mine located approximately 5 km to the south. The Estella crown grants have had no significant work or exploration since the late 1960's. Having access to the crown grants will allow PJX to complete mapping and geophysics across both the Estella claims and PJX's adjacent large land holdings this summer to define targets to drill."
Estella Option Terms
Subject to TSX Venture Exchange approval, PJX can earn a 100% interest in the Estella Property by making cash payments, or share equivalent payments, to Imperial totalling $250,000 over a 5 year period as follows:
- $15,000 on signing the agreement; and
- $20,000 on or before July 26, 2022; and
- $25,000 on or before July 26, 2023; and
- $30,000 on or before July 26, 2024; and
- $35,000 on or before July 26, 2025; and
- $125,000 on or before July 26, 2026
Upon exercise of the option by PJX, Imperial will retain a Net Smelter Return Royalty ("NSR") of 2% in respect of the Estella Property. PJX will have the right to buy back 50% of the NSR [being a 1% NSR] for $1,000,000, and the remaining 50% of the NSR [being a 1% NSR] for an additional $1,000,000.
Estella Mine Background - (Source: British Columbia Geological Survey, Bulletin 84)
- Estella Mine operated intermittently from 1951-1967.
- Total of 109,518 tonnes of ore was milled, yielding approximately 6,393 kg silver, 5,181 tonnes lead, 9,834 tonnes zinc with minor gold and copper in concentrates.
- Estella deposit is a silver-lead-zinc vein zone that is up to 7 metre in width that cuts Proterozoic age Aldridge sediments adjacent to a younger, Cretaceous age, intrusive called the Estella Stock.
Dewdney Trail Property map with Estella Crown Grants and road/trail access
The geological disclosure and content of this news release has been reviewed and approved by John Keating P.Geo. (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.
Corporate Update
The Annual General and Special Meeting of the Company was held on June 29, 2021. The Shareholders of record:
- approved the December 31, 2020, Audited Financial Statements;
- set the number of directors of the Company at six and re-elected John Keating, Linda Brennan, James Clare, Joseph Del Campo, Trygve Hoy, and Victor Bradley;
- appointed McGovern Hurley LLP as Auditors of the Company for the ensuing year; and
- approved the Company's Share Incentive Plan.
PJX continues to advance gold and base metal targets toward the discovery stage on our properties through surface exploration as well as drilling.
We also continue to build strategic partnerships to advance assets including DLP Resource's option of our DD Property and an agreement with Osisko Gold Royalties that was finalized in early 2021, with Osisko paying $1 million for a O.5% NSR royalty interest in PJX's 4 gold properties (Gold Shear, Eddy, Zinger and Dewdney Trail), and purchasing an equity investment in PJX for an additional $1 million.
PJX has identified large target areas with gold, copper, zinc, lead, and silver mineralization across the Dewdney Trail Property to date. The Estella Property option will allow PJX to advance exploration with mapping, prospecting and airborne magnetotelluric and magnetic surveys across both properties to help define targets to drill.
Forest fires in British Columbia have not yet affected our exploration activities. We would like to thank our experienced consulting team of geologists, prospectors, geophysicists, geochemists and drillers for their devotion to advance our exploration targets and maintain safety for themselves and our communities by adhering to health and safety protocols.
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 gold properties (Gold Shear, Eddy, Zinger, Dewdney Trail) and base metal properties (Vine, DD, West Basin, Parker Copper) are located in the historical Sullivan mining district and Vulcan Gold Belt of Cranbrook and Kimberley, British Columbia. Please refer to our web site http://www.pjxresources.com for additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Linda Brennan, Chief Financial Officer
(416) 799-9205
info@pjxresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. Forward-looking statements include, but are not limited to, statements with respect to exploration results, the success of exploration activities, mine development prospects, completion of economic assessments, and future gold production. In some cases, you can identify forward-looking statements by terminology such as "may", "appears to", "should", "expects", "plans", "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements.
Although PJX has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE: PJX Resources Inc.
View source version on accesswire.com:
https://www.accesswire.com/657523/PJX-Resources-Options-Historical-Estella-Mine-Property-From-Imperial-Metals
