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Pacific Imperial Mines Signs Option Agreement with Eagle Plains Resources to Acquire 60% of Brownell Lake Property in Saskatchewan
(TheNewswire) Vancouver, British Columbia – TheNewswire - March 2 8 ...
About this update from Pacific Imperial Mines Inc.
[{"type":"text","content":"Pacific Imperial Mines Signs Option Agreement with Eagle Plains Resources to Acquire 60% of Brownell Lake Property in Saskatchewan\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia –\n \n \n TheNewswire -\n \n \n March 2\n \n \n 8\n \n \n ,\n2023 – Pacific Imperial Mines Inc.\n \n \n (TSXV:PPM)\n(“\n \n \n Pacific\nImperial\n \n \n ” or the “\n \n \n Company\n \n \n ”) is\npleased to announce that has entered into an option agreement dated\nMarch 23, 2023 (“\n \n \n Option\nAgreement\n \n \n ”) with Eagle Plains Resources Ltd.\n(TSX.V: EPL) (“\n \n \n Eagle\nPlains\n \n \n ”) pursuant to which Eagle Plains\ngranted the Company the option to acquire a 60% interest in the\nBrownell Lake property (the “\n \n \n Property\n \n \n ”) consisting of three mineral\ndispositions covering 1,863.3\n \n \n hectares\n \n \n located\n \n \n approximately 17\nkm\n \n \n northwest\n \n \n of\nDeschambault Lake,\n \n \n Saskatchewan. The Company may\nexercise the option by paying aggregate cash consideration of\n$500,000, issuing 1,000,000 common shares of the Company (the\n“\n \n \n Common Shares\n \n \n ”) to Eagle Plains and incurring exploration expenditures\non the Property of $5,000,000 all in staged amounts by December 31,\n2027. Upon the exercise of the option, the Company will own a 60%\ninterest and Eagle Plains will own a 40% interest in the Property, and\nthe parties will enter into a joint venture agreement to further\nexplore and develop the Property to bring it into commercial\nproduction. The Property is subject to a 2% net smelter returns\nroyalty owing to Eagle Royