Red JV Property

Overview

The Red JV Property lies entirely within the outer boundaries of EnGold Mines Ltd.’s (“Engold”) Lac La Hache property, approximately 56 km east-southeast of Williams Lake and 16 km northeast of the village of Lac La Hache, which is serviced by BC Rail, BC Hydro and Westcoast Transmission natural gas. The area is located within the prolific Quesnel Terrane in British Columbia, host to many past and currently producing copper (gold-silver-molybdenum) mines and significant prospects.

The 1,315 hectare property is comprised of claims owned by both PEMC and EnGold. The companies combined their interests in the property to form an unincorporated 50/50 joint venture which consolidates ground covering a large, prospective porphyry copper-gold exploration target.

The Red JV overlies volcanic, volcaniclastic and sedimentary rocks of the Middle to Upper Triassic Nicola Group, which have been locally intruded by Late Triassic to Early Jurassic dioritic to granitic rocks stocks, dikes and plugs. Numerous hydrothermal magmatic prospects exist in the immediate area of the Red JV Property including, but not limited to, the Spout Skarn deposits and the Aurizon South copper-gold-silver breccia system.

Work History

Numerous historical work programs have been conducted in the Red JV area, including soil and rock geochemical surveys, geological mapping, induced polarization ("IP") and magnetic ground geophysical surveys, airborne gamma ray spectrometry/magnetic surveys and reverse circulation ("RC") and diamond drilling. The Red JV Property has seen limited drilling, with only 3 short holes totaling 237 m drilled to date.

2018 Exploration

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.

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