Phase 1 exploration in April of 2018 by PEMC at the Red JV Property consisted of an 8 shallow hole RC drilling program totaling 403 metres. Drill holes ranged from 27.5 metres to 94.5 metres in depth. The focus the Phase 1 program was to test a large area of anomalous IP chargeability with coincident copper-in-soil geochemistry that had not seen any prior drilling. Drill results indicated that the extensive chargeability response was attributed to the presence of graphite within a volcano-sedimentary geologic unit. Untested targets remain on the Property, which the company intends to target in a Phase 2 exploration program in Fall/Winter 2018.
Exploration Targets (refer to map showing 2018 Exploration Target Areas)
Target Area 1 – Roughly 2.5 km2 area of anomalous IP chargeability locally coincident with anomalous copper-in-soil geochemistry. Target tested in Phase 1 RC drilling where it was determined that chargeability response attributed to graphitic sediments in volcano-sedimentary unit.
Target Area 2 – Roughly 300 m x 400 m area of anomalous IP chargeability and anomalous copper geochemistry in rock chip and soil samples. Rock samples from the RED Showing collected by PEMC in 2015 assayed up to 1.8% copper, 0.21 g/t gold and 12.9 g/t silver. This target area remains untested by drilling, though PEMC intends to test this area with RC drilling in the Fall of 2018.
Target Area 3 – Historical trenching at the Club Showing uncovered 5 m of 0.26% copper and 5.6 g/t Ag in potassically altered and malachite bearing andesitic tuffs and syenite dikes. This target area remains untested.
Target Area 4 – A roughly 500 m x 1000 m magnetic high anomaly that “interrupts” the district-scale Timothy Lake Fault. Porphyritic intrusions that have exploited fault structures commonly yield a similar geophysical response in magnetic surveys.