Vancouver, British Columbia–(Newsfile Corp. – February 17, 2022) –( ) (OTCQB: PEMSF) (“Pacific Empire”, “PEMC” or the “Company”), a British Columbia copper explorer, is pleased to provide an overview of its achievements during the 2021 exploration season and a corporate outlook on upcoming exploration activities. Pacific Empire has strengthened its portfolio through staking prospective projects, converting its interest in the Stars property and the Red property to royalties and cash, and advancing our flagship Jean Marie project through systematic target development during 2021. The focus for 2022 will be at Jean Marie where permits have been submitted for diamond drilling at the two highest ranking targets. Partner-funded exploration at the Pinnacle project is expected to continue during 2022.
- Completed the first high-resolution, magnetic gradient, radiometric, and VLF-EM airborne geophysical survey at Jean Marie covering 128 sq-km
- Completed review and logging of historical drill core from the 1970’s and 1990’s drill programs at Jean Maire
- Completed bedrock and surficial geological mapping at Jean Marie
- Completed Light Detection and Ranging (“LIDAR”) survey at Jean Marie
- Completed target development at Jean Marie identifying two priority targets for diamond drilling
- Completed fertility analysis and age dating in collaboration with The Mineral Deposit Research Unit (“MDRU”) at the University of British Columbia
- Increased land position at Jean Marie from 7,357 hectares to 12,610 hectares
- Converted 50% ownership in the Stars property to a 2% net smelter return royalty (“NSR”) and $350,000 cash whereby one-half (1%) of the NSR may be purchased for $1M
- Converted 100% ownership in the Red property to a 2% net smelter return royalty whereby one-half (1%) of the NSR may be purchased for $1M
- Partner-funded exploration at Pinnacle included geophysical survey, soil sampling, mapping and analytical sampling of selected drill core from 2017 diamond drilling
- Acquired the Abby property through staking
- Added key personnel by appointing Mr. Thomas Hawkins as Vice President of Exploration and Ms. Samantha Shorter as a Director and Chair of Audit Committee
- Updated website launched (pemcorp.ca)
2022 Exploration Plans
- Commence diamond drilling at Jean Marie on Targets 1 & 2
- Complete target development at eastern and northern target areas of Jean Marie
- Partner-funded exploration at Pinnacle
- Commence initial exploration program at Abby
“We believe our 2021 exploration and target development programs have given us a much better understanding of the nature of mineralization at our highest priority target areas at Jean Marie,” commented Brad Peters, President and CEO of Pacific Empire. “We were also pleasantly surprised by initial observations in the eastern and northern areas of the property and intend to work towards developing additional targets, if warranted, in these areas.”
Pacific Empire has been informed by(CAVU: TSX-V) that CAVU will be terminating the option to earn a 100% interest in the Kitimat project. During 2021, CAVU reprocessed historical geophysical data including Aerodat, IP, and VTEM surveys for which digital data were available.
To view an enhanced version of Figure 1, please visit:
Thomas Hawkins, P.Geo., Vice President of Exploration for the Company, serves as a qualified person as defined by NI 43-101 and has reviewed the scientific and technical information in this news release, approving the disclosure herein.
Pacific Empire would like to clarify a statement made in its news release dated February 2, 2022, which indicated that its 2% net smelter return royalty on the Red property was “purchasable by EnGold at any time for $1,000,000”. As noted above, only one-half (1%) of such 2% net smelter return royalty may be purchased for $1,000,000 by Engold, thereby leaving Pacific Empire with a 1% net smelter return royalty on the Red property if such purchase option is exercised by Engold.
About Pacific Empire
Pacific Empire is a copper exploration company based in Vancouver, British Columbia and trades on the TSX Venture Exchange under the symbol PEMC. The Company’s strong portfolio of gold-enriched copper projects in British Columbia, is the culmination of perseverance through one of the longest bear markets in the resource industry.
British Columbia is a “Green” copper jurisdiction with abundant hydroelectric power, access and infrastructure in close proximity to the end market.
ON BEHALF OF THE BOARD,
President, Director and Chief Executive Officer
Neither the 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.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation: the focus for 2022 will be at Jean Marie where permits have been submitted for diamond drilling at the two highest ranking targets; partner-funded exploration at the Pinnacle project is expected to continue during 2022; commence diamond drilling at Jean Marie on Targets 1 & 2; complete target development at eastern and northern target areas of Jean Marie; commence initial exploration program at Abby; and Engold shall have the right to purchase one half (1%) of the NSR for consideration of C$1,000,000. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/114131
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