PJX Resources Drilling the Sullivan Target and RIRGS Gold Simultaneously
Contributed Opinion

1. Bob Moriarty: I, or members of my immediate household or family, own securities of: PJX Resources Inc. My company has a financial relationship with: PJX Resources Inc. My company has purchased stocks mentioned in this article for my management clients: None. I determined which companies would be included in this article based on my research and understanding of the sector.
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The conflict involving Iran is in a lull while various parties position themselves. Energy costs for Americans may climb, and supply could tighten. The dispute will presumably resolve only when one side ultimately prevails over the other.

In the meantime, I had a fascinating discussion about a week ago with a former senior Noranda executive who is now President, CEO, and a director of a junior company he aims to build into a major operation, possibly two. PJX Resources Inc. (PJX:TSXV) is led by John Keating, a 35-year veteran of the industry.

Over the years, he has stitched together a portfolio of 25 high-quality, wholly owned properties in the historic Sullivan Mining District of southeastern BC, roughly 40 km north of the US border.

PJX's holdings cover 750 square km of terrain in what may become Canada's next significant district.

What most observers miss is that holding 25 prospective projects can actually be a complication. Where do you direct your capital? What is your core focus? The market might reward a company handsomely for one standout project, modestly for a second strong candidate, and essentially nothing beyond that. So does owning 25 solid properties really beat owning one or two?

Keating and I got into exactly that question, and I was struck by how thoroughly he understands his enormous land package. The projects he spent years compiling all sit where two faults meet. The Rocky Mountain Trench Fault trends roughly NW/SE and intersects the Vulcan Tectonic Zone, which runs NE/SW. Put simply, when hot, mineral-rich fluids push toward the surface, mineralization forms along the fault. The richest concentrations tend to appear where two faults cross, because pressure is reduced there. Deposits form when pressure, chemistry, or temperature shifts, and the minerals settle out.

One of the two flagship projects Keating plans to drill this year is a Sullivan-style SEDEX deposit called the Estella Basin Target, part of the Dewdney Trail Property. The Sullivan mine, which ran from 1898 to 2001, ranks among the most significant and productive operations in Canadian history, yielding 285 million ounces of silver, 8 million tonnes of zinc, and 7 million tonnes of lead over its life. It originated as a black smoker on a deep ancient ocean floor, venting hot mineral-laden fluids that hardened and eventually built a thick sheet of rich ore. Such smokers don't appear in isolation; they tend to occur in groups.

During its 2023 program, the company found Sullivan-style mineralized boulders. I've examined them myself. They match Sullivan material, and since I own a piece of the original Sullivan ore, I can attest that the texture is quite recognizable. In 2025, PJX defined a substantial mineralized corridor stretching from 800 meters south of the Estella Basin target northward 2,000 meters to the Lewis Ridge target. The company is funded for a 4,500-meter drill program set to begin shortly at Estella Basin.

Locating a fresh Sullivan SEDEX deposit is the ultimate prize in Canadian mining, and I think PJX has done strong exploration work and tilted the odds in its favor. With a market cap of roughly CA$25 million, a Sullivan-class discovery could send the shares soaring and potentially produce a 100-bagger. Plenty of Canadian juniors have attempted this and failed, but none of them had John Keating at the helm. I'll come back later to why I believe he stands a real chance, when I draw the parallel between his district-scale ground and Butte, Montana, the American counterpart to the Sullivan mine.

Not content with one shot at a 100-bagger, Keating is aiming for a second. He has another fully financed 4,500-meter program planned for this year at the Gar Gold Target, part of the Zinger property. That 140-square-km property hosts a 20-km strike of potential gold deposits.

Crescat got into PJX early and holds 9.9% of the shares.

When Keating showed Quinton Hennigh a sample from the Gar Gold Target, Hennigh remarked that the quartz was a dead ringer for the Snowline Valley deposit. 

The gold here is hosted in a Reduced Intrusive Related Gold System (RIRGS). Hennigh happens to specialize in exactly this deposit type, which can carry significant scale. At Gar, the granitic intrusives follow a 6-km trend.

A fully funded 4,500-meter program is slated to start at Gar imminently, with assays expected in two to three months. 

As promised, here's why I think Keating will come through, drawing on that long talk we had. I hold shares in another company, Hennigh pointed me toward, called Silver Bow, which recently went public. I've been wanting to write about it because the story is so compelling. I called Dr. Phil Nickerson, their VP Exploration, and asked him to characterize the deposit, since I knew it had first been identified as placer gold, then hard-rock gold and silver, then a silver-lead-zinc-copper system, and finally one of the richest copper deposits on the planet. It was the cornerstone of Anaconda Copper, arguably the world's most important mining company through much of the 20th century. At its peak, it supplied a quarter of global copper and was a major source in both World Wars.

The longer Nickerson talked, the more puzzled I got. I simply couldn't pin down what kind of deposit it was. Across 25 years, I've toured some 400 to 500 projects and seen nearly everything, but Butte seemed to contain it all. It wasn't one deposit so much as a jumble of many minerals.

So I asked, "How the hell do you have so many different styles of mineralization and minerals in one place?" Nickerson answered, "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 speaking with Keating, I pointed out that his two priority drill targets are completely unlike each other. A RIRGS system has nothing in common with a black smoker depositing a world-class silver-lead-zinc body that could support a century of mining. Keating replied that he has several porphyries sitting near one another, and suddenly it clicked for me.

Then I studied one slide from their presentation. It shows an unmistakable likeness across a 700-km string of deposits. Whatever built "The Richest Hill" on earth is a cousin to PJX's 25 projects. So I bought a sizable position.

PJX is an advertiser. I purchased my shares on the open market. I think the probability of a win this year on one or both of these drill targets is quite high. Pay no mind to their website. Webmasters generally pick one of two paths: information or communication. PJX went with information, so the site is loaded with detail, but it works poorly as communication. Every night before bed, I pray they'll overhaul it. On the bright side, that may have helped keep the share price low enough for me to buy in.