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 ID East n83z9 North n83z9 Azimuth Dip Depth (m) From To Interval * Cu (%) Au (g/t) Mo (%)
DD17SS001 613776 6010919 150 -65 380.09 35.66 297.79 262.13 0.11 0.013 0.0033
DD17SS002 613776 6010919 240 -65 363.33 26.52 252.07 225.55 0.1 0.007 0.0026
including 249.02 252.07 3.05 1.05 0.02 0.0007
DD18SS003 613848 6010789 330 -60 438 23.47 188.06 164.59 0.13 0.013 0.0032
DD18SS004 613845 6010795 95 -60 367.9 23.47 227.69 204.22 0.45 0.045 0.0048
including 26.52 66.72 40.2 0.93 0.092 0.0047
further including 64.92 66.72 1.8 10.29 1.065 0.0737
and including 115.76 117.2 1.44 8.33 1.361 0.1741
DD18SS010 613895 6010818 208 -60 489.81 29.57 434.95 405.38 0.20 0.024 0.0082
including 178.92 367.89 188.97 0.25 0.035 0.0119
including 392.28 416.66 24.38 0.25 0.024 0.0092
including 203.30 282.55 79.25 0.30 0.043 0.0144
including 337.41 367.89 30.48 0.40 0.046 0.0126
DD18SS011 613998 6010782 208 -60 453.24 75.29 166.73 91.44 0.19 0.0067 0.038
and 218.54 325.22 106.68 0.18 0.0028 0.035
DD18SS012 613846 6010724 208 -60 306.93 47.85 69.19 21.34 0.15 0.003 0.013
and 105.77 145.39 39.62 0.16 0.0055 0.013
DD18SS013 613846 6010724 28 -80 401.73 8.53 191.41 182.88 0.2 0.0051 0.037
including 54.25 127.41 73.16 0.3 0.0088 0.03
and including 75.29 90.83 15.54 0.39 0.0187 0.043
including 103.02 112.17 9.15 0.45 0.0033 0.049
DD18SS014 613825 6010867 208 -60 474.57 29.6 185 155.4 0.22 0.02 0.004
including 57 121 64 0.34 0.03 0.006
and 233.78 474.6 240.82 0.145 0.02 0.006
including 236.83 349.61 112.78 0.2 0.02 0.005
DD18SS015 613796 6010613 28 -80 454.27 157.9 368.2 210.3 0.21 0.03 0.011
including 215.8 310.3 94.5 0.3 0.04 0.013
and including 231 298.1 67.1 0.35 0.05 0.015
and 444.4 454.3 9.9 0.45 0.02 0.002
DD18SS016 613541 6010530 28 -60 450.19 72.2 282.5 210.3 0.12 0.02 0.002
* True widths are unknown at this time


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