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PJX Resources Drilling Sullivan Target and RIRGS Gold at Same TimeBob Moriarty The Iran war is in an intermission waiting for Israel to set up a false flag operation. They want to finish destroying the world’s economy. Remember that while DJT wants to be the bride at every wedding and the stiff at every funeral, this isn’t America’s war. The war belongs to Israel. Energy is about to get a lot more expensive for Americans, if they can even find it. Someday either Iran destroys Israel or Israel destroys Iran and the war will end. Meanwhile I had a most interesting conversation a week ago with a former Noranda top executive who now is President, CEO and a director of a junior he intends to turn into a major or perhaps two majors. PJX Resources (PJX-V) is headed by John Keating a seasoned 35-year veteran of the mining business. He has spent years assembling a package of 25 high-quality 100% owned properties in the historic Sullivan Mining District in SE BC about 40 km north of the US border. The land position of PJX contains 750 square km of ground in what looks to be the next big district in Canada. (Click on images to enlarge)
Few people understand it but having 25 potential projects is actually a bit of a burden. How do you spend your money? What business are you really in? Investors might pay a premium for a single great project and a pittance for a second high potential property but nothing after that. Is 25 good properties any better than one or two? John Keating and I discussed that. I was shocked at how on top of his massive land position he really is. All these projects that he has spent years putting into a package are located in an area where two faults intersect. The Rocky Mountain Trench Fault runs generally NW/SE and crosses the Vulcan Tectonic Zone running NE/SW. In simple terms, when hot mineral bearing fluids force their way to the surface, you get mineralization at the fault. You get the most mineralization where two faults cross because the pressure is less. Mineral deposits occur when either the pressure changes or the chemistry changes or the temperature changes and minerals form a deposit. One of the two major projects John intends to drill this year is a Sullivan style SEDEX deposit named the Estella Basin Target as part of the Dewdney Trail Property. The Sullivan mine, in operation from 1898 until 2001 was one of the most important and productive mines in Canadian history producing 285 million ounces of silver, 8 million tonnes of zinc and 7 million tonnes of lead during its lifetime. The Sullivan mine was formed as a black smoker, deep in an ocean at the time, spitting out hot mineral bearing fluids out of its vent. The fluids solidified and eventually formed a blanket of rich ore. Hot smokers do not occur in a vacuum. They naturally come in clusters. During the 2023 exploration program the company discovered Sullivan style mineral boulders. I’ve seen the boulders. They are Sullivan style material, I own a chunk of the original Sullivan ore. It is quite distinctive. In 2025 PJX outlined a large mineralized zone spanning from 800 meters south of the Estella Basin target north by 2000 meters to the Lewis Ridge target. PJX is financed for a 4,500-meter drill program that will start soon on the Estella Basin Target. While finding a new Sullivan SEDEX deposit is the holy grail of Canadian mining I think they have done an excellent job of exploration and have odds in their favor. Given the $25 million market cap of the company, a Sullivan discovery could blow the lid off the shares and turn it into a 100-bagger. Granted, dozens of Canadian juniors have tried and broken their picks but they didn’t have John Keating running the show. I will explain why I think he might succeed later in this piece when I show the similarity of his district scale projects to that of Butte Montana, the US analog of the Sullivan mine. Not satisfied with a single potential 100 bagger, John Keating is swinging for the fences with a second potential 100 bagger. He has another 4,500-meter drill program fully financed for this year poking holes in the Gar Gold Target as part of the Zinger property. The 140 square km property contains a 20 km strike of potential gold deposits.
Crescat was an early adopter in PJX and owns 9.9% of the shares. When John Keating showed Quinton Hennigh a sample taken from the Gar Gold Target, Quinton replied that the piece of quartz was identical to that of the Snowline Valley deposit. Crescat was an early adopter in Snowline as well. SGD shares rocketed from about $4 a share two years ago to a high of $21.44 in late January as gold shot up.
The gold is in the form of a Reduced Intrusive Related Gold System (RIRGS) similar to Snowline (SGD-$2.3 billion market cap) and Sitka (SIG-$475 million market cap. Quinton Hennigh just happens to be an expert in that style of gold deposit. They have large potential. At Gar the granitic intrusives occur along a 6 km trend. A fully funded 4,500 meter-drill program will begin at Gar any time now. Look for assay results in 2-3 months. If they have a 6 km RIRGS they have Snowline potential.
I said above that I would discuss why I think John Keating will succeed after the long conversation I had with him. I own some shares in another company that Quinton Hennigh turned me onto named Silver Bow that just went public recently. I was of a mind to write something about the company because I find the story so compelling. I was on the phone to Dr. Phil Nickerson, their VP Exploration. I asked him to explain just what sort of deposit it was because I knew it was discovered as a placer gold deposit, then a hard rock gold and silver deposit, then a silver, lead, zinc, copper project and finally one of the highest-grade copper deposits in the world. It was the foundation of the most important mining company in the world for much of the 20th century, Anaconda Copper. At one time it produced 25% of the copper for the world and was a major copper supplier in both WW I and WW II. The more Phil spoke, the more confused I became. I just couldn’t come to grips with just what sort of deposit it was. Over the past 25 years I have visited some 400-500 different projects, I have seen just about everything at one time or another. But the Butte deposit had just about everything. It wasn’t a mineral deposit, it was an omelet of a lot of different minerals. My question was, “How the hell do you have so many different styles of mineralization and minerals in one place?” Phil replied, “We have a pair of porphyries close to each other but from different time periods. They laid down different minerals in different zones because of having two different systems working at the same time.” So, when I was talking to John Keating I mentioned that the two leading projects he was intent on drilling right now, were totally different. A RIRGS system has nothing at all in common with a Black Smoker laying down a world class deposit of silver, lead and zinc that could be mined for 100 years. John answered that he has multiple porphyries close together and the lights went on in my feeble brain.
Then I looked at one of the pictures from their presentation. It shows a clear resemblance for a 700 km strike of deposits. What created “The Richest Hill” on earth is brethren to the 25 projects of PJX. So I bought a lot of shares. PJX is an advertiser. I have gone out into the open market and purchased shares. I believe the chance of success this year on one or both of the projects they are now going to drill is very high. Ignore their website. All webmasters opt for one of two routes. They either opt for information or they opt for communication. PJX chose to opt for information. So, their website is chockablock with information but it really sucks as communication. Every night just before going to bed I get down on my knees and pray they will redo their website. On the other hand, it kept the share price cheap enough that I could buy shares. Do your own due diligence. I’m biased. PJX Resources Inc ### Bob Moriarty 321gold Ltd |
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