(TheNewswire)
Vancouver, British Columbia – TheNewswire - May 29, 2023 – Pacific Imperial MinesInc. (TSXV:PPM) (“ Pacific Imperial ”or the “ Company ”) is pleased to announce it has entered into two optionletter agreements dated March 31, 2023 (“ Option Agreement ”)whereby the Company may acquire a 100% interest in the two explorationprojects, Pam and Babine in Central British Columbia. Both projectsare road accessible with demonstrated porphyry copper potential.
The Pam property consists of seven mineral claimscovering 2,403 hectares located approximately 25 km northeast of theHuckleberry Cu-Mo Mine. The Company may exercise the option on the Pamproperty by paying an aggregate cash consideration of $165,000,issuing common shares of the Company valued at $175,00 and incurringexploration expenditures on the Property of $2,413,500 all in stagedamounts by March 23, 2027. Upon the exercise of the option, theCompany will own a 100% interest in the Pam property. The Pam propertyis subject to a 2% net smelter returns royalty held by three privateowners.
The Pam property is in a low lying extensively driftcovered area approximately 25km northeast of the Huckleberry Cu-MoMine. Past exploration has identified granitoid outcrops and floatsamples with porphyry style alteration and mineralization. A smallsection of the property in the northeast corner was tested with 24shallow percussion holes with the westernmost hole returning anomalouscopper values . No follow-up drilling has been conducted. A recent regional scaleairborne Z-TEM survey carried out by Surge Copper Corp. identified ananomaly that is similar to other porphyry deposits in the area, whichis situated on the southwestern edge of the project. An explorationprogram consisting of geological, geochemical and geophysical surveysis planned for further work.
The Babine property consists of three mineral claimscovering 2,226 hectares located 1.5 km north of Granisle Mine. TheCompany may exercise the option on the Babine property by paying anaggregate cash consideration of $161,250, issuing common shares ofthe Company with a valued of $168,750 and incurring explorationexpenditures on the Property of $2,354,500 all in staged amounts byMarch 23, 2027. Upon the exercise of the option, the Company will owna 100% interest in the Babine property. The Babine property is subjectto a 2% net smelter returns royalty held by four private owners.
The Babine property is extensively till covered butprevious exploration; including, prospecting, geophysics and drillinglocated sulphide mineralization in several areas. A number ofsemi-circular magnetic anomalies similar in size and shape to the Belland Granisle mines are located on the property but have only beensubject to cursory exploration. Recent work by other companies tothe north of the Babine project have had success with deep drillingtargeting pre-existing geochemical and geophysical anomalies.
The Option Agreements are subject to the Companyobtaining the approval of the TSX Venture Exchange. The Common Sharesissued under the Option Agreement will be subject to a hold periodending four months and one day after the date of issuance inaccordance with applicable securities laws.
Qualified Person Statement
Pacific Imperial Mines disclosure of technical andscientific information in this news release has been reviewed by PeterHolbek, Director, Pacific Imperial Mines Inc. Mr. Holbek, B.SC (Hons),M.Sc. P. Geo. is the qualified person as defined by NationalInstrument 43-101 and has approved the technical information in thisrelease.
About Pacific Imperial Mines
Pacific Imperial is a mineral exploration company basedin Vancouver, Canada, engaged in the acquisition, exploration,evaluation and development of mineral properties in an acceptable riskenvironment. The Company’s current focus is on the Eagle MountainLithium property in the USA and the Brownell property in Saskatchewan.
ON BEHALF OF THE BOARD OF DIRECTORS
“Chris McLeod”
Chris McLeod, CEO
For further information please contact:
Roman Shklanka, Chairman, at 604-649-6195,
or
Chris McLeod, CEO and President, at 604-669-6332
Email: investor@pacificimperialmines.com
Neither the TSX Venture Exchange nor its RegulationService Provider (as the term is defined in the policies of the TSXVenture Exchange) has reviewed or accepts responsibility for theadequacy or accuracy of the contents of this News Release.
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