PJX Resources Inc., based in Toronto, has announced the successful completion of a non-brokered private placement, raising a total of $6.3 million. John Keating, the President of PJX, stated that this financing will allow the company to concentrate on two primary exploration targets for critical metals and gold in southeastern British Columbia's Sullivan Mining District.
The company has begun an initial drilling program of 4,000 meters on its Dewdney Trail Property, where it aims to explore the potential for a Sedimentary Exhalative (Sedex) critical-metals discovery. Concurrently, activities at the Zinger Property are underway, involving prospecting, mapping, and surface sampling to prepare for future drilling aimed at uncovering a Reduced Intrusion Related Gold System (RIRGS).
PJX issued various types of units during the private placement, including both non-flow through and flow through units, with subscription prices set at $0.125 for standard units, $0.15 for Flow Through Units (FTUs), and higher for Charity Flow-through Units (CFTUs). The first tranche of the offering raised approximately $3.4 million, with the second tranche bringing in nearly $2.9 million.
At the Dewdney Trail Property, PJX has identified promising target areas such as the Estella Basin, Lewis Ridge, and Grundy Creek. The Estella Basin has shown signs of mineralization comparable to the historical Sullivan mine, which operated for over 90 years. This prospectivity is bolstered by historical drilling results that indicated a high metal content in the region.
Meanwhile, the Zinger Property is noted for its Gar target, which has demonstrated visible gold in quartz veins, along with geochemical and geophysical anomalies that indicate the presence of multiple gold targets. Drilling at this property is scheduled for later this summer, pending the renewal of permits.
The private placement is subject to the approval of the TSX Venture Exchange, and any securities issued will be under a statutory hold period of four months plus one day from the date of the closing of each tranche. Additionally, finders' fees totaling $74,725 in cash and 597,800 non-transferable warrants may also be paid in relation to the second tranche.
PJX Resources Inc. raised a total of $6.3 million through their non-brokered private placement, with the first tranche bringing in $3,422,040 and the second tranche contributing $2,877,960.
PJX Resources is focusing on two priority discovery opportunities: the Dewdney Trail Property, targeting critical metals through a Sedimentary Exhalative (Sedex) style, and the Zinger Property, which is being explored for gold associated with a Reduced Intrusion Related Gold System (RIRGS).
PJX issued several types of units during the private placement: non-flow through Units, Flow Through Units (FTU), Charity Flow-through Units (CFTU), and Charity Flow-through Critical Metals Units (CFTUCM), each at different subscription prices.
The proceeds from the private placement will be used for expenditures on PJX's properties located in Cranbrook, British Columbia, as well as for general working capital purposes.
At the Dewdney Trail Property, previous drilling identified a zone rich in various metals including zinc, lead, and silver, which indicates the potential for significant mineralisation similar to what was found in the historical Sullivan mine.
The Zinger Property's Gar target is characterised by visible gold occurring in sheeted and structurally controlled quartz veins, alongside strong geochemical and geophysical support that suggests the presence of multiple gold targets.
The securities issued in connection with the private placement will be subject to a statutory hold period in Canada, which is four months plus one day from the date of closing for each tranche.
Forward-looking statements made by PJX Resources may be subject to various risks and uncertainties, including business, economic, and competitive factors that could cause actual results to differ materially from those anticipated. Readers are advised to exercise caution in relying on these statements.