Base Metals

Pacific Empire Minerals Corp. (TSXV: PEMC) ("Pacific Empire", "PEMC" or the "Company") is pleased to report on assay results received for the Jean Marie Project in North-Central British Columbia.

Highlights:

  • Copper mineralization was encountered in 13 of 15 holes with 8 holes averaging greater than 1000 ppm copper over the entire length of hole.
  • A broad, tabular zone of elevated Cu values (>0.2% Cu) was delineated over an area of approximately 400 x 500m; this zone remains open to the NE and SW and suggests the presence of a larger mineralizing system.
  • Elevated levels of copper, silver and molybdenum were encountered in drilling with drill hole JMR014 averaging 3.37% Cu and 11.4 g/t Ag over 3.05m and drill hole JMR008 averaging 1.4 g/t silver over the length of the hole; a strong correlation exists between Cu-dominant (Au-poor) mineralization and Ag grades.
  • Drill results demonstrate kilometer-scale base and precious metal mineralization over a large, under-explored property with untested diamond-drill targets.

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Figure 1 - Area of 2020 RC drilling at Jean Marie

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The 2020 reverse circulation ("RC") drill program at Jean Marie consisted of 15 holes totaling 1,691 metres and focused on the northern-most "A Zone", where historical drilling in the 1970s encountered copper mineralization; historical holes were only assayed for copper and molybdenum. The 2020 RC drill program was successful in identifying a broad zone of elevated copper and intriguing silver mineralization and has provided the Company with multi-element geochemical data that has been incorporated into the growing property database. In combination with the airborne magnetic survey that was completed in October of 2020, the data is being used to develop additional targets for diamond drilling during the 2021 exploration season. At this time, the trend and true width of mineralization unknown.

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Figure 2 - Jean Marie Property Target Areas

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Exploration activities during 2020 confirmed the presence of a 5 km long porphyry footprint at Jean Marie in addition to the identification of new areas of copper, gold and silver mineralization at the Leap prospect and to the south of the C Zone. At the Leap prospect, located 800 metres to the south of the B Zone, rock sampling returned 8.79 g/t gold, 86.7 g/t silver and 1.74% copper (Sample No. 13708, see PEMC News Release dated September 28, 2020). Approximately 400 metres south of the C Zone, additional gold mineralization was encountered when continuous chip sampling of a hand trench (Trench 1) yielded 4.0 g/t gold over 8 metres with the entire 20-metre length of the trench averaging 1.7 g/t gold. A second hand trench (Trench 2) was sampled approximately 250 east of Trench 1 where continuous chip sampling yielded 4 metres grading 1.37% copper, 0.08 g/t gold and 67.4 g/t silver. Follow up work is planned at these new areas during 2021 to assess the significance of the mineralization in the areas. At this time, the trend and true width of mineralization at both hand trenches is unknown.

"Results from drilling and rock sampling during 2020 confirm the presence of copper and gold mineralization over a wide area on the property. In addition, results from the airborne magnetic survey have identified coincidental geophysical and geochemical targets on the southern half of the property that will be followed up on in 2021. The company is planning expanded ground geochemical surveys and geological mapping programs," stated Brad Peters, Pacific Empire's President and CEO. "We look forward to getting a head start on exploration at Jean Marie this year in order to develop targets for the next stage of diamond drilling."

Summary of Selected Intercepts.

Table 1 - Selected Intervals from 2020 RC Drilling

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Additional details from the 2020 RC drill program and rock sampling can be found on our website by clicking here.

The Jean Marie Project in The Age of Copper

The Jean Marie consists of 7,350 ha (73.5 KM2) of contiguous mineral claims situated 50 kilometres west of Centerra Gold Ltd.'s operating Mt. Milligan copper-gold mine. PEMC holds an option to earn a 100% interest in the Jean Marie property.

The Jean Marie property provides investors with early-stage exposure to copper in a premier jurisdiction at a time when the world is moving towards electrification.

"Copper's time has arrived," stated Brad Peters, Pacific Empire's President and CEO. "In the drive towards cleaner and greener energy, copper is indispensable. Copper is a core input for manufacturing and electrification. The high durability, high malleability, high electrical and heat conductivity, in addition to antimicrobial properties provide additional sources of demand from growing global industries; importantly the health care industry amidst the ongoing global pandemic."

Historical work conducted on the Jean Marie Project includes over 10,000 metres of drilling and dozens of ground-based geophysical and geochemical surveys, with the majority of exploration being completed by Cominco Ltd. between 1970 and 1974. Historical exploration activities were focused on drilling in three copper porphyry zones: the A, B and C Zones. Each of the three mineralized zones straddle the Jean Marie fault, an important controlling structure that has been mapped for over 12 km on the property.

Although the historical focus of exploration at Jean Marie has been at the A,B and C Zones, it is apparent from surface sampling that there appears to be a gold-dominant zone to the south of these areas of previous focus.

