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Pacific Empire Minerals to acquire polymetallic project in BC

Mining
TSXV:PEMC
27 May 2020 00:49 (EDT)

Pacific Empire Minerals (TSXV:PEMC) has signed an option agreement to wholly acquire the copper-gold-silver-molybdenum Jean Marie Project.

Located 50 kilometres west of Centerra Gold’s Mt Milligan copper-gold mine in central British Columbia, the Jean Marie Project covers 6,300 hectares and features several mineralised zones, all of which are open for expansion.

Historical work conducted at the site was primarily undertaken by Cominco between 1970 and 1974. The work included more than 10,000 metres of drilling, as well as several ground-based geophysical and geochemical surveys.

These exploration efforts were focused on three key copper porphyry zones. The regions sit along the Jean Marie fault, which stretches 12 kilometres across the project.

Of particular interest is the J97-11 drill hole, which intercepted 184 metres at 0.33 per cent copper and 27 metres at 1.2 per cent copper.

It’s thought that at least two more copper, molybdenum, gold and silver deposits might exist at depth along the Jean Marie fault. This is based on the presence of hydrothermal breccias with well-mineralised porphyry clasts and sulphide ratios.

Brad Peters, CEO of Pacific Empire Minerals, said the Jean Marie Project is an outstanding exploration opportunity for the company.

“The presence of several mineralised zones and exploration targets along and adjacent to the Jean Marie fault is highly encouraging and suggests there is a mineralised system of significant size on the property,” he added.

Under the terms of the acquisition agreement, Pacific Empire may acquire a potential 100 per cent interest in the project over a period of five years from the date of closing. 

The company’s full acquisition of the Jean Marie Project will include a total of C$675,000 in cash and 1,500,000 common shares, as well as $2.7 million in work commitments.

The vendors of the project will also be granted a 2.5 per cent net smelter royalty. 

However, 1.25 per cent of this may be repurchased at any time for a $1.5 million fee, and a further 0.25 per cent may be repurchased for $1 million.

Pacific Empire Minerals (PEMC) is currently up 20 per cent and is trading at six cents per share at 12:43pm EDT.

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