Business
PJX Resources Closes Private Placement
TORONTO, ON / ACCESSWIRE / October 2, 2020 / PJX Resources Inc. (TSXV:PJX) ("PJX" or "the Co...
About this update from Pjx Resources Inc.
[{"type":"text","content":"PJX Resources Closes Private PlacementTORONTO, ON / ACCESSWIRE / October 2, 2020 / PJX Resources Inc. (TSXV:PJX) (\"PJX\" or \"the Company\") is pleased to announce the closing of its' previously announced non-brokered private placement (the \"Offering\") (see September 21, 2020 press release) for total proceeds of $1,230,800. The Company is pleased to announce the Offering was oversubscribed and the previously announced 25% overallotment option was undertaken.Use of ProceedsThe Company intends to use the net proceeds of the Offering for expenditures on its properties located in Cranbrook, British Columbia and for general working capital. The gross proceeds from the issuance of the Flow-through Shares shall be used to fund exploration expenditures on the Cranbrook Properties and will qualify as Canadian exploration expenses (as defined in the \"Income Tax Act (Canada)\").John Keating, President and CEO of PJX commented, \"PJX has consolidated 100% of the mineral rights to the largest land holdings of a potential new gold camp in Canada that we call the Vulcan Gold Belt. The gold belt occurs within the Sullivan base metal mining district. Historical focus on Sullivan type zinc, lead and silver mining is in part why the district's gold potential has been overlooked. The Vulcan Gold Belt fits modern geological models and criteria for the formation of a world class gold camp. PJX has already identified a pipeline of priority target areas to explore and drill with potential to make multiple gold discoveries. (see https://pjxresources.com/gold-discovery-potential.pdf).\"HighlightsTarget type: Orogenic and Magmatic Gold Trend with Fort Knox (>5mm ozs), Telfer (>30 mm ozs), Sukhoi Log (>30mm ozs) and other deposit type potential.Vulcan Gold Belt - only place in North America where two regional crustal penetrating structures associated with gold deposits and gold mining camps in Canada and the United States intersect.Estimated 1.5 million ounces of placer gold produced since 1864 gold rush.Significantly underexplored - no bedrock source of placer gold identified to date - fewer than 150 holes drilled for gold exploration on entire 60 km trend.First time 100% owned mineral rights consolidated, covering 520 km².PJX has a pipeline of gold, silver and base metal (copper, lead, zinc) targets - 20 large targets identified to ...