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Vancouver, British Columbia–(Newsfile Corp. – June 13, 2022) – Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB: PEMSF) (“Pacific Empire”, “PEMC” or the “Company”), a British Columbia copper explorer, is pleased to announce that it has completed the acquisition of a 100% interest in the Col Property, which consists of 17 mineral claims spread over 6618 hectares 50 km southeast of Northwest Copper Corp.’s (“Northwest Copper”) Kwanika Deposit and 50 km northwest of Centerra Gold Corp.’s (“Centerra Gold”) Mt. Milligan Mine. Pursuant to the terms of a purchase agreement among PEMC, Indata Resources Ltd. and Nation River Resources Ltd. (together, the “Vendors”), PEMC acquired a 100% interest in the Col Property in exchange for granting the Vendors a 2% net smelter return royalty (the “NSR”) on the claims, one-half (1%) of such 2% net smelter return royalty may be purchased for $500,000 by PEMC.
“Ownership of the Col property outright provides us with tremendous flexibility. Unburdened by annual cash payments, share payments and work commitments, we will be able to take the necessary time to bring all of our resources to bear on the property in a cost-effective manner and, when the time is right, we will drill,” commented Brad Peters, President and CEO. “This journey began 10 years ago and I am excited that with the addition of the Col property, PEMC now has a commanding, regional scale land position between Centerra Gold’s Mt. Milligan Mine and Northwest Copper’s Kwanika Deposit. Work by Northwest Copper in recent months has demonstrated the potential in this area for very attractive copper-gold grades. Historical work at the Col property over the last 50 years has also demonstrated the potential for very attractive copper-gold grades. As an added bonus the property was eligible for a one-time use of Portable Assessment Credits to advance the Good to Date of the property out until 2027. We took full advantage of this opportunity. On a personal note I would like to express my sincere gratitude to Mr. Campbell for entrusting this incredible copper project to Pacific Empire.”
About the Col Property
Located approximately 50 km to the southeast of Northwest Copper’s Kwanika Deposit and 50 km to the northwest of Centerra Gold’s Mt. Milligan Mine, the Col property covers 6,618 hectares and is accessible by vehicle using well established logging roads.
Copper mineralization on the property was first discovered by Colin Campbell in 1969, while following up on anomalous stream sediment samples. The following year Falconbridge Ltd. optioned the property and over the next two years completed IP and magnetic surveys, geological mapping, soil sampling and diamond drilling. This work identified the A Zone.
Additional exploration programs were completed by Kookaburra Gold Corp. from 1988 through 1991, Solomon Resources Ltd. From 2006 through 2008 and PEMC/Oz Minerals Ltd. From 2014 to 2015. All of these programs completed diamond drilling, geophysical surveys and geochemical sampling.
PEMC Project Locations
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Mineralization on the property is most significant in three areas, 1) the A Zone, 2) Campbell Trench and 3) Slide Zone.
The A Zone
At the A Zone, copper-gold mineralization occurs along a strike length of approximately 300 metres at an azimuth of 120o and where best developed it is approximately 30 meters wide over a length of approximately 175 metres. This zone was tested by a number of small diameter drill holes by Falconbridge Ltd. in 1971 with the best
intersections assaying 0.84% Cu over 45.7 meters and 0.70% Cu over 51.8 metres (DDH-1971-13 and DDH-1971-20, respectively). In 2007, Solomon Resources Ltd. followed up with diamond drilling at the A Zone and demonstrated that mineralization extended at depth.
Until 2014, mineralization at the A Zone was believed to be associated with a shear zone, however while reviewing drill core from the A Zone, PEMC observed the presence of very well mineralized porphyry intrusions that are most likely responsible for the copper-gold mineralization due to their intimate relationship with quartz-sulphide veining and mineralization.
Col Property Mineralized Zones
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Selected Highlights from Historical Drilling at Col (A Zone)
|
Year |
Hole ID |
Interval (m) |
Copper % |
Gold g/t |
|
1971 |
DDH-1971-9 |
33.6 |
0.85 |
not assayed |
|
1971 |
DDH-1971-13 |
45.7 |
0.84 |
not assayed |
|
1971 |
DDH-1971-20 |
51.8 |
0.7 |
not assayed |
|
2007 |
DDH 2007-1 |
42 |
0.67 |
0.14 |
|
2007 |
DDH 2007-2 |
100 |
0.59 |
0.18 |
|
2007 |
DDH 2007-3 |
32 |
0.61 |
0.317 |
|
2007 |
DDH 2007-4 |
46 |
0.60 |
0.28 |
(from Assessment Report 30053, Lane, 2007)
Porphyry intrusion and copper-gold mineralization in DDH-2007-2 @ 77m associated with sheeted quartz-sulphide veining
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Porphyry intrusion in DDH-2007-2 @ 77m with chalcopyrite as blebs, disseminations and veinlets
(note emplacement of sheeted quartz veins appears to precede emplacement of porphyry)
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Sheeted quartz-sulphide veins in DDH-2007-2 from 67-90.5m
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Campbell Trench Zone
Located approximately 1 km to the northwest and 150 m higher in elevation, PEMC believes the Campbell Trench Zone may be representative of a higher level within the porphyry-epithermal spectrum. This area is characterized by the presence of large quartz veins associated with copper-gold mineralization. Visible gold was observed in outcrop at this location in 2007.
The Slide Zone
One of the more intriguing examples of mineralization on the property can be found at the Slide Zone. Located approximately 1 km to the northeast of the A Zone, the Slide Zone occurs within Chuchi Lake Succession volcanic rocks and is characterized by a large area of boulders derived from a steeply dipping fault scarp. Select grab samples from the area in 2007 returned the following values:
-
1.77% Cu, 948 ppb Au, 16.4 ppm Ag; Sample 96568
-
0.55% Cu, 429 ppb Au; Sample 96571;
-
0.37% Cu, 302 ppb Au; Sample 96570
In this area, mineralization is associated with strong epidote alteration and epidote magnetite/bornite nodules.
Qualified Person
Thomas Hawkins, P.Geo., Vice President of Exploration for the Company, serves as a qualified person as defined by NI 43-101 and has reviewed the scientific and technical information in this news release, approving the disclosure herein.
About Pacific Empire
Pacific Empire is a copper exploration company based in Vancouver, British Columbia and trades on the TSX Venture Exchange under the symbol PEMC. The Company’s strong portfolio of gold-enriched copper projects in British Columbia, is the culmination of perseverance through one of the longest bear markets in the resource industry.
British Columbia is a “Green” copper jurisdiction with abundant hydroelectric power, access and infrastructure in close proximity to the end market.
ON BEHALF OF THE BOARD,
“Brad Peters”
President and Chief Executive Officer
Pacific Empire Minerals Corp.
Tel: +1-604-356-6246
[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation: “unburdened by annual cash payments, share payments and work commitments, we will be able to take the necessary time to bring all of our resources to bear on the property in a cost-effective manner and, when the time is right, we will drill“ are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
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