Pinnacle Reef Property

Overview

The Pinnacle Reef Property consists of 24 mineral claims covering an area of approximately 6,684 hectares in the Omineca Mining Division of British Columbia. The property is located in central British Columbia, approximately 105 km north-northwest of Fort St. James and can be accessed via well maintained forest service roads.

PEMC acquired the Pinnacle Reef Property through staking in 2012. Since 2014, the property has seen over $2,000,000 in partner-funded exploration.

By option agreement dated July 12, 2016, PEMC granted ML Gold Corporation (MLG: TSX.V) an option to earn up to a 70% interest in the property by issuing to PEMC a total of 1.5M shares and completing a total of $5,000,000 in exploration expenditures.

Work History

During 2014, a total of 44.2 line-km of induced polarization ("IP") surveys were completed over three target areas on the Pinnacle Reef Property, by previous partner Oz Exploration Pty Ltd. ("OZE"). This program identified two areas of anomalous chargeability that were prioritized for drill testing in 2015.

In 2015, the Elbow and Sooner target areas were tested with diamond drilling by OZE with seven holes totaling 2,493 m. Highlights from this program include 88 m grading 0.35 g/t gold associated with a phyllic alteration zone in DD15ELB001. Anomalous copper mineralization was sporadic, with pyrite dominating the sulphide assemblage.

Additional drilling was completed during 2016 by current partner ML Gold Corp. at the Elbow Zone with three diamond drill holes totaling 1,107 m. Similar to the 2015 drill results, anomalous gold concentrations were associated with localized phyllic alteration. Highlights from the 2015 and 2016 drill programs are presented below.

Significant intercepts from 2015-2016 drilling at Elbow Target Area.

Hole ID(UTM NAD 83 Z 10)AzimuthDipFrom (m)To (m)Int. (m)*Gold (g/t)
EastingNorthing
DD15ELB001382,0006,129,582357-50214302880.35
DD15ELB004381,2096,129,91335-6010410622.28
DD16ELB005382,7906,129,38045-70194.2297.8103.60.14
DD16ELB006382,3816,129,3970-6023.4775.2951.820.237
DD16ELB007382,3816,129,397180-6018.7160.0541.30.42
including29.632.632.88

* True widths unknown at this time

Following the completion of the 2016 drilling program, historical IP data that was not released publicly was purchased and amalgamated with the existing IP dataset from the 2014 surveys. During 2017, a total of five diamond drill holes were completed by ML Gold totaling 1,080 metres. This drilling focused on the Aplite Creek area which is to the north of previous drilling at the Elbow Zone. Although no intervals of economic mineralization were encountered, localized zones of anomalous copper and propylitic alteration with discrete intervals of potassic alteration were encountered.

Exploration Targets

Results from the amalgamation and re-interpretation of IP geophysical data suggests that the area of anomalous IP chargeability is likely much larger than previously believed and that diamond drilling during the 2015 and 2016 field seasons tested the southern and western extents of a 6 x 7 km area of high chargeability. The 2017 diamond drilling program tested a donut-shaped, chargeability anomaly in the area of Aplite Creek where historical diamond drilling roughly 1 km to the east encountered anomalous copper-gold associated with porphyritic monzonite dikes (including 6m at 6.4 g/t Au and 0.1% Cu in drill hole AH90-4).

Based on results to date and the presence of phyllic alteration and highly anomalous gold over 88 metres in DD15ELB001, future exploration efforts will focus on the area immediately to the north of DD15ELB001 which remains untested.

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