Pacific Empire Minerals Corp (CVE:PEMC) shares shot higher Wednesday as the firm said it expects to begin drilling at its Pinnacle Porphyry project with its own custom-built RC (reverse circulation) drill rig in November this year.
The firm outlined plans for a 20-hole program focused on the highest priority targets at the Elbow and Sooner zones at the British Columbia project.
Shares surged 33.33% in Toronto to stand at C$0.040.
Parts of these areas were partner-funded diamond drilled in 2015 and 2016, and broad-based gold and copper hit at both were within a much larger area, indicative of a robust gold-copper hydrothermal system nearby, the firm said.
"Partner-funded exploration at Pinnacle has provided us with extremely valuable data that has been carefully analyzed," said Pacific Empire President Brad Peters.
"In addition to the data from diamond drilling, the IP surveys clearly show that what were previously believed to be widely spaced, discrete chargeability anomalies are in fact components of a much larger system.
"It is the size of this anomalous area of chargeability combined with the knowledge that it represents sulphide mineralization (pyrite+-gold) in bedrock that excites us the most. Management has identified clear vectors that demand follow-up drill testing. Given the topography and recent logging, our custom-built RC drill rig is the perfect exploration tool for this job."
Centerra mine nearby
Pinnacle spans 14,040 hectares and lies in central British Columbia, 50 kilometers west of Centerra Gold's Mt. Milligan mine and 20km southeast of Kwanika Copper Corp.'s Kwanika deposit.
At the Elbow zone, Pacific said it will focus on drilling northwards from 2015/2016 drilling to vector towards the center of a potential copper-gold porphyry deposit.
At Sooner, it will focus immediately to the northwest of the 2015 drilling, where a favorable magnetic signature is coincident with anomalous IP chargeability and an NNE (north-north east) trending corridor.
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