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Pacific Empire Minerals is on the hunt for large, gold-rich copper deposits in BC

Snapshot

The group has a large portfolio of projects, which mitigates risk and increases the chance of making a discovery

Drilling picture

Quick facts: Pacific Empire Minerals Corporation

Price: 0.04 CAD

TSX-V:PEMC
Market: TSX-V
Market Cap: $1.72 m
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  • Prospect generator model minimizes shareholder dilution, mitigates risk and increases chances of discovery

  • Large portfolio in British Columbia and experienced management

  • Good long-term outlook for copper

Pacific Empire Minerals Corp (CVE:PEMC) follows the prospect generator model, is focused on British Columbia, and has its own reverse circulation (RC) drill.

The company has a large portfolio of projects, which mitigates risk and increases the chance of making a discovery. Having its own drill reduces costs and means the exploration group can advance prospects rapidly, to see if they are worth partnering on.

The aim is that  larger companies, preferably copper majors, will come in and advance the projects further with the more expensive diamond drilling, while PEMC retains the largest possible interest in the property for as long as possible.

The company says that so far for every Canadian dollar it has spent on exploration, partners have spent around $10.

Large portfolio

The  team's flagship project for 2019 is the Bulkley initiative, which spans over 17,000 hectares and comprises four projects in the  Babine copper-gold porphyry district, including the Bulkley project (2,400 hectares).

It also hosts the Paragon project (9,000 hectares), which hosts four target areas and where last year sampling exposed 1.89% of copper. Also at Babine is the at project (around 5,000 hectares), which has three copper-gold porphyry target areas. Lastly, there is the Bull's Eye project (822 hectares) where a drill target has been identified.

In May, the firm inked an option agreement to acquire the Topley Richfield property in the Babine district, which covers 2,270 hectares and is contiguous with the Bulkley property.

Under option to ML Gold Corp (CVE:MLG), Pacific Empire also has the Stars property, close to major infrastructure, where diamond drilling last year funded by ML Gold found widespread copper, including 40.2 m (meters) at 0.93% of the red metal.  Notably, the project lies around 60km north of Imperial Metals Corp’s (TSE:III) Huckleberry copper mine.

Projects on BC which have been earmarked to advance via exploration this year are also the NWT project, the Nub East project, the Moffat project, the Copper King project and the Plateau project.

Why copper?

PEMC believes the metal, used in wiring, cars and cell phones, is in the early stages of a significant long-term upward run, yet grades are declining and there is a lack of new mine projects coming on-stream.

There may be a shortfall of around 83,000 metric tons in 2019, according to Bloomberg, it cites on its corporate presentation.

Outlook

In May this year, the group said it had raised around C$846,000 in an oversubscribed placing to fund exploration and drilling at the Bulkley initiative.

In July, it said it had started drilling at the project. After initial geochemical and seismic surveys at Bulkey, reverse circulation (RC) drilling is now underway.

The drilling is currently focused on the Bulkley project, which will be followed by reverse circulation (RC) drilling at the Sat, Paragon and Topley Richfield projects over coming months. The initial program consists of around 100 field days, with PEMC planning to complete up to 50 holes to test numerous drill targets in up to a dozen high priority target areas across the district

Elsewhere, at the firm's recently acquired Worldstock project in south-central BC, an initial geochemical survey collected 735 soil samples, and analytical results are pending. Meanwhile, initial results from an airborne survey at the NWT project provided much more detail and suggest the property centers on area with a complex magnetic signature cut by numerous northeast trending structures.

The 5,712 hectare NWT project lies 20km to the east of Serengeti Resources' advanced stage copper, gold Kwanika project.

What the CEO said

"As we continue to drill test copper-gold targets, it is important that we always strive for greater efficiencies, increased production and ultimately, discovery. Our singular focus is the discovery of large, gold-rich copper deposits in central British Columbia and the more holes we drill the better our chances of a discovery, " Brad Peters said in the company's most recent news release.

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Watch

Pacific Empire Minerals provides major update on 2018 drilling program

Pacific Empire Minerals (CVE:PEMC) CEO Brad Peters joined Proactive Investors Steve Darling on Skype to provide an update on a number of their projects including Copper King, Stars, and Plateau. Peters also chatted gave us an update on what the company has planned for the rest of 2018 and...

on 09/19/2018

4 min read