(TheNewswire)
Vancouver, British Columbia – TheNewswire - May 19, 2021 – Pacific Imperial MinesInc. (TSXV:PPM) (OTC:PCIMF) (“ Pacific Imperial ”or the “ Company ”) is pleased to announce that it has entered into anOption Agreement with Yeomans Geological Inc. (“Yeomans”) wherebyPacific Imperial can earn up to an 100% interest in theTulameen-Granite Creek project comprising four claims totaling 2808hectares that are located about 14 km west of the Copper Mountaindeposit in southern British Columbia. The Tulameen-Granite Creek project is targeting orthomagmatic Cu-PGEsulphide mineralization in Alaskan-type intrusions in a convergentmargin setting in the Tulameen Complex.. The Tulameen-Granite Creek area is roadaccessible, 22km southwest of Princeton, B.C. in an area of historicand current mine development (Figure 1). Tulameen-Granite Creek was staked in2015 and is owned 100% by Yeomans GeologicalInc. with no underlying royalties orencumbrances. Upon signing of the option agreement, Pacific Imperialwill assume management of the project.
Tulameen-Granite Creek Property Highlights
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- Tulameen complex represents a large volume magmaticsystem, triple the size of the Turnagain complex;
- The Tulameen complex has excellent access and nearbymining infrastructure;
- Tulameen-Granite Creek property includes a Fugrohelicopter-borne frequency-domain EM survey flown in 2008, whichidentified a strong, 1.2 kilometer strike-length EM conductor alongthe western border of the Tulameen ultramafic complex. This conductorhas been 3D modelled by SJ Geophysics;
- The work history also includes a soil geochemistrysurvey completed in 2007, which covered less than 10% of the EMtarget. The survey successfully delineated an interpreted 500-meterlength hydromorphic Cu-Ni soil anomaly down-slope to the northeast ofthe EM target. A piece of mineralized float from directly over theEM conductor is reported to contain chalcopyrite and bornite in amagnetite-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 entireRGS stream sediment database for British Columbia (~45,000 samplesites) was collected 75 meters downstream from the EM target on theGranite Creek property;
- The EM anomaly is located along the northeastern edgeof a 1-2 kilometer wide, northwest trending mega-shear zone (the“Eagle Shear”) mapped between the Tulameen ultramafic complex andthe Eagle Tonalite Gneiss complex. The northwestern and southeasternstrike 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 orthomagmaticCu-PGE-Au-Ag type style deposit. Globally, layered intrusion Cu-PGEreefs are generally gabbroic and magnetite-rich and carry lowabundances of Cu-Fe sulphides. Examples include the Skaegaard, Stella,Rincon del Tigre and the Coldwell Complex. TheGranite Creek and Champion Creek zones in the Tulameen UltramaficComplex may represent analogues to these layered intrusion Cu-PGEreefs, as initially proposed by Nixon et.al. (2018);
- The main EM conductor is a compelling target thatneeds to be explored further. The southern 1882 hectares of stakedarea has never been explored by any systematic stream sediment/soilgeochemistry, prospecting and mapping although it is roadaccessible;
- Property is currently permitted for line cutting,road upgrades and 5000 meters of diamond drilling on 10 drillpads;
- Ground electromagnetic surveys and soil surveys tobegin shortly. Drill program is permitted will be executed pendingresults of the geophysics survey.
Figure 1: Property Location
F igure 2: Property Location 22 kmsouthwest of Princeton, B.C.
Figure 3: Interpreted property geology with airborne EMand Cu soil geochemistry with location of float sample.
About the Tulameen-GraniteCreek Option Agreement
Under the terms of the Agreement, Pacific Imperial canearn a 100% interest in the Tulameen-Granite Creek project bycompleting the following:
Time | Aggregate Exploration Expenditures(CDN) | Cash (CDN) | Shares (PPM) |
May 15, 2020 (Effective Date) | - | - | - |
Subject to and Upon TSX Approval | 400,000* | ||
August 30, 2022 | $300,000 | $20,000 | 200,000 |
2 nd Anniversary of Effective Date | $1,000,000 | $40,000 | 200,000 |
3 rd Anniversary of Effective Date | $1,500,000 | $90,000 | 200,000 |
4 th Anniversary of Effective Date | $2,000,000 | $90,000 | 200,000 |
5 th Anniversary of Effective Date | $3,000,000 | $1,000,000 | 1,000,000 |
TOTAL | $3,000,000 | $1,240,000 | 1,800,000 |
* Firm commitment, all other payments are at the optionof Pacific Imperial.
Providing that Pacific Imperial continues to make cash payments,share issuance and exploration milestones on the anniversary dates itwill 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. Uponspending an aggregate of $1,500,000 on or before the 3rd anniversaryof the Effective Date Pacific Imperial will earn 51% interest in theproperty. Upon spending an aggregate of $2,000,000 on or before the4th anniversary of the Effective Date Pacific Imperial will earn 66% interest in theproperty.
Pacific Imperial has raised flow-through privateplacement funds to complete half of the first year exploration programat Tulameen-Granite Creek.
Qualified Person Statement
Leo King, Technical Advisor, Pacific Imperial MinesInc. Mr. King, P. Geo, has reviewed Pacific Imperial Mines disclosureof technical and scientific information in this news release. is thequalified person as defined by National Instrument 43-101 and hasapproved the technical information in this release.
About Pacific Imperial Mines
Pacific Imperial is a mineralexploration company based in Vancouver, Canada, engaged in theacquisition, exploration, evaluation and development of mineralproperties in an acceptable risk environment.
The company’s current focus is on the acquisition ofprecious metal and base metal properties.
ON BEHALF OF THE BOARD OFDIRECTORS
s/ “ChrisMcLeod “
Chris McLeod, President
For further information pleasecontact:
Roman Shklanka, Chairman, at 604-649-6195, or ChrisMcLeod, President, at 604-669-6332
Email: investor@pacificimperialmines.com
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Forward LookingInformation
This news release includes certainstatements that may be deemed "forward looking statements".All statements in this news release, other than statements ofhistorical facts, that address events or developments that PacificImperial Mines Inc. (the "Company“) expects to occur, areforward looking statements. Forward looking statements are statementsthat are not historical facts and are generally, but not always,identified by the words "expects", "plans","anticipates", "believes", "intends","estimates", "projects", "potential" andsimilar expressions, or that events or conditions "will","would", "may", "could" or"should" occur.
Although the Company believes theexpectations expressed in such forward looking statements are based onreasonable assumptions, such statements are not guarantees of futureperformance and actual results may differ materially from those in theforward looking statements. Factors that could cause the actualresults to differ materially from those in forward looking statementsinclude market prices, exploitation and exploration successes, andcontinued availability of capital and financing, and general economic,market or business conditions. Investors are cautioned that any suchstatements are not guarantees of future performance and actual resultsor developments may differ materially from those projected in theforward looking statements. Forward-looking statements are based onthe beliefs, estimates and opinions of the Company’s management onthe date the statements are made. Except as required by securitieslaws, the Company undertakes no obligation to update theseforward-looking statements in the event that management's beliefs,estimates or opinions, or other factors, should change.
A number of mineral resources or significantoccurrences disclosed herein relate to nearby properties owned byother companies, and the data presented have been extracted from thesecompanies’ press releases and websites. A Qualified Person hasbeen unable to verify this information from the adjacent properties,and such results are not necessarily indicative of potentialquantities or grades of mineralization on the Company’s properties.
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