Pacific Imperial Mines Signs Option Letter Agreements to Acquire 100% of Two BC Properties with Demonstrated Porphyry Copper Potential
Vancouver, British Columbia – TheNewswire - May 29, 2023 – Pacific Imperial Mines Inc. (TSXV:PPM) (“Pacific Imperial” or the “Company”) is pleased to announce it has entered into two option letter agreements dated March 31, 2023 (“Option Agreement”) whereby the Company may acquire a 100% interest in the two exploration projects, Pam and Babine in Central British Columbia. Both projects are road accessible with demonstrated porphyry copper potential.
The Pam property consists of seven mineral claims covering 2,403 hectares located approximately 25 km northeast of the Huckleberry Cu-Mo Mine. The Company may exercise the option on the Pam property by paying an aggregate cash consideration of $165,000, issuing common shares of the Company valued at $175,00 and incurring exploration expenditures on the Property of $2,413,500 all in staged amounts by March 23, 2027. Upon the exercise of the option, the Company will own a 100% interest in the Pam property. The Pam property is subject to a 2% net smelter returns royalty held by three private owners.
The Pam property is in a low lying extensively drift covered area approximately 25km northeast of the Huckleberry Cu-Mo Mine. Past exploration has identified granitoid outcrops and float samples with porphyry style alteration and mineralization. A small section of the property in the northeast corner was tested with 24 shallow percussion holes with the westernmost hole returning anomalous copper values. No follow-up drilling has been conducted. A recent regional scale airborne Z-TEM survey carried out by Surge Copper Corp. identified an anomaly that is similar to other porphyry deposits in the area, which is situated on the southwestern edge of the project. An exploration program consisting of geological, geochemical and geophysical surveys is planned for further work.
The Babine property consists of three mineral claims covering 2,226 hectares located 1.5 km north of Granisle Mine. The Company may exercise the option on the Babine property by paying an aggregate cash consideration of $161,250, issuing common shares of the Company with a valued of $168,750 and incurring exploration expenditures on the Property of $2,354,500 all in staged amounts by March 23, 2027. Upon the exercise of the option, the Company will own a 100% interest in the Babine property. The Babine property is subject to a 2% net smelter returns royalty held by four private owners.
The Babine property is extensively till covered but previous exploration; including, prospecting, geophysics and drilling located sulphide mineralization in several areas. A number of semi-circular magnetic anomalies similar in size and shape to the Bell and Granisle mines are located on the property but have only been subject to cursory exploration. Recent work by other companies to the north of the Babine project have had success with deep drilling targeting pre-existing geochemical and geophysical anomalies.
The Option Agreements are subject to the Company obtaining the approval of the TSX Venture Exchange. The Common Shares issued under the Option Agreement will be subject to a hold period ending four months and one day after the date of issuance in accordance with applicable securities laws.
Qualified Person Statement
Pacific Imperial Mines disclosure of technical and scientific information in this news release has been reviewed by Peter Holbek, Director, Pacific Imperial Mines Inc. Mr. Holbek, B.SC (Hons), M.Sc. P. Geo. 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 Eagle Mountain Lithium property in the USA and the Brownell property in Saskatchewan.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris McLeod, CEO
For further information please contact:
Roman Shklanka, Chairman, at 604-649-6195,
Chris McLeod, CEO and President, at 604-669-6332
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of the contents of this News Release.