Stars Property

Overview

The Stars (formerly Copper Star) Property lies 42 km west-southwest of the town of Houston in Central British Columbia. The 2,136 hectare land position covers lower Jurassic Hazelton Group volcanic rocks consisting of andesitic flows and related volcanic sedimentary rocks that have been intruded by Late Cretaceous granodioritic stocks and plugs.

On November 20, 2017, the Company signed an Option Agreement with ML Gold Corp., whereby ML Gold can earn up to a 30% interest in the project in which PEMC currently holds a 50% interest. As consideration for the Option, ML Gold will make aggregate cash payments in the amount of $80,000 and issue a total of 600,000 common shares to PEMC over a two-year period, and will incur a minimum of $4,500,000 in exploration expenditures over a three-year period. PEMC will have a carried interest in the project until completion of a Pre-Feasibility Study, after which point a Joint Venture will commence.

Work History

Following the discovery of copper bearing quartz-monzonite by prospectors in 1998, the property was optioned by Imperial Metals Corporation and a program of 43 percussion holes and rock sampling was completed. Drilling by Imperial Metals from 1998-1999 intersected up to 0.49% Cu.

In 2000, Misty Mountain (Hunter Dickinson Group) completed 67 line-km of induced polarization ("IP") surveys and 817 soil samples were collected. Results from this program outlined five IP anomalies in addition to a broad distribution of copper mineralization.

In 2001, Doublestar Resources Ltd. completed 1,581.53 m of diamond drilling in nine holes. Significant results from this program include 142.3 metres grading 0.25% Cu in hole CS-07, and 97.5 metres grading 0.08% Cu in CS-02, with the hole bottoming in 0.56% Cu.

Prospecting and rock sampling by Divitiae in 2015 located a new showing where surface sampling returned up to 3.3% Cu, 0.2 g/t Au and 12.2 g/t Ag.

Exploration Targets

The Stars property hosts highly anomalous chargeability over an area of at least 3 by 4 kilometres and is open in multiple directions. Extensive copper mineralization is visible where the bedrock outcrops through the glacial cover in the low lying areas. Of only 9 historic shallow holes drilled on the property, one ended in 0.56% copper at only 110 metres, and another over one kilometre away returned 142 metres @ 0.25% copper (not assayed for gold). Considering the shallow nature of the historic drilling, there is a high probability that deeper drilling will identify a vertically extensive mineralizing system responsible for the high level style of mineralization including chalcocite-bornite-chalcopyrite observed at and near surface. On January 2, 2018, partner ML Gold announced that it had commenced a winter diamond drilling program at the Stars property to test copper-gold-silver-molybdenum mineralization identified at and near surface to depth.

Subscribe to our Email List