Kitimat Property

Overview

The 100% PEMC owned Kitimat Property is an exploration stage porphyry copper-gold prospect that is vehicle accessible and close to infrastructure. The 3,070 hectare property is situated 13 km by road from the port town of Kitimat where a deep-water port and hydroelectric power are located.

The property is underlain by Triassic to Jurassic Stikine volcanic rocks which have been juxtaposed against Late Cretaceous to Paleogene granodiorites and diorites of the Coast Plutonic Complex to the west. These units have been intruded by felsic, mafic and feldspar porphyry dikes of Late Cretaceous to Eocene age.

Work History

Historical drilling at the Jeanette target area intersected copper-gold-silver mineralization associated with quartz-sericite-pyrite alteration that locally overprints a propylitic assemblage. Localized potassic alteration is also present, though not necessarily associated with mineralized zones. At the Bowbyes target area, a large area (2,000 x 800 m) of quartz-sericite-pyrite altered intermediate volcanic rock has been mapped by previous operators in the area of Gossan Creek, where numerous NE trending porphyry dikes exist.

Mineralization encountered to date at the Jeanette area consists of chalcopyrite-pyrite as veins, quartz vein-fill and as disseminations within silicified zones. Copper and gold values are intimately associated with historical drill intercepts highlighted by 105 m grading 0.60% Cu and 1.15 g/t Au (DDH J-2010-07, Decade Resources Ltd.). Although chalcopyrite content locally is up to 15%, the predominance of pyrite suggests that a higher temperature chalcopyrite dominant sulphide assemblage is yet to be discovered. Skarn mineralization, consisting of semi-massive chalcopyrite-pyrite-magnetite over short intervals, has been encountered in historical drilling in the southern portion of the property.

Historical exploration includes: 38 diamond drill holes totaling over 6,000 meters; soil, rock and silt surveys; airborne Mag-EM and IP surveys; trenching; and detailed mapping of over 1,000 rock exposures.

During 2017, PEMC completed an exploration program consiting of a soil and bark geochemical survey over the Jeanette target area with four, approximately one kilometre long, lines spaced 100 metres apart. The results of this survey confirmed the presence of anomalous copper in soils and further defined the historical copper-in-soil anomaly outlined by previous operators. The copper soil anomaly at the Jeanette area measures approximately 200 m x 500 m with the majority of the anomaly lying upslope and to the west of the 2010 diamond drilling. As a result, the magnetic anomaly to the east of the 2010 drilling and the copper anomaly to the west of the 2010 drilling are now both priority targets for the 2018 exploration program.

At the Bowbyea area during 2017, prospecting confirmed the presence of widespread alteration associated with anomalous soil geochemistry.

Exploration Targets

Historical exploration has outlined two primary target areas referred to as the Jeanette and Bowbyes target areas. The Jeanette target area is highlighted by historical copper-gold drill intercepts up to 105 m @ 0.60% copper and 1.15 g/t gold hosted in quartz-sericite-pyrite alteration. The Bowbyes target area is a roughly 1,200 by 800 metre zone of anomalous copper-in-soil geochemistry coincident with numerous mapped feldspar porphyry dikes and extensive quartz-sericite-pyrite alteration in the area of “Gossan Creek”.

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