PJX Resources Inc. announced that gold, copper, and silver mineralization with values up to 15.59 g/t gold, 1.108 % copper, or 721 g/t silver occur in rock grab samples of variably altered and veined syenitic/alkalic intrusives. This initial set of analyses to be received from prospecting and mapping this summer are from the Estella Basin area of the Dewdney Trail Property. Additional analyses are pending.

Dewdney Trail is one of a number of PJX's large mineral properties in the Sullivan Mining District and Vulcan Gold Belt of southeastern British Columbia, Canada. Prospecting and mapping collected 22 rock grab samples of quartz veins in locally altered and pyrite bearing syenitic/alkalic intrusives in the Estella Basin. Gold mineralization greater than 100 ppb occurs in 19 of the samples with the highest value being 15,598 ppb (15.59 g/t).

Copper mineralization greater than 1,000 ppm occurs in 7 of the samples with the highest value being 1.108 %. Lead, zinc, and silver mineralization are also present in samples with the highest analyses being >100,000 ppm (>10%) lead, 5,060 ppm (0.5%) zinc, and 721 ppm (721g/t) silver. Table below displays analyses greater than 100 ppb gold.

Sample locations are shown on the Estella Basin geology map. Mapping suggests the multiple phases of intrusives are part of a magmatic center. One apparent sub-vertical syenite intrusive plug that was sampled can be traced in sporadic outcrops in steep terrain for over 300m along strike.

There appears to be a second intrusive plug approximately 600m to the south that is visible in a cliff wall and could not be sampled this year because of steep terrain. Both plugs appear to have risen vertically to about the same level and are only visible because their tops are exposed due to erosion. There may be additional buried plugs where erosion has not exposed the tops of the intrusions.

The Sullivan Mining District has geological similarities to other intrusive related copper-gold mining districts, such as the Butte and Bingham Canyon districts located to the south in Montana and Utah, respectively. All 3 districts occur along continental scale transverse structures, the Uinta arch/lineament at Bingham Canyon, Great Falls tectonic zone at Butte, and the Vulcan tectonic zone at the Sullivan District. Butte and Sullivan also occur where the east-west oriented Great Falls and Vulcan transverse structures intersect the continental scale north-south Rocky Mountain Trench fault zone structure.

Copper, gold and other mineralization occur with alkalic intrusives in magmatic centers. Sulphide rich Proterozoic age sediments that occur in the Butte district are the same in the Sullivan District. Proterozoic sediments are also considered to occur at depth beneath Bingham Canyon.

Sulphide mineralization in the sediments can provide a source of sulfur to assist with the formation of copper, gold, silver, and other mineralization in the intrusives. Silty carbonate rocks in the Sullivan district may be good host rocks for the formation of potential gold, copper, zinc, lead, and/or silver skarn, CRD, or other deposit types that can occur proximal to magmatic centers. Gabbro sills in the Sullivan District may form impermeable rock layers which can help enrich copper, gold, silver, and other mineralization by impeding and concentrating rising fluids that transport the metals.

Additional results are pending from surface mapping and prospecting in the Estella Basin area and other target areas on the Dewdney Trail Property. Approximately 2,000 m of drilling have recently been completed on the Lewis Ridge Target Area that is located about 3 km north of the Estella Basin area. Drill core is being logged and sampled.

Results with maps of this work will also be announced in the coming months when all the analyses have been received and compiled. Rock grab samples from outcrop or proximal float material are collected by experienced geologists, prospectors and technicians. Samples are then labeled, placed in plastic bags, and sealed with sample numbers recorded.

Samples are delivered to Bureau Veritas Mineral Laboratories in Vancouver, B.C. The samples are dried, crushed and pulverized for Aqua Regia digestion and 37 element ICP-MS analysis, and by ICP-ES analysis to assess element over-limits. Titration is being performed for samples >10 % lead. The Company is also pleased to announce that, subject to TSX Venture Exchange approval, the Company intends to extend the expiry date of 5,802,157 share purchase warrants, (the "Warrants") by 12 months to December 5, 2023.

The Warrants were issued pursuant to a private placement accepted for filing by the TSX Venture Exchange on December 27, 2019. The Warrants are exercisable at $0.25 per share and are currently set to expire on December 5, 2022. All other terms of the warrants, including the exercise price, remain unchanged.

Upon receipt of the approval of the TSXV of the Warrant Extension, a material change report in respect of the Warrant Extension will be filed by the Company. A total of 3,383,333 of the affected Warrants are held by parties considered to be "related parties" of the Company. Therefore, the amendment of Warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 - Protection of Minority Shareholders in Special Transactions.

However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants held by insiders does not exceed 25% of the market capitalization of the Company. 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.