- Pacific Empire (PEMC) is selling a controlling interest in its Stars Copper Property
- The company signed a purchase and sale agreement with Aurwest Resources Corporation to sell its 50-per-cent interest in the property
- The copper porphyry project covers 2,136 hectares which are contiguous to Aurwest’s Stellar Property in central British Columbia
- Pacific Empire will retain a two-per-cent net smelter return (NSR) royalty on the property
- Pacific Empire is unchanged, trading at $0.035 at 9:33 am ET
Pacific Empire (PEMC) is selling a controlling interest in its Stars Copper Property.
The Vancouver-based exploration company signed a purchase and sale agreement with Aurwest Resources Corporation to sell its 50-per-cent interest in the Stars Property.
The all-cash deal is worth approximately C$350,000 and is expected to close on September 30.
The copper porphyry project covers 2,136 hectares which are contiguous to Aurwest’s Stellar Property in central British Columbia.
Pacific Empire will retain a two-per-cent net smelter return (NSR) royalty on the property.
“We are pleased to have been granted a two-per-cent NSR on the Stars property in addition to receiving a cash payment that strengthens our treasury. This allows PEMC to retain a significant interest in the Stars property while we focus on our flagship Jean Marie Property. PEMC acquired a 50% interest in the Stars property in 2017 for $15,000 and since that time the property has seen partner-funded exploration that included airborne magnetics and 6,883 metres of diamond drilling highlighted by 204 metres grading 0.45% Cu, 0.045 g/t Au, 1.64 g/t Ag, 0.0048 per cent Mo in hole DD18SS004.
Aurwest is a well-funded junior explorer, and we look forward to their success as they advance the Stars property,” said Pacific Empire President and CEO Brad Peters.
Pacific Empire is unchanged, trading at $0.035 at 9:33 am ET.