Copper King Property

Overview

The 100% PEMC owned Copper King Property is a 4,178 hectare exploration stage porphyry copper-gold-silver project that is accessible by vehicle and close to infrastructure, located 45 km south of Centerra Gold Inc.'s ("Centerra") Kemess Underground and Kemess East development projects. The Omineca Resource Road and Centerra's 230-kV transmission line cross the southern portion of the property.

The claims are underlain by Late Triassic Takla Group volcanics, within the Stikine Terrane, which are dominated by mafic to intermediate flows and breccias which have been intruded locally by Early Jurassic diorite, feldspar porphyry and granodiorite. Mineralization is associated with propylitic alteration, typically occurring as bornite-chalcocite-magnetite-epidote veins and as bornite-chalcocite disseminations in wallrock. Disseminated pyrite and chalcopyrite also occurs locally, spatially associated with feldspar porphyry intrusions.

Work History

Notable exploration on the Copper King Property began in the 1960’s with initial investigation of the copper potential of the DS and Sixty claim groups. Geological mapping, hand trenching and sampling, and an electromagnetic survey were completed over areas where disseminated and vein hosted copper±gold±silver was encountered.

In the mid-1970's, Canadian Superior and BP Minerals explored the Z claims for Sustut-style copper replacement in porous Takla Group tuffs. Geological mapping, geochemical sampling, induced polarization ("IP") and ground magnetic surveys were conducted over the claims and three short diamond drill holes completed in two areas.

Over 2,000 historic soil, talus, sediment and rock samples collected on the property have been digitized and outline several geochemically anomalous areas that warrant further exploration.

In 2015, PEMC completed a reconnaissance IP survey over areas of interest that identified two areas of anomalous chargeability for followup exploration. Rock chip sampling was completed in 2015 as well, expanding the footprint of anomalous copper rock geochemistry. In 2016 and 2017, PEMC completed two airborne magnetic surveys over the northeast portion of the property. This data has been integrated with the existing dataset to develop exploration targets for 2018.

Exploration Targets

Based on the results from historical exploration programs and from work completed by PEMC from 2014 through 2017, two primary target areas have been identified.

Target area "A", also know as the “North Valley Target Area”, is characterized by an anomalous IP chargeability high coincident with rock, soil, talus and sediment samples that have anomalous levels of copper. The 2017 airborne magnetic survey identified a discrete magnetic low anomaly in this area, potenitally representing magnetite destructive alteration. Historical drilling, completed by BP Minerals in 1975 consisted of one shallow diamond drill hole along the southern margin of the IP chargeability anomaly. This hole (ZD#1) encountered magnetite and hematite throughout with intervals of native copper, bornite and chalcocite over the final 100 feet. PEMC intends to follow-up with a reverse circulation driling program in 2018 at this target area.

Target area "B" is also characterized by an anomalous IP chargeability high, however at this target area the magnetic signature is characterized by a magnetic high. Rock, soil, talus and sediment geochemistry is also highly anomalous in copper and there has been no drilling in this area to date.

2018 Exploration

Phase 1 exploration in August of 2018 by PEMC at the Copper King Property consisted of a 4-hole RC drilling program totaling 459 metres, with holes ranging in depth from 82.3 m to 147.8 m. The focus of the Phase 1 program was to test the “North Valley Target Area”, where there exists a broad valley bottom that is obscured by glacial overburden. Rock samples anomalous in copper±gold±silver have been collected both by historical operators and by PEMC in the immediate area, where outcropping rock exposures are found.

Exploration Targets (refer to map showing 2018 Copper King RC Drilling Map)

North Valley Target Area – A roughly 800 m x 300 m area of anomalous chargeability is coincident with both magnetic high and magnetic low anomalies, in a broad valley bottom where bedrock is obscured by overburden. 2018 RC drilling encountered copper mineralization in the form of chalcocite disseminations and fracture fill, typically associated with strong but localized epidote-clay alteration. This target area is considered open for expansion, and the Company is evaluating exploration options at this point. Assay results are pending.

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