Petrographic Analyses and Geophysics Support Porphyry Copper-Gold Deposit Potential on PJX Resources’ Dewdney Trail Property

TORONTO, May 10, 2023 - PJX Resources Inc. ("PJX") is pleased to announce that results from Vancouver Petrographics' ("VanPetro") thin section and polished section analyses of rock samples from the Estella Basin support porphyry copper-gold deposit type potential on the Dewdney Trail Property. Deposit potential is also supported by large (5 km diameter) ring features in airborne magnetic data that may define the margins of collapsed plutons at depth. Porphyry copper-gold deposits often occur above and along pluton margins.

Porphyritic intrusions (alkalic porphyries, felsitic rhyolite, trachy­latite), breccias, meta-sediments, carbonates, plus quartz-filled veins comprise the various Estella Basin samples that were analyzed by VanPetro laboratory. Typical porphyry deposit alteration assemblages (Ca-Mg-Fe-carbonates, pyrite, epidote, sericite, chlorite) as well as disseminated and vein copper minerals were identified and are similar to those that characterize alkalic porphyry copper-gold deposits.

The Estella Basin target area, with gold-copper-silver mineralization related to alkalic intrusions, is one of a number of target areas on PJX Resources 116 km² Dewdney Trail Property in the Sullivan Mining District.

John Keating, President of PJX commented: "It has taken 10 years to consolidate the mineral rights to the Dewdney Trail Property and the historical Estella mine. Geological and geophysical data combined with copper and gold mineralization in soils and porphyry intrusions at surface all support the potential to discover porphyry type deposits on the Dewdney Trail Property. There are multiple drill ready targets that we plan to test for the first time this year."

Factors supporting porphyry deposit potential include:

• Differentiated intrusions with porphyritic rock types ranging from syenite to granodiorite in composition.
• Hydrothermal breccias.
• Copper sulphide and pyrite mineralization in veins and disseminated in the fine-grained groundmass of various porphyry phases (see photo A).
• Clustering of multiple and varied intrusions.
• An exposure level that indicates only the top of some intrusions are exposed. This supports the potential for additional mineralization at depth.
• Airborne geophysical Magnetic and EM signatures of the intrusions that are similar to known porphyry copper-gold deposits elsewhere in the world. These include large ring features (5 km across) that may represent the margins of multiple plutonic phases (magmatic centers) at depth that could generate porphyry and intrusion related deposits (see figures 1 and 2).
• Large coincident soil geochemical anomalies of gold, copper, arsenic, molybdenum and other metallic elements associated with mineralized intrusions and geophysical targets (see figures 3 to 6).

Photo A - Rock grab sample MS22-57.

VanPetro's assessment indicates that this is a micro-fractured porphyritic quartz-bearing syenite dominated by fine to very coarse, subhedral to euhedral K-feldspar phenocrysts (in places, replaced by calcite), intergrown with accessory plagioclase phenocrysts and quartz, floating within a groundmass that is dominated by K-feldspar, intergrown with plagioclase, quartz, muscovite flakes, plus minor apatite and scattered calcite spar. Pyrite, chalcopyrite (copper sulphide) blebs and hematite are scattered in the groundmass. Discontinuous veinlets, crosscutting phenocrysts and groundmass are filled with calcite and quartz. A separate grab sample of this phase of porphyry with quartz veins analyzed 6.9 g/t gold, 447 g/t silver, 1.1% copper.

Figure 1 - Airborne magnetic map.

• Estella Basin's First target to test is the syenite/alkalic intrusion associated with gold, copper and silver mineralization discovered last year. Intrusion appears as a magnetic high (red colour).
• Additional targets are the Donut shaped magnetic anomaly and a syenite/alkalic porphyry with limited access at the base of a cliff. Porphyry copper-gold deposits are known to have a magnetic high and/or a donut shaped magnetic signature.
• Two large ring features in the magnetic data (approximately 5 km across) outline what may be the outer margins of multiple collapsed plutons at depth that could generate porphyry copper-gold type deposits.
• The possible plutons (magmatic centres) are aligned along a major north trending overturned anticline fold axis that would provide loci for plutons.
• Note how the syenite/alkalic porphyry intrusions and donut shaped magnetic anomaly occur along the ring features. Porphyry copper-gold deposits are known to occur along the margin of plutons.

Figure 2 - Airborne Mobile MT - EM map.

• Mapping suggests that the more conductive areas (pink to red colours) are related to sedimentary rocks containing iron sulphide, carbonaceous material, and possible massive sulphide mineralization.
• The more conductive areas appear to disappear in the centre where a large area of lower conductivity (diffuse red) may represent a pluton at depth.
• The lower conductivity area may have been created when the pluton absorbed the conductive iron sulfides and carbonaceous material that are often required to form copper-gold porphyry type deposits.
• The ring feature, about 5 km across, represents the outer margin of the possible pluton.
• Alkalic/syenite porphyry intrusions and the donut shaped magnetic anomaly occur along the ring feature.

Figure 3 - Gold in soil geochem on geology map.

Figure 4 - Copper in soil geochem on geology map.

Figure 5 - Arsenic in soil geochem on geology map.

Figure 6 - Molybdenum in soil geochem on geology map.

Figures 3 to 6 display gold, copper, arsenic, and molybdenum in soils on the Dewdney Trail property geology map. Note how anomalous concentrations of gold, copper, arsenic and molybdenum occur in proximity to porphyry intrusions, and the large donut shaped magnetic anomaly that may represent a potential copper-gold porphyry type deposit at depth.

Qualified Persons

The foregoing geological disclosure has been reviewed and approved by John Keating P.Geo. (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.

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, British Columbia.

Please refer to our web site http://www.pjxresources.com for additional information.

FOR ADDITIONAL INFORMATION PLEASE CONTACT:

Linda Brennan, Chief Financial Officer
(416) 799-9205
info@pjxresources.com

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SOURCE: PJX Resources Inc.