Insiders own 70 of the 95 million shares, advanced mining project in Nevada, $1 million in cash. See asset info below from their last management discussion:
The Company, through its wholly owned Nevada subsidiary, owns a 100% interest in the Pine Tree property containing porphyry molybdenum-copper-silver deposit, with the principally targeted resource being copper. The property is comprised of 61 mineral lode claims covering an area of approximately 1320 acres located in the Pilot Mountains Mining District in west-central Nevada. Situated five miles east of the town of Mina, Nevada, half way between the cities of Reno and Las Vegas, the Pine Tree property lies in an area that is host to several active small-scale mines and operations, as well as significant historical past producers.
As of July 31, 2020, IEMR has incurred aggregate exploration expenditures of approximately $2.19 million on the Pine Tree property. The Company's last exploration work on the Pine Tree Property was a drilling program conducted in 2011.
In 2012, a resource estimate for the Pine Tree property was completed by Giroux Consulting ("Giroux"), an independent mineral industry consultant. The resource estimate is contained in a National Instrument 43-101 ("NI 43-101") compliant technical report dated July 6, 2012 (the "Technical Report"), which is available under the Company's profile on SEDAR www.sedar.com. The resource estimate was based on a total of 30 diamond drill holes totaling 43,797.5 feet (14,069.7 meters). Of these 9 diamond drill holes were completed by IEMR in 2011.The
resource calculation estimated that, as at October 20, 2011, the Pine Tree deposit contained, at a $5.00 cutoff:
Indicated Inferred Metal
434.3 591.4 million pounds of copper (Cu),
173.6 111.7 million pounds of molybdenum oxide(MoO3),
11.2 17.4 million ounces of silver (Ag) and
241.3 295.7 million tons
The resource estimate is based on information, factors and assumptions, which may not be current, accurate or reliable as of the date of this news release.
Based on the resources defined in the Technical Report, Giroux recommended that the Pine Tree Project be advanced to prefeasibility stage. Detailed drilling, using diamond and reverse circulation holes, will be required to further develop the resource. Pre-feasibility type metallurgical testing needs to be completed to determine the possible metal recoveries. Additional data needs to be collected to determine the potential for recovering other
elements such as gold, gallium, indium, rhenium and magnetite. Giroux estimated a total budget of US$15 million for the entire process to produce a pre-feasibility study. Giroux's recommendations can be broken down into sub stages depending on how the Company decides to proceed with the development of the Pine Tree project.
The Company intends to engage an independent Qualified Person to recommend an initial sub stage program and budget for further metallurgical testing and drilling of the Pine Tree Property to be completed in 2020. The details and budget of the sub stage program will be disclosed in a future news release. If required by NI 43-101 or the TSX Venture Exchange (the "Exchange"), the Company will obtain and file an updated technical report related to future exploration of the Pine Tree property. IEMR will likely require additional funding to complete the next
phase of a drill plan and there can be no assurance that such funding will be available in the amount needed or at all. The Company's 2020 plan for further exploration and development of the Pine Tree property is intended to meet the Activity criteria of the Continued Listing Requirements of the Exchange in accordance with Exchange
Policy 2.5, section 2.1.
See the Company's news releases dated August 11, 2011, February 6, 2012 and July 16, 2012 filed under the
Company's profile on SEDAR www.sedar.com for more information regarding the results of the drilling program
on the Pine Tree property. See the Company’s Technical Report and resource estimate prepared by Giroux dated
July 6, 2012 filed on SEDAR for information regarding the 43-101 resource estimate completed on the Pine Tree
property.
The Pine Tree Property is subject to a 2% net smelter return royalty (the “NSR Royalty”) in favour of Western
Geosciences, Inc. and James H. Meyers. As of July 31, 2020, the Company paid a total US$200,000 (2019 –
US$175,000) in advance payments of the NSR Royalty. Upon the payment of US$2,000,000 in royalty
payments, the NSR Royalty will be reduced from 2% to 0.5%.
Outlook
No exploration program was carried out on the Pine Tree Property during the nine months ended July 31, 2020.
The Company intends to consult a Qualified Person in order to compile a future work program and budget as
funds become available for continuation of exploration and development of the Pine Tree Property.