Stars Property

Overview

The Stars Property lies 42 km west-southwest of the town of Houston in Central British Columbia. The 3,745 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 20% carried interest in the project until completion of a Pre-Feasibility Study, after which point a Joint Venture will commence.

2018 Exploration

During 2018, ML Gold Corp. completed a total of 6,472 m of diamond drilling in 16 holes in addition to a property wide airborne magnetic survey. Diamond drilling during 2018 focused on the Tana Zone which is located on the eastern flank of the 5-km-long ovate magnetic anomaly centered within the property.

Copper mineralization was encountered in numerous drill holes and has been directly related to feldspar porphyry intrusions with zones of increased potassic alteration typically making up the central portions of the mineralized intervals.

An initial diamond drilling program was followed up with an airborne magnetic survey over the central target area in the spring of 2018. Early diamond drilling results, highlighted by drill hole DD18SS004, were successful in intersecting intervals of copper mineralization with up to 204 metres grading 0.45% Cu from 23.47 m to 227 m, which included 0.93% Cu from 26.52 m to 66.72 m. The airborne magnetic survey outlined a large ovoid magnetic ring feature approximately 5 kilometres in diameter with a cluster of subtle magnetic signatures in the middle of the magnetic halo.

Drill hole DD18SS010 intersected a newly identified, mineralized feldspar porphyry intrusion and graded 0.20% Cu over 405.38 metres from 29.57 m to 434.95 m at the Tana Zone. Vein-hosted and disseminated copper mineralization was again intersected in Holes 11, 12 and 13 (DD18SS011-013) which were drilled as 100 metre step-out holes from hole 10 (DD18SS010).

Recently released assay results from the remaining three holes of 2018 (DD18SS014-016) (see ML Gold Corp. News Release dated January 9, 2019), continue to build upon previous results indicating well-developed copper mineralization over a length of greater than 400 metres, a width of greater than 200 metres with a depth of greater than 350 metres.

Selected intervals from 2018 diamond drilling are presented below.

Hole IDEast (n83z9)North (n83z9)Azimuth (°)Dip (°)Depth (m)From (m)To (m)Interval (m)*Cu (%)Au (g/t)Mo (%)
DD17SS0016137766010919150-65380.0935.66297.79262.130.110.0130.0033
DD17SS0026137766010919240-65363.3326.52252.07225.550.10.0070.0026
including249.02252.073.051.050.020.0007
DD18SS0036138486010789330-6043823.47188.06164.590.130.0130.0032
DD18SS004613845601079595-60367.923.47227.69204.220.450.0450.0048
including26.5266.7240.20.930.0920.0047
including64.9266.721.810.291.0650.0737
and including115.76117.21.448.331.3610.1741
DD18SS0106138956010818208-60489.8129.57434.95405.380.200.0240.0082
including178.92367.89188.970.250.0350.0119
including203.30282.5579.250.300.0430.0144
and including337.41367.8930.480.400.0460.0126
and including392.28416.6624.380.250.0240.0092
DD18SS0116139986010782208-60453.2475.29166.7391.440.190.00670.038
and218.54325.22106.680.180.00280.035
DD18SS0126138466010724208-60306.9347.8569.1921.340.150.0030.013
and105.77145.3939.620.160.00550.013
DD18SS013613846601072428-80401.738.53191.41182.880.20.00510.037
including54.25127.4173.160.30.00880.03
including75.2990.8315.540.390.01870.043
and including103.02112.179.150.450.00330.049
DD18SS0146138256010867208-60474.5729.6185155.40.220.020.004
including57121640.340.030.006
and233.78474.6240.820.1450.020.006
including236.83349.61112.780.20.020.005
DD18SS015613796601061328-80454.27157.9368.2210.30.210.030.011
including215.8310.394.50.30.040.013
including231298.167.10.350.050.015
and444.4454.39.90.450.020.002
DD18SS016613541601053028-60450.1972.2282.5210.30.120.020.002
* True widths are unknown at this time


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