Pacific Imperial Options Drill Permitted, Tulameen-Granite Creek Project
19.05.2021 | The Newswire
Vancouver, May 19, 2021 - Pacific Imperial Mines Inc. (TSXV:PPM) (OTC:PCIMF) ("Pacific Imperial" or the "Company") is pleased to announce that it has entered into an Option Agreement with Yeomans Geological Inc. ("Yeomans") whereby Pacific Imperial can earn up to an 100% interest in the Tulameen-Granite Creek project comprising four claims totaling 2808 hectares that are located about 14 km west of the Copper Mountain deposit in southern British Columbia. The Tulameen-Granite Creek project is targeting orthomagmatic Cu-PGE sulphide mineralization in Alaskan-type intrusions in a convergent margin setting in the Tulameen Complex.. The Tulameen-Granite Creek area is road accessible, 22km southwest of Princeton, B.C. in an area of historic and current mine development (Figure 1). Tulameen-Granite Creek was staked in 2015 and is owned 100% by Yeomans Geological Inc. with no underlying royalties or encumbrances. Upon signing of the option agreement, Pacific Imperial will assume management of the project.
Tulameen-Granite Creek Property Highlights
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- Tulameen complex represents a large volume magmatic system, triple the size of the Turnagain complex;
- The Tulameen complex has excellent access and nearby mining infrastructure;
- Tulameen-Granite Creek property includes a Fugro helicopter-borne frequency-domain EM survey flown in 2008, which identified a strong, 1.2 kilometer strike-length EM conductor along the western border of the Tulameen ultramafic complex. This conductor has been 3D modelled by SJ Geophysics;
- The work history also includes a soil geochemistry survey completed in 2007, which covered less than 10% of the EM target. The survey successfully delineated an interpreted 500-meter length hydromorphic Cu-Ni soil anomaly down-slope to the northeast of the EM target. A piece of mineralized float from directly over the EM conductor is reported to contain chalcopyrite and bornite in a magnetite-rich hornblende clinopyroxenite;
- The float sample returned the following results: 0.51% Cu, 0.619 g/t Pt, 0.800 g/t Pd, 0.085 g/t Au, 4.7 g/t Ag;
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- One of the highest stream sediment cobalt result reported in the entire RGS stream sediment database for British Columbia (~45,000 sample sites) was collected 75 meters downstream from the EM target on the Granite Creek property;
- The EM anomaly is located along the northeastern edge of a 1-2 kilometer wide, northwest trending mega-shear zone (the "Eagle Shear") mapped between the Tulameen ultramafic complex and the Eagle Tonalite Gneiss complex. The northwestern and southeastern strike extents of the EM anomaly are bounded by deep-crustal, northeast trending faults, which are known to carry mineralization (examples- Whipsaw Creek and Granite Creek faults);
- The target model for the property is an orthomagmatic Cu-PGE-Au-Ag type style deposit. Globally, layered intrusion Cu-PGE reefs are generally gabbroic and magnetite-rich and carry low abundances of Cu-Fe sulphides. Examples include the Skaegaard, Stella, Rincon del Tigre and the Coldwell Complex. The Granite Creek and Champion Creek zones in the Tulameen Ultramafic Complex may represent analogues to these layered intrusion Cu-PGE reefs, as initially proposed by Nixon et.al. (2018);
- The main EM conductor is a compelling target that needs to be explored further. The southern 1882 hectares of staked area has never been explored by any systematic stream sediment/soil geochemistry, prospecting and mapping although it is road accessible;
- Property is currently permitted for line cutting, road upgrades and 5000 meters of diamond drilling on 10 drill pads;
- Ground electromagnetic surveys and soil surveys to begin shortly. Drill program is permitted will be executed pending results of the geophysics survey.
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Figure 1: Property Location
Figure 2: Property Location 22 km southwest of Princeton, B.C.
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Figure 3: Interpreted property geology with airborne EM and Cu soil geochemistry with location of float sample.
About the Tulameen-Granite Creek Option Agreement
Under the terms of the Agreement, Pacific Imperial can earn a 100% interest in the Tulameen-Granite Creek project by completing the following:
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|Time |Aggregate |Cash |Shares
|
| |Exploration |(CDN) |(PPM)
|
| |Expenditures (CDN)| |
|
|---------------------------------------------------------------------|
|May 15, 2020 (Effective Date)|- -- --
|
|---------------------------------------------------------------------|
|Subject to and | |
| 400,000*|
|Upon TSX | | |
|
|Approval | | |
|
|---------------------------------------------------------------------|
|August 30, 2022 |$300,000 |$20,000 |200,000
|
|---------------------------------------------------------------------|
|2ndAnniversary |$1,000,000 |$40,000 |200,000
|
|of Effective | | |
|
|Date | | |
|
|---------------------------------------------------------------------|
|3rdAnniversary |$1,500,000 |$90,000 |200,000
|
|of Effective | | |
|
|Date | | |
|
|---------------------------------------------------------------------|
|4thAnniversary |$2,000,000 |$90,000 |200,000
|
|of Effective | | |
|
|Date | | |
|
|---------------------------------------------------------------------|
|5thAnniversary |$3,000,000
|$1,000,000|1,000,000|
|of Effective | | |
|
|Date | | |
|
|---------------------------------------------------------------------|
|TOTAL |$3,000,000
|$1,240,000|1,800,000|
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* Firm commitment, all other payments are at the option of Pacific Imperial.
Providing that Pacific Imperial continues to make cash payments, share issuance and exploration milestones on the anniversary dates it will earn a 100% interest in the Tulameen-Granite Creek project, subject to a 2.0% NSR royalty in favour of Yeomans Geological Inc. Pacific Imperial may purchase 1% of the NSR royalty for $3,000,000. Pacific Imperial will earn partial rights to the property. Upon spending an aggregate of $1,500,000 on or before the 3rd anniversary of the Effective Date Pacific Imperial will earn 51% interest in the property. Upon spending an aggregate of $2,000,000 on or before the 4th anniversary of the Effective Date Pacific Imperial will earn 66% interest in the property.
Pacific Imperial has raised flow-through private placement funds to complete half of the first year exploration program at Tulameen-Granite Creek.
Qualified Person Statement
Leo King, Technical Advisor, Pacific Imperial Mines Inc. Mr. King, P. Geo, has reviewed Pacific Imperial Mines disclosure of technical and scientific information in this news release. is the qualified person as defined by National Instrument 43-101 and has approved the technical information in this release.
About Pacific Imperial Mines
Pacific Imperial is a mineral exploration company based in Vancouver, Canada, engaged in the acquisition, exploration, evaluation and development of mineral properties in an acceptable risk environment.
The company's current focus is on the acquisition of precious metal and base metal properties.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ "Chris McLeod"
Chris McLeod, President
For further information please contact:
Roman Shklanka, Chairman, at 604-649-6195, or Chris McLeod, President, at 604-669-6332
Email: investor@pacificimperialmines.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
This news release includes certain statements that may be deemed "forward looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that Pacific Imperial Mines Inc. (the "Company") expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
A number of mineral resources or significant occurrences disclosed herein relate to nearby properties owned by other companies, and the data presented have been extracted from these companies' press releases and websites. A Qualified Person has been unable to verify this information from the adjacent properties, and such results are not necessarily indicative of potential quantities or grades of mineralization on the Company's properties.
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