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.
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.