- Pacific Empire Minerals (PEMC) has signed an agreement to option its copper-gold Pinnacle Project to 1111 Acquisition
- 1111 Acquisition may earn up to a 70 per cent interest in the project by paying to Pacific Empire C$375,000 in cash, issuing 3.5 million common shares and assuming $5.7 million in exploration expenses
- Following the completion of a NI 43-101 compliant Pre-Feasibility Study on the project, the two companies will form a joint venture with Pacific Empire retaining its 30 per cent stake
- The company said it will continue to pursue other partner-funded drilling opportunities at a number of its other projects
- Pacific Empire Minerals (PEMC) is currently steady at $0.18 per share
Pacific Empire Minerals (PEMC) has signed an agreement to option its copper-gold Pinnacle Project to 1111 Acquisition Corp.
Under the others of the deal, 1111 Acquisition Corp. may acquire a 70 per cent interest in the project by paying to Pacific Empire C$375,000 in cash, issuing 3.5 million common shares and assuming $5.7 million in exploration expenses within four years of signing a definitive agreement.
Following the exercise of the option, Pacific Empire will hold a 30 per cent free-carried interest in the Pinnacle Project until 1111 Acquisition Corp. publishes a NI 43-101 compliant Pre-Feasibility Study.
At this point, the two companies will enter a joint venture agreement with Pacific Empire and 1111 Acquisition Corp. holding a 70 and 30 per cent stake, respectively.
Brad Peters, President and CEO of Pacific Empire Minerals, said the company’s hybrid business model utilises partner-funded exploration campaigns to engage in multiple ongoing work programs.
“PEMC continues to pursue additional opportunities for partner-funded drilling on several projects while we advance our Jean Marie, Weedon and Worldstock projects.
“Drilling at Pinnacle in 1991 intersected intriguing copper and gold values at the Aplite Creek Zone while partner-funded and PEMC-funded drilling over the last 6 years revealed anomalous gold values over a wide area at the Elbow Zone, in addition to anomalous copper values,” he added.
Located in central British Columbia, the Pinnacle Project covers 14,040 hectares and sits 50 kilometres west of Centerra Gold’s Mt. Milligan Mine and 20 kilometres north of Pacific Empire’s Jean Marie Project.
Pacific Empire Minerals (PEMC) is currently steady at $0.18 per share, as of 1:08pm EDT.