Pacific Imperial Mines Inc announced that the Company, through its Brazilian subsidiary, Pacific Imperial Mineraçao do Brasil Ltda was the successful bidder and has been awarded a 100% interest in the Marcionilio Nickel and Copper property. The Property was recently offered for public tender by the owner, Companhia Baiana de Pesquisa Mineral.
CBPM is a Bahia State owned mineral exploration company that carried out the initial exploration work and identified the Property as having economic mineral potential. The Company expects to sign the exploration and development contract for the Property with CBPM in early January 2013.
The Property, about 10,090 hectares in size is located in east-central Bahia State within an area offering excellent infrastructure. CBPM recently carried out an airborne geophysical survey followed by a program of geological mapping, soil and rock geochemistry and an induced polarization survey directed at evaluating the selected targets.
The initial exploration work has outlined two targets; a nickel and copper occurrence within a mafic-ultramafic igneous complex and iron titanium vanadium mineralization within a gabbro anorthosite complex. On the nickel-copper target, a zone 1100 meters by 300 meters of anomalous nickel and copper in soil and rock, co incident with a 1300 meter long IP anomaly, was outlined and is ready to be tested by drilling.
The Company intends to complete a NI 43-101 compliant report on the property for submission to the TSX-Venture exchange in order to qualify the property as one of merit.
