- Gold-enriched copper deposits
- Low geopolitical risk
- Advantaged by having its own drill rig
What Pacific Empire Minerals does:
The group boasts a large portfolio of projects, which mitigates exploration risk and increases the chance of making a discovery. Having its own drill rig reduces costs and means the explorer 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 group's projects with more expensive diamond drilling, while Pacific Empire retains the largest possible interest in the property for as long as possible.
Pacific Empire Minerals believes copper, 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 mines coming on-stream.
For 2020, the group says its aim is 'discovery' and points to partner-funded diamond drilling at the Stars copper property in British Columbia two years ago, which resulted in the discovery of a new porphyry-copper system. At Stars, the firm holds a 20% interest carried to a pre-feasibility study (PFS).
Its main focus currently is a newly-struck option deal for the Jean Marie project, a large copper property 50 kilometres (km) west of Centerra Gold's (TSE;CG) Mt. Milligan copper-gold mine in central British Columbia.
It also holds Worldstock, a 1,700 hectare asset 95 km north of Kamloops, and 25 km west of Taseko Mines Ltd's Yellowhead copper project, which has an 820 million tonne reserve with an average grade of 0.28% copper.
Elsewhere, the firm's 2,630 hectare Weedon property is an early exploration stage porphyry copper-gold prospect, with one priority target.
Meanwhile, the firm's Pinnacle Porphyry project covers 14,040 hectares and incorporates the firm's NWT and Pinnacle Reef properties into one contiguous land position. All necessary permits here have been submitted and reverse circulation (RC) drilling is intended for the fall and winter.
The group also has four so-called pipeline projects waiting in the wings.
How is it doing:
Pacific Empire Minerals unveiled the option deal to acquire the Jean Marie property on May 27 this year. The 6,300 hectare asset hosts three separate zones (A,B,C), all open for expansion, and each indicating higher grade potential, while there is a 9km trend of highly anomalous copper geochemistry.
Each of the zones straddle the Jean Marie fault, a significant controlling structure that has been mapped for over 12km. Historical drilling included one hole in the B zone, which hit 184 metres (m) at 0.33% copper, including 27m at 1.2% of copper.
To purchase 100% of the project, the firm must make various cash payments totaling C$675,000 over five years, issue 1.5 million shares and pay C$2.7 million on work commitments.
Meanwhile, in April this year, Pacific Empire posted assays from 2019 drilling at its Pinnacle project, which showed the potential for a porphyry system with a broad halo of gold.
A highlight from the four-hole program was at the Elbow target where 7.7 metres (m) was hit, grading 0.18 grams per ton (g/t) gold. This hole was 900m north of a 2015 drill intercept of 94m at 0.34 g/t of the yellow metal.
"To step out over 1 kilometre north from a 2015 drill hole that was interpreted to have drilled the margin of a porphyry system and, again, intersect anomalous gold and porphyry-style alteration assemblages, is significant," Brad Peters, the group's CEO had said.
- Drill results
- More dealflow
What the boss says:
In the group's statement, concerning the Jean Marie project acquisition, Pacific Empire Minerals' chief executive Brad Peters told investors: "The Jean Marie is an outstanding exploration opportunity for the company.
"The presence of several mineralized zones and exploration targets along and adjacent to the Jean Marie fault is highly encouraging and suggests there is a mineralized system of significant size on the property."