Pinnacle Porphyry Project

Overview

The Pinnacle Porphyry Project covers 14,040 hectares and incorporates the Company’s NWT and Pinnacle Reef properties into one contiguous land position. All necessary permits have been submitted and reverse circulation (“RC”) drilling is intended for the fall and winter.

From 2014 through 2017, partner-funded exploration resulted in a total of 14 diamond drill holes and four Induced Polarization (“IP”) surveys on the property. At the Elbow Zone, five of the six diamond drill holes were sent for laboratory analysis and all five of these holes returned anomalous gold, highlighted by 94 metres grading 0.34 g/t gold in DD15ELB001. At the Sooner Zone, where diamond drilling in 2015 encountered broad intervals of anomalous copper, no further drilling was completed. Both of these areas have been prioritized for follow up RC drilling in 2019.

PEMC acquired the Pinnacle Reef property through staking in 2012. Since 2014, the property has seen over $2,000,000 in partner-funded exploration. During 2014, a total of 44 line-km of IP surveys were completed over three target areas on the Pinnacle Reef property, by previous partner Oz Exploration Pty Ltd. ("OZE"). This program identified three areas of anomalous chargeability, two of which (Elbow and Sooner) were prioritized for follow up diamond drill testing in 2015, one (Later) remains untested. In 2015, the Elbow and Sooner target areas were tested with diamond drilling by OZE with six holes totaling 2,493 m. Additional drilling was completed during 2016 by ML Gold at the Elbow Zone with three diamond drill holes totaling 1,107 m. Similar to the 2015 drill results, anomalous gold intercepts were associated with sericite-biotite alteration at the Elbow Zone. Following the completion of the 2016 drilling program, historical IP data that was not released publicly was purchased and amalgamated with the existing IP dataset from the 2014 surveys.

The northern half of the Pinnacle property was staked by PEMC in the fall of 2018 to cover an area of anomalous gold geochemistry in stream sediments and to cover a subtle magnetic anomaly from government funded regional airborne magnetic surveys. In the spring of 2019, PEMC completed a high resolution airborne magnetic survey over the entirety of the property to determine if greater levels of detail could assist in interpreting the underlying bedrock. The survey was successful in providing a much greater level of detail and identifying areas for IP geophysical surveys and follow up drill testing. Initial results suggest the property is centered on an area with a complex magnetic signature cut by numerous northeast trending structures.

Although historical exploration in this immediate area is limited, previous stream sediment sampling surveys returned anomalous gold up to 185 ppb in the east-central portion of the property and a sediment sample over 3.3 g/t gold 1.5 km to the east of the property.

Summary of Recent Work History

Significant intercepts from 2015-2016 drilling at Elbow Target Area.

Hole ID(UTM NAD 83 Z 10)AzimuthDipFrom (m)To (m)Int. (m)*Gold (g/t)
EastingNorthing
DD15ELB001382,0006,129,582357-50214302940.34
DD15ELB004381,2096,129,91335-6010410622.28
DD16ELB005382,7906,129,38045-70194.2297.8103.60.14
DD16ELB006382,3816,129,3970-6023.4775.2951.820.237
DD16ELB007382,3816,129,397180-6018.7160.0541.30.42
including29.632.632.88

* True widths unknown at this time


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