- Gold-enriched copper deposits
- Low geopolitical risk
- Advantaged by having its own drill rig
What Pacific Empire Minerals does:
Pacific Empire Minerals Corp () () follows the prospect generator model and is focused on British Columbia. Notably, the company owns its own reverse circulation (RC) drill.
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.
The group’s flagship is the Jean Marie project, a large copper property 50 kilometres (km) west of Centerra Gold’s Mt. Milligan copper-gold mine in central British Columbia.
In June last year, the company expanded its footprint at Jean Marie having staked over 1,000 hectares of prospective mineral tenure, contiguous to and immediately east of the site. In all, the project now spans 7,355 hectares and boasts multiple mineralized zones open for expansion, along with several additional exploration targets. The new ground includes historical geochemical anomalies with values up to 4,400 parts per million (ppm) copper-in-soil and 655 ppm copper-in-stream sediment.
The company also holds Worldstock, a 1,700 hectare asset 95 km north of Kamloops, and 25 km west of ‘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 had a busy close to last year. On December 21, 2020, the company revealed that it had inked a binding agreement to partner up on the Pinnacle copper-gold project in north-central British Columbia.
The deal, first reported in August 2020, will see 111 Acquisition Corp receive an exclusive option to earn up to a 70% interest in the 14,040 hectare asset. Under the terms, 1111 Acquisition can earn 70% interest by spending C$5.7 million on exploration, paying Pacific Empire a total of C$375,000 in cash and issuing 3.5 million shares by the fourth anniversary of the signing of the definitive deal.
Pacific Empire will retain a 30% free-carried interest in the project up until 1111 Acquisition publishes a NI 43-101 pre-feasibility study. After that, the pair will form a joint venture, with 1111 Acquisition holding a 70% stake and PEMC holding 30%.
Earlier in December, Pacific Empire also announced the signing of a definitive agreement with CAVU Mining Corp, granting the company an exclusive option to earn up to a 100% interest in Pacific Empire’s 3,070-hectare Kitimat Copper-Gold Project in British Columbia.
Under the terms of that agreement, CAVU can earn a 100% interest in the project by completing C$1.0 million in exploration expenditures on the project, as well as paying Pacific Empire Minerals C$390,000 in cash plus 1.325 million CAVU common shares by the third anniversary of the signing of the agreement.
The Kitimat Copper-Gold Project is an exploration stage porphyry copper-gold prospect with previous work that consisted of 38 diamond drill holes totaling over 6,000 meters, soil, rock and silt surveys, airborne Mag-EM and IP surveys, trenching, and detailed mapping of over 1,000 rock exposures. Historic drill results at Kitimat included 105 metres grading 0.60% copper and 1.15 grams per tonne (g/t ) gold.
In November, the company had updated on the year’s exploration programme, which at its flagship Jean Marie project in British Columbia, saw the potential for…