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Pacific Empire Announces Receipt of Stars Option Payment by M3 Metals
Vancouver, British Columbia--(Newsfile Corp. - June 11, 2020) - Pacific Empire Minerals Corp. ...
About this update from Pacific Empire Minerals Corp.
[{"type":"text","content":"Pacific Empire Announces Receipt of Stars Option Payment by M3 MetalsVancouver, British Columbia--(Newsfile Corp. - June 11, 2020) - Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB: PEMSF) (\"Pacific Empire\", \"PEMC\" or the \"Company\"), a hybrid prospect generator focused in British Columbia announces that M3 Metals Corp. (\"M3\", formerly ML Gold Corp.) has made the second anniversary cash payment of $50,000 and issued 30,000 common shares of M3 to the Company, both of which payments are due under the terms of an option agreement signed with the Company in November 2017. M3 have a right to earn a 30% interest in the Stars Project and are obliged to incur a total exploration expenditure of $4,500,000, of which $2,100,000 remains to be incurred before June 5, 2021.\"With completion of cash and share payments, M3 will now have until June 5, 2021 to incur an additional $2,100,000 of exploration expenditure, in order to complete its 30% earn-in on the project,\" commented Pacific Empire's President and CEO, Brad Peters. \"In 2018, M3 drilled 6,300 metres in 16 holes, resulting in the discovery of a new mineralized porphyry system at the Tana Zone.\"Highlights of the Stars Project6,300 metres of drilling funded by M3 led to a new copper discovery in 201850% owned by PEMC. M3 have an option to earn 30% whereby PEMC retains a 20% carried interest to PFSLocated in north-central British Columbia, 58 kilometres north of Imperial Metals Corp.'s Huckleberry Copper Mine and close to well-developed infrastructureNear surface mineralization with open pit potentialHighlights from partner-funded diamond drilling in 2018 include:0.45% copper over 204 m (from 23.5 m) in drill hole DD18SS0040.2% copper over 405 m (from 29.6 m) in drill hole DD18SS0100.2% copper over 182.9 m (from 8.5 m) in drill hole DD18SS0130.22% copper over 155.4 m (from 29.6 m) in drill hole DD18SS0140.21% copper over 210.3 m (from 158 m) in drill hole DD18SS015Option AgreementOn November 20, 2017, the Company signed an Option Agreement with M3, whereby M3 can earn up to a 30% interest in the project in which PEMC currently holds a 50% interest. As consideration for the Option, M3 agreed to make aggregate cash payments in the amount of $80,000 and issue a total of 600,000 common shares (now 60,000 shares due to M3 ten-for-one share consolidation announced in February 2019)...