Not for dissemination in the United States or through U.S. newswires 1111 Exploration Corp. Amends Option Terms for Pinnacle Copper and Gold Project, British Columbia and Plans Field Program
VANCOUVER, BC – 1111 Exploration Corp. (“Eleven” or the “Company”) (CSE:ELVN) announces that it has renegotiated option terms on the Pinnacle copper and gold project in central British Columbia under option from Pacific Empire Minerals Corp. (“PEMC”). The project covers 15,487 hectares and is in north-central British Columbia, 97 kilometres (km) to the north of the town of Fort St. James and 50 km to the west of Centerra Gold’s Mt. Milligan copper-gold mine and 20 km to the southeast of Northwest Copper’s Kwanika copper-gold deposit in a proven copper-gold porphyry district. Under the revised option terms the Company may earn a 70% interest in Pinnacle by completing $3,000,000 in exploration expenditures on the Project, paying PEMC an aggregate of $460,000 in cash payments ($75,000 paid) and issuing 3,800,000 common shares (500,000 issued) to PEMC by August 2026. Following the exercise of the Option, PEMC will retain a 30% free-carried interest in the Project until the date that Eleven publishes a NI 43-101 compliant Pre-Feasibility Study (“PFS”) on the Project. Following completion of the PFS, PEMC and Eleven will form a joint venture with Eleven holding a 70% initial interest and PEMC holding a 30% initial interest.
Exploration carried out by Eleven in 2021 was centred on the Aplite Creek prospect and included collection of 173 soil samples of standard B-horizon and 85 samples collected for mobile metal ion sampling (MMI) analysis. A drone UAV (unmanned aerial vehicle) magnetic survey covering an area of four (4) km by (6) six km was also completed. In addition, historical core from 2015 and 2017 that had not been completely sampled was analyzed for trace element values to aid geochemical vectoring. Results were highly elevated for copper and gold and consistent with historical compiled data. Gold values returned a high value of 1,460 parts per billion (ppb) (24 percent of samples over 20 ppb) and copper values with a high value of 8,010 ppm (26 percent of samples over 100 ppm and 5 per cent over 1,000 ppm).
This 2021 sampling, combined with previous soil sampling, induced polarization surveys and the current magnetic survey, identified a northwesterly trending area of elevated copper and gold soil geochemistry coincident with magnetic highs and high chargeability over an area of four (4) km by 1.2 km. The geology comprises dykes and stocks of syenite and monzonite within andesite volcanics. Alteration is dominantly widespread propylitic with localized potassic alteration near and within intrusive rocks. This large area has seen only minor drilling in 1974 and 1990. A second parallel zone to the northeast, of similar scale, is yet to be fully delineated.
The Company is currently planning a follow-up sampling program to expand the target outlined in 2021. This work will include additional soil sampling and expansion of the magnetic survey both northwest and southeast of the core Aplite Creek area. This work will be greatly aided by a newly constructed logging access road completed in the winter of 2022.
About the Pinnacle Project
The Pinnacle project is located within the Quesnel terrane which is characterized by late Triassic to early Jurassic volcanic and sedimentary rocks of island arc affinity that have been intruded by a variety of intrusive phases related to the late Triassic to early Jurassic Hogem intrusive suite. The property was first explored in the early 1970s following the identification of anomalous stream sediment samples from reconnaissance prospecting in the central portion of the property at the Aplite Creek zone where chalcopyrite and secondary malachite occur in a calcitequartz breccia zone that can be traced for approximately 30 metres (m) and which is approximately seven (7) m in width. Initial geochemical surveys, limited diamond drilling and geophysical surveys were completed and confirmed the presence of copper and gold mineralization at Aplite Creek. Highlights of the historical work at Aplite Creek include a diamond drill hole drilled by BP Resources in 1990 that reported six (6) m at 6.4 grams per tonne (g/t) gold. Since 2014, the property has seen extensive exploration to the south of the Aplite Creek area, including diamond and percussion drilling, induced polarization surveys, and airborne magnetic/EM (electromagnetic) surveys that have identified several broad areas that exhibit widespread porphyry-style alteration in areas of extensive cover. At the Elbow zone, five of the six diamond drill holes returned anomalous gold, highlighted by 94 metres grading 0.34 g/t gold in DD15ELB001. At the Sooner zone, diamond drilling in 2015 encountered broad intervals of anomalous low-level copper associated with sericite-biotite alteration.
QA/QC
Historical work at Aplite Ridge, including older drill results, were compiled from public domain reports submitted to the provincial government (assessment reports) and predates NI 43-101 standards. The Company is treating these data as historic in nature but considers them an effective guide to exploration potential. Subsequent work by PEMC and its previous partners was to NI 43-101 standards and full QA/QC disclosure was provided in the PEMC company disclosure record as found on its website and as posted in press releases on SEDAR. Drilling at Aplite Creek mentioned herein was completed by BP Resources Canada Ltd. in 1990 and results were reported in British Columbia government assessment report No. 20943.
MMI samples were analyzed by SGS Minerals. The testing procedure begins with weighing 50 grams of the sample into a plastic vial fitted with a screw cap. Next was adding 50 millilitres of the MMI-M solution to the sample, which is then placed in trays and put into a shaker for 20 minutes (the MMI-M solution is a neutral mixture of reagents that are used to detach loosely bound ions of any of the 53 elements from the soil substrate and formulated to keep the ions in solution). These are allowed to sit overnight and subsequently centrifuged for 10 minutes. The solution is then diluted 20 times for a total dilution factor of 200 times and then transferred into plastic test tubes, which are then analyzed on ICP-MS (inductively coupled plasma mass spectrometry) instruments.
The conventional soil samples were assayed utilizing ALS procedures coded as follows: PREP-41 dry, sieve (180 micrometres) soil and then followed by AuME-TL43 25-gram trace gold plus multielement package.
Robert Cameron, PGeo, is a qualified person within the context of National Instrument 43-101 and has read and takes responsibility for the technical aspects of this release.
About 1111 Exploration Corp.:
1111 Exploration Corp. is a Canadian mineral exploration company focused on creating shareholder value through exploration, acquisition, and development of mineral projects.
On behalf of the Board of Directors
Scott Young Director
For further information, please call: Scott Young 604-377-5781 syoung@freeformcom.com
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This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. 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 or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.