Business
Pacific Empire Monetizes Stars Copper Property and Acquires 2% NSR Royalty
Vancouver, British Columbia--(Newsfile Corp. - September 27, 2021) - Pacific Empire Minerals C...
About this update from Pacific Empire Minerals Corp.
[{"type":"text","content":"Pacific Empire Monetizes Stars Copper Property and Acquires 2% NSR RoyaltyVancouver, British Columbia--(Newsfile Corp. - September 27, 2021) - Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB: PEMSF) (\"Pacific Empire\", \"PEMC\" or the \"Company\"), a British Columbia copper explorer, is pleased to report that it has signed a purchase and sale agreement (the \"Purchase Agreement\") with Aurwest Resources Corporation (\"Aurwest\") to sell the Company's 50% interest in the Stars Property, a copper porphyry project, covering 2,136 hectares contiguous to Aurwest's Stellar Property in central British Columbia. \"We are pleased to have been granted a 2% NSR on the Stars property in addition to receiving a cash payment that strengthens our treasury,\" commented Brad Peters, President and CEO of Pacific Empire. \"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% Mo in hole DD18SS004. Aurwest is a well-funded junior explorer, and we look forward their success as they advance the Stars property.\"Acquisition TermsPEMC has agreed to sell its 50% interest in the Stars Property by way of the Purchase Agreement. Terms of the transaction included a purchase price payable to PEMC consisting of a cash payment of C$350,000 and the grant to PEMC of a 2% net smelter return royalty (the \"NSR\") on all minerals produced from the Stars Property. Aurwest shall have the right to repurchase at any time one per cent of the NSR (1.0%) for consideration of C$1,000,000. The transaction contemplated by the Purchase Agreement is expected to close on September 30, 2021 and is subject to customary closing conditions and approvals.The Stars PropertyThe Stars Property consists of three mineral tenures (2,136 ha), located in the Omineca Mining District, located approximately 65 km southwest of Houston, British Columbia. The Property is located at UTM coordinates 612,900 mE and 6,010,400 mN, on NTS map sheet 093L / 03 and can be accessed by all-season forest roads, including the Chisholm Mainline FSR, which...