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.

Exploration Targets

An approximately 2.4 x 1.4 km IP chargeability high anomaly, coincident with resistivity, magnetic and copper-in-soil anomalies, has received very limited historical drilling. Sparse outcrops within the area contain pyrite-chalcopyrite mineralization in fractured, propylitically-altered volcanic rocks, including two recently collected outcrop grab samples (PEMC samples # 2086919, # 2086917, 2015) that returned 2.9% Cu, 0.03 g/t Au, 7.45 g/t Ag and 1.8% Cu, 0.21 g/t Au, 12.9 g/t Ag, respectively.

The Red JV exploration target is a large IP chargeability anomaly, coincident with:

  • a flanking gravity anomaly
  • an IP resistivity high
  • a magnetic low
  • anomalous copper in soils
  • anomalous copper in bark
  • adjacent gold in soil and stream sample anomalies
  • an area with limited outcrop exposure
  • exposed Nicola bedrock containing porphyry-style alteration and mineralization

PEMC intends to complete an exploration program during 2018 consisting of RC drilling on this target area.

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