Copper King

Overview

The 4,178 ha Copper King Property is 100% by PEMC. The Property is underlain by Late Triassic Takla Group volcanics, dominated by mafic to intermediate flows and breccias which have been intruded locally by Early Jurassic diorite, feldspar porphyry and granodiorite dikes and stocks. The "Snow Hole" showing, discovered in 2015 by PEMC geologists, is characterized as chalcocite-magnetite ± bornite bearing quartz veins along with abundant chlorite ± magnetite stockwork veins.

The project area 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.

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, potentially 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 drilling 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

A Reverse Circulation drilling program was completed in August of 2018 by PEMC at the Copper King Property. Drilling was focused on the "North Valley Target Area" at the northern portion of the property where anomalous IP chargeability is coincident with rock, soil, talus and sediment samples that are anomalous in copper ± gold ± silver. Four RC holes totaling 459 metres were drilled with PEMC's in-house track-mounted RC drill, with depths of the holes ranging from 82.3 to 147.8 metres.

Two of the four holes drilled encountered disseminated chalcocite mineralization associated with strong epidote-clay alteration over variable widths and laboratory results have been received for the two assayed holes. Given the geological context and the widespread nature of copper mineralization at surface, that closely resembles that encountered in drilling, the Company believes there is significant potential for a buried porphyry system on the Copper King Property. Drilling at the "snow hole" showing remains open to the south and has provided early insight into potential vectors that the Company will use to aid in future targeting.

Drill hole information from 2018 Copper King RC drilling.

Hole ID

Easting

Northing

Azimuth

Dip

Depth

Remarks

(UTM NAD 83 zone 9)

(degrees)

(m)

RC18COP001

655420

6285877

0

-90

137.2

Test northern mag anomaly under pond.

RC18COP002

655448

6285662

0

-90

82.3

Test valley bottom mag low.

RC18COP003

655467

6285150

0

-90

147.8

Test 2015 "snow hole" showing.

RC18COP004

655677

6285135

0

-90

91.4

Test historical "rock mound" showing.

Significant intercepts from 2018 Copper King RC drilling.

Hole ID

From (m)

To (m)

Interval (m)

Copper (%)

Gold (g/t)

Silver (g/t)

RC18COP001

No significant values (based on screening with XRF)

RC18COP002

No significant values (based on screening with XRF)

RC18COP003

0

64.0

64.0

0.17

0.022

1.35

and

129.5

138.7

9.2

0.15

0.005

1.28

RC18COP004

13.7

18.3

4.6

0.40

0.013

1.93

and

73.1

83.8

10.7

0.15

0.006

0.96


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