Business
Pacific Empire Minerals Options Worldstock Property, South Central British Columbia
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2019) - Pacific Empire Minerals Corp. (...
About this update from Pacific Empire Minerals Corp.
[{"type":"text","content":"Pacific Empire Minerals Options Worldstock Property, South Central British ColumbiaVancouver, British Columbia--(Newsfile Corp. - May 29, 2019) - Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB: PEMSF) (\"Pacific Empire\", \"PEMC\" or the \"Company\"), a hybrid prospect generator focused in British Columbia is pleased to announce it has entered into an option agreement to acquire a 100% interest in the Worldstock Property located 100 km north of New Gold's New Afton Mine and 130 km north of Teck Resources' Highland Valley Mine in the Quesnel Terrane of south-central British Columbia.About the Worldstock PropertyHistorical work conducted on the Worldstock Property identified favourable geology and outlined several areas of anomalous copper and gold soil geochemistry, spatially associated with magnetic and induced polarization anomalies. Limited historical diamond drilling, which predates ground and airborne geophysical surveys, intersected altered copper bearing porphyry dikes that returned up to 0.38% copper over 10.4 m. Several attractive drill targets remain untested. The 1,730 hectare project is accessible by an extensive network of forestry roads and is ideally suited for PEMC's reverse circulation drill.Details with respect to the consideration payable for the Worldstock Property acquisition are as follows:Table 1. Option agreement terms.TimingCash Payments *PEMC common share issuancesUpon signing$10,00050,000First anniversary of Effective Date$10,00050,000Second anniversary of Effective Date$15,000100,000Third anniversary of Effective Date$20,000100,000Fourth anniversary of Effective Date$30,000300,000TOTAL =$85,000600,000 The vendor of the property will be granted a 2% net smelter royalty (\"NSR\"). The Company may, at any time, purchase one half of the NSR Royalty, thereby reducing the NSR Royalty to a 1% net smelter returns royalty, for $1,000,000.* Dollar amounts expressed in Canadian dollarsThis property acquisition remains subject to approval of the TSX Venture Exchange. Any securities issued as consideration under this option agreement will be subject to a statutory hold period of four months and one day from the date of issuance.Qualified PersonRory Ritchie, P.Geo., Vice President of Exploration for the Company, serves as a qualified person as defined by National Instrument 43-101 and has reviewed the scient...