(TheNewswire)
Vancouver, British Columbia – TheNewswire -June 7, 2022 – Pacific Imperial Mines Inc. (TSXV:PPM) (OTC:PCIMF) (“Pacific Imperial” or the “Company”) is pleased to announce that on June 4 a field crew will mobilize to the TREK 31 project located 80 km south of Vanderhoof in the Nechako Plateau of central British Columbia (Figure 1). The TREK 31 property is 30 km northeast of Artemis Gold’s Blackwater Gold Deposit and covers an area of 120.4 km2 that is prospective for gold porphyry and epithermal mineralization.
Under an Option Agreement with Orogen Royalties Inc. (“Orogen”) Pacific Imperial may earn up to an 100% interest in the TREK 31 project by making cash payments and completing exploration work totaling CDN$3.3M over a five year period.
The initial exploration program will include geological renaissance, prospecting, overburden mapping and a soil geochemistry and soil gas hydrocarbon (“SGH”) sampling program that will collect up to 600 soil samples. The SGH method is being investigated as a means to detect sulphide minerals in bedrock through deep till, or thin rock cover.
Two soil geochemistry grids are planned: (i) a more detailed grid centered over a prominent induced polarization (“IP”) geophysical anomaly identified in 2020 and (ii) a wide-spaced grid covering the 3 x 6 km area up-ice of the area containing previously identified elevated gold in basal till samples. The goal of this Phase 1 program is to identify prospective areas for a planned late June reconnaissance type 3D IP survey that is then to be followed by a reverse circulation (“RC”) drill program.
Chris McLeod, President of Pacific Imperial stated “We are very pleased to begin the 2022 exploration program on TREK. Our 2021 summer drill program was cancelled due to wild fires in the immediate area. We have now revised our approach to exploration at TREK and intend to drill targets identified through a combination of till and soil sampling and IP geophysical surveys in a RC drill program which has already received all necessary permits”.
Mr. McLeod added: “Pacific Imperial was attracted to TREK 31 as it represents a low cost, road-accessible, early stage opportunity for the Company to identify a large scale gold-rich porphyry/epithermal deposit in a district endowed with development stageand past-producing mines”.
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Figure 1: Location map for the TREK 31project in central British Columbia
Pacific Imperial acknowledges that TREK 31 is situated on unceded territory of the Nazko First Nation and Lhoosk’uz Dene First Nation. Pacific Imperial is committed to developing a positive and mutually beneficial relationship based on respect and transparency with this First Nation.
Qualified Person
Peter Holbek, P.Geo. is the Technical Advisor and Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical information in this news 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 three properties; Tulameen, Eagle Mountain Lithium and TREK 31 Gold.
About Orogen Royalties Inc.
Orogen Royalties is focused on organic royalty creation and royalty acquisitions on precious and base metal discoveries in western North America. The Company's royalty portfolio includes the Ermitaño gold and silver deposit in Sonora, Mexico (2% NSR royalty) operated by First Majestic Silver Corp. and the Silicon gold project (1% NSR royalty) in Nevada, U.S., being advanced by AngloGold Ashanti. The Company is well financed with several projects actively being developed by joint venture partners.
ON BEHALF OF THE BOARD OF DIRECTORS
“Chris McLeod“
Chris McLeod, President
For further information please contact:
Roman Shklanka, Chairman, at 604-649-6195, or Chris McLeod, President, at 604-669-6332
Email: investor@pacificimperialmines.com
Neither 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.
Forward Looking Information
This news release includes certain statements that may be deemed "forward looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that Pacific Imperial Mines Inc. (the "Company“) expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
A number of mineral resources or significant occurrences disclosed herein relate to nearby properties owned by other companies, and the data presented have been extracted from these companies’ press releases and websites. A Qualified Person has been unable to verify this information from the adjacent properties, and such results are not necessarily indicative of potential quantities or grades of mineralization on the Company’s properties.
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