IRI.V – Iemr Resources Inc. Due Diligence Report
Financials & MD&A information below as per the most current filing on Sedar. Year End results to be announced shortly.
Common Shares: 94,807,141
Insider Holdings: 72,190,857 or 76%
Prepaid Expenses: $4,257
Tax Receivable: $6,852
Non Current Assets: $2,242,706
Total Assets: $3,279,628
Current Liabilities: $21,566
Total Liabilities: $21,566
Quarterly Cash Burn Rate: $20k to $30K – Directors do no take any salary despite owning so much stock.
The Company is a mineral exploration company and its principal business activities include the acquisition, exploration and development of mineral properties. The Company owns a 100% interest in mineral lode claims known as the Pine Tree copper-molybdenum property (the “Pine Tree Property”) located in the Pilot Mountains in Mina, Nevada.
At present, the Company continues to seek opportunities to acquire exploration and/or development projects
Pine Tree Property The Company, through its wholly owned Nevada subsidiary, owns a 100% interest in the Pine Tree property containing porphyry molybdenum-copper-silver deposit, with the principally targeted resource being copper. The property is comprised of 61 mineral lode claims covering an area of approximately 1320 acres located in the Pilot Mountains Mining District in west-central Nevada. Situated five miles east of the town of Mina, Nevada, half way between the cities of Reno and Las Vegas, the Pine Tree property lies in an area that is host to several active small-scale mines and operations, as well as significant historical past producers. As of July 31, 2020, IEMR has incurred aggregate exploration expenditures of approximately $2.19 million on the Pine Tree property. The Company's last exploration work on the Pine Tree Property was a drilling program conducted in 2011. In 2012, a resource estimate for the Pine Tree property was completed by Giroux Consulting ("Giroux"), an independent mineral industry consultant. The resource estimate is contained in a National Instrument 43-101 ("NI 43-101") compliant technical report dated July 6, 2012 (the "Technical Report"), which is available under the Company's profile on SEDAR www.sedar.com. The resource estimate was based on a total of 30 diamond drill holes totaling 43,797.5 feet (14,069.7 meters). Of these 9 diamond drill holes were completed by IEMR in 2011. The resource calculation estimated that, as at October 20, 2011, the Pine Tree deposit contained, at a $5.00 cutoff:
Indicated: 435 million lbs of Copper, 174 million lbs of Molybdenum, 11.2 million ounces of Silver
Inferred: 591 million lbs of Copper, 112 million lbs of Molybdenum, 17.4 million ounces of Silver
The Company intends to engage an independent Qualified Person to recommend an initial sub stage program and budget for further metallurgical testing and drilling of the Pine Tree Property to be completed in 2020. The details and budget of the sub stage program will be disclosed in a future news release. If required by NI 43-101 or the TSX Venture Exchange (the "Exchange"), the Company will obtain and file an updated technical report related to future exploration of the Pine Tree property. IEMR will likely require additional funding to complete the next phase of a drill plan and there can be no assurance that such funding will be available in the amount needed or at all. The Company's 2020 plan for further exploration and development of the Pine Tree property is intended to meet the Activity criteria of the Continued Listing Requirements of the Exchange in accordance with Exchange Policy 2.5, section 2.1.
No exploration program was carried out on the Pine Tree Property during the nine months ended July 31, 2020. The Company intends to consult a Qualified Person in order to compile a future work program and budget as funds become available for continuation of exploration and development of the Pine Tree Property.