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PJX Resources Signs Definitive Option Agreement with DLP Resources (MG Capital) on PJX's DD Property
TORONTO, ON / ACCESSWIRE / July 20, 2020 / PJX Resources Inc. ("PJX") is pleased to announ...
About this update from Pjx Resources Inc.
[{"type":"text","content":"PJX Resources Signs Definitive Option Agreement with DLP Resources (MG Capital) on PJX’s DD PropertyTORONTO, ON / ACCESSWIRE / July 20, 2020 / PJX Resources Inc. (\"PJX\") is pleased to announce that it has signed a definitive Option Agreement with DLP Resources Inc. (\"DLP\"), a wholly owned subsidiary of MG Capital Corporation, in respect of DLP's option to acquire an interest in PJX's Sullivan-type Lead Zinc Silver DD Property (the \"DD Property\").The DD Property has potential to host a high-grade Sullivan style deposit that is located near Cranbrook, British Columbia, Canada. The Sullivan Deposit occurs at a geological horizon called the Lower-Middle Aldridge Contact or \"LMC\" horizon. A 1425 metre sub-vertical hole (PAN-18-01) to test a Magnetotelluric (MT) geophysical anomaly stopped short of the LMC horizon (see Figure below)PJX and DLP believe there is an opportunity to drill the Pan-18-01 hole to a greater depth and locate the LMC zone and potential Sullivan style mineralization.The key terms of the definitive option agreement are consistent with the terms of the letter of intent announced on June 22, 2020, being as follows:DLP to earn a 50% undivided interest in the DD Property by spending $4 million in exploration expenditures and making a total of $250,000 cash payments to PJX over 48 months of the effective date of the agreement.DLP will have the right to earn an additional undivided 25% interest (75% total interest) by delivering a bankable commercial feasibility study on the DD Property within 96 months of the effective date of the agreement.Upon DLP's exercise of the Option and acquisition of a 50% or 75% interest in the DD Property, as applicable, the parties will enter into a joint venture agreement for the further development of the Property.Ian Gendall, President of DLP commented \"Now that we have the Definitive Option signed and the work permit in place, we can commence drilling to extend PAN-18-01 to the LMC horizon by late July-early August. The geology and Sullivan type deposit potential makes the DD Property very attractive. No holes have tested the LMC horizon on the property and the historical holes drilled to test the LMC horizon in vicinity of the DD Property have encountered geology that supports the potential for a Sullivan Type Deposit. The thickness, alteration, and mineralization of th...