Business
Pacific Empire Options Stars Copper-Gold-Silver Project to ML Gold Corp.
November 23, 2017, Vancouver, BC, Canada - Pacific Empire Minerals Corp. (“PEMC” or the “Company”) is pleased to announce that the Company has signed an option
About this update from Pacific Empire Minerals Corp.
[{"type":"text","content":"November 23, 2017, Vancouver, BC, Canada - Pacific Empire Minerals Corp. (“PEMC” or the “Company”) is pleased to announce that the Company has signed an option agreement (the “Agreement”) with ML Gold Corp. (“ML Gold”) for the Stars Project (the “Project”) in west-central British Columbia. ML Gold can earn up to a 30% interest in the Project in which PEMC currently holds a 50% interest. As consideration for the Option, ML Gold will make aggregate cash payments in the amount of $80,000 and issue a total of 600,000 common shares to the Company over a two-year period, and will incur a minimum of $4,500,000 in exploration expenditures on the Project over a three-year period. PEMC will have a carried interest in the Project until completion of a Pre-Feasibility Study, after which point a Joint Venture will commence. PEMC’s President and CEO, Brad Peters stated, “PEMC is pleased to have ML Gold as a partner on the Stars Project, as they are an aggressive junior exploration company. This agreement will facilitate partner-funded exploration on the Stars Project with PEMC retaining a 20% interest in the Project. This will allow PEMC to focus on its other projects while maintaining an interest and exposure to discovery at the Stars Project.” About the Stars Project The Stars (formerly Copper Star) Project is located approximately 30 km northwest of New Nadina’s Silver Queen Property in a mining camp with numerous deposits and past producing mines including Goldcorp’s Equity Silver Mine which produced over 77 Million Ounces Silver, 500,000 Ounces Gold and over 80,000 kg of Copper. The Project hosts a 9 square kilometre area of anomalous chargeability that is coincident with significant copper-gold-silver mineralization at surface. The Stars Property is underlain by Lower Jurassic volcanics and Lower Cretaceous Skeena Group sediments that have been intruded by variably mineralized Late Cretaceous intermediate to felsic Bulkley Suite intrusive rocks. Mineralization on the property was first discovered in the late 1990’s when logging roads were constructed in the area and since that time mineralization has been confirmed in shallow drilling in two zones. Mineralization consists of quartz-sulphide veins containing chalcocite, bornite, chalcopyrite, and pyrite in intensely altered host volcanic rocks. The outcropping mineralizati...