Bulkley Initiative

Overview

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The Bulkley Initiative consists of four projects totaling 17,357 hectares. All projects are in the Babine Copper-Gold Porphyry District in central British Columbia and are accessible via gravel logging roads.

The most significant deposits and occurrences in the Babine Copper-Gold Porphyry District are temporally and spatially related to Eocene (50 Ma) Babine intrusions. These host more than a dozen deposits and occurrences in addition to the past producing Bell and Granisle open-pit mines which processed 130 million tonnes with average recovered grades of 0.40% copper and 0.15 g/t gold between 1966 and 1992.

Babine intrusions occur as small stocks, plugs and dike swarms emplaced along northwest-trending regional faults developed in arc-derived Mesozoic volcanic and sedimentary assemblages. The dominant host rock for copper-gold mineralization is a distinctive, fine- to medium-grained, crowded biotite feldspar porphyry (BFP) of granodiorite composition. Copper-gold mineralization occurs as chalcopyrite and bornite within narrow quartz-filled fractures and stockworks and as disseminations within and marginal to BFP intrusions.

Although most of the known porphyry deposits and occurrences were found by basic prospecting and stream sediment geochemistry, subsequent exploration in the Babine area has been hampered by extensive glacial overburden cover.

Paragon Project

The 9,099 hectare Paragon Project covers four copper ± gold prospects in central British Columbia and is within 30 km of three copper-gold porphyry deposits, including the past-producing Bell and Granisle Mines and the advanced Morrison copper-gold porphyry deposit. These deposits are genetically and spatially associated with Biotite Feldspar Porphyry (”BFP”) dikes. PEMC is targeting analogous geology at the various prospects situated within the Paragon Property boundary.

The amalgamated Paragon Project combines the Company's Wasp Property, the recently optioned Nilkitkwa Property and prospective ground staked by the Company.

Following the discovery of copper mineralization by a local prospector during road building activities in the area of the Nilkitkwa Property, PEMC conducted a due diligence site visit to collect additional rock samples and to evaluate the nature of hydrothermal alteration in the vicinity of new copper mineralization.

Results from due diligence rock sampling program during 2018 are summarized below.

Table 1. Outcrop grab samples from the Paragon Property.

Sample ID

UTM East

UTM North

Cu (%)

2095402

651117

6097944

1.89

2095403

651123

6097956

0.20

The four copper ± gold prospects consist of the Rebinsky, HOL, Wasp and Big Joe prospects. The Rebinsky prospects, which are the focus of the ground within the option agreement, cover multiple sulphide showings that were recently uncovered during ongoing logging activities. In the northern portion of the Nilkitkwa Property, extensive quartz-sericite-pyrite +/- magnetite alteration exists proximal to a covered magnetic anomaly. In the southern portion of the property, copper mineralization is found in a recently exposed rock quarry where it consists of localized chalcocite coating chalcopyrite and pyrite grains which are disseminated and filling fractures in chlorite-carbonate altered andesitic volcanics.

At the HOL prospect, a 1,500 m x 600 m copper-molybdenum soil anomaly is coincident with a strong IP chargeability anomaly immediately adjacent to a major northwest trending fault. Historical drilling at the southeastern margin of this area encountered copper mineralization associated with BFP dikes, though assay results were not reported. Historical drilling at the Wasp prospect encountered anomalous copper as disseminated and fracture filling pyrite-chalcopyrite associated with BFP dikes. The Big Joe prospect consists of two historical trenches over 1 km apart where copper as chalcopyrite +/- bornite was encountered and found to be associated with northwest trending structures.

The Paragon Project is ideally suited for PEMC’s reverse circulation drill and the Company will be developing and refining targets for intended drill testing in 2019.

Sat Project

The Sat Property covers 50 square kilometers and is within 15 km of the past-producing Bell and Granisle copper-gold porphyry deposits.

Historical work conducted on the Sat Property includes over 3,000 metres of diamond drilling, 180 line-km of induced polarization surveys, collection of over 3,500 soil geochemical samples and ground and airborne geophysics. Historical drilling focused on was has been interpreted as a “pyrite halo”, measuring approximately 1,200 x 600 metres. Drilling encountered biotite-feldspar porphyry dikes and sills which intrude moderately to intensely chlorite-epidote-calcite altered andesitic volcanics, argillite and basalt. Anomalous copper values are present in several holes, though intercepts indicating a potentially economic deposit have not been encountered to date.

Thorough data compilation and review has outlined several target areas untested by drilling, the most significant of which is situated adjacent to the interpreted pyrite halo where bedrock exposures are obscured by glacial overburden. A network of logging roads make the Property ideally suited for PEMC’s reverse circulation drill.

Topley Richfield Property

Historical work conducted on the Topley Richfield Property includes over 10,000 metres of drilling, multiple ground based geophysical and geochemical surveys, and historical production from two underground levels, initiated in 1927. Historical production and exploration was focused on a polymetallic (Au-Ag-Cu-Pb-Zn) vein system which remains open along strike to the south, and open down plunge. PEMC has identified peripheral copper ± gold porphyry targets to the east and west of the polymetallic vein system that remain underexplored to date.

Bulkley Property

The 2,396 hectare Bulkley Property is located approximately 35 km to the northeast of Houston. Two target areas exhibiting ovate magnetic signatures interpreted as magnetite destruction, a common characteristic of porphyry copper+/-gold hydrothermal systems, exist on the property. One such target area is coincident with anomalous copper-molybdenum soil geochemistry over an area of 800 x 3500 m.

Bull's Eye Property

The 822 hectare Bull’s Eye Property is located approximately 46 km to the northeast of Houston. The geophysical target on the property consists of a “bull’s-eye” magnetic high anomaly surrounded by a donut-shaped magnetic low. The bull’s eye magnetic signature is hypothesized as corresponding to magnetite destructive phyllic alteration surrounding magnetic potassic alteration.


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