The A Zone has seen limited historical drilling, with the deepest drilling being 92 vertical metres. Mineralization at the A Zone exists as chalcopyrite dominated by pyrite, with covellite and bornite. Rock sampling by PEMC during 2020 confirmed the presence of anomalous to highly anomalous gold values associated with chalcopyrite mineralization and monzonite dikes.

The B Zone has seen more extensive drilling, with the deepest historical drilling being a 277 metre vertical drill hole, J97-11. A high-grade interval in this hole occurs between 181 and 208 metres, where a hydrothermal breccia containing angular clasts of mineralized porphyry with bornite and chalcopyrite graded 1.2% copper over 27 metres. The presence of this breccia provides direct evidence of a mineralized porphyry system at depth beneath the B Zone.

Prior to 2020, the most recent drilling at any of the three primary zones was completed at the B Zone in 1997. The final hole of the 1997 program intersected 184 metres @ 0.33% copper, which includes an interval of hydrothermal breccia grading 1.2% copper over 27 metres.**

The C Zone is characterized as a broad area of low-grade copper-molybdenum mineralization, with the easternmost hole in the zone grading 0.17% copper over the entire 85.3 metre length of bedrock drilled. However, the presence of a large, strong copper-in-soil anomaly measuring 2,500 x 600 metres, immediately north and east of the C Zone, with soil samples with anomalous copper suggests more appreciable copper mineralization may exist in the immediate area. The presence of widespread clay alteration further suggests there may be potential for higher copper grades at depth.

Based on field work conducted by PEMC during 2020, numerous additional exploration targets exist on the Property, particularly along a 9-kilometre trend that extends southeasterly from the A zone.

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** The Company has not verified historical drilling results but has reviewed the historical sampling and analytical procedures and has no reason to believe the historically reported results are unreliable or misleading.

QA/QC Procedures

RC chip samples and rock grab samples were collected and placed in polyethylene bags before being shipped to MS Analytical ("MSA") in Langley, BC. Internal laboratory standards are checked upon analysis as a means of quality assurance. Samples were analyzed using MSA's IMS-130 multi-element analytical package, whereby 0.5 g aliquots are subjected to an aqua-regia digest and subsequently analyzed with ICP-AES/MS. Sample were also assayed using MSA's FAS-111 fire assay gold package, whereby a 30 g fusion is ultimately finished with AAS. Certified reference standards and blanks were inserted as a part of the QA/QC program.

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Figure 3 - Jean Marie Property Location Map

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Qualified Person

George Cavey, P.Geo., Technical Advisor for the Company, serves as a qualified person as defined by NI 43-101 and has reviewed the scientific and technical information in this news release, approving the disclosure herein.

About Pacific Empire Minerals Corp.

PEMC is an exploration company based in Vancouver, British Columbia, that employs a "hybrid prospect generator" business model and trades on the TSX Venture Exchange under the symbol PEMC. The Company's strong portfolio of projects is a result of continuous generative work conducted since the Company's inception in 2012.

ON BEHALF OF THE BOARD,

"Brad Peters"
President and Chief Executive Officer

Pacific Empire Minerals Corp.
Tel: +1-604-356-6246
brad@pemcorp.ca

www.pemcorp.ca

Neither the 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 Statements

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation, are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

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Pacific Empire Minerals

Pacific Empire Minerals


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HIGHLIGHTS

- An exclusive Letter of Intent for a Secured Copper Cathode Prepayment Facility has been signed with Glencore, under which:

o Offtake arrangement for 100% of the Copper Cathode produced during Phase 1 of the Nifty Copper Project restart
o AUD50M Secured Offtake Prepayment Facility

- The Secured Offtake Prepayment Project Funding from Glencore is part of a total debt funding package for the Nifty Copper Project restart

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"We are very pleased to enter into an exclusive Letter of Intent for a Copper Cathode Offtake Secured Prepayment Facility with Glencore. This is part of a fully funded finance package for the restart of the Nifty Copper Project.

The restart project economics are very robust, and we have continued to make further improvements to the Nifty Copper Project during the financing process.

We are looking forward to completing our total funding package so that we can commence executing our Nifty Copper Project restart development plans."

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Under the terms of the exclusive Letter of Intent, CYM and GLN will work towards finalising outstanding due diligence activities, and documentation for the project funding for execution, which is being done in conjunction with ongoing advanced discussions with the potential secured senior debt providers.

Key Terms of the Copper Cathode Prepayment Facility

Indicative terms - Offtake

- 100% of Copper Cathode produced at the Nifty Copper Project, up to a maximum of 120,000 tonnes

- Offtake pricing of copper cathode shipments determined by reference to average market rates

Indicative terms - Prepayment Facility

- Facility amount: AUD50 million

- Facility term: 60 months



About Cyprium Metals Ltd:

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.



Source:
Cyprium Metals Ltd

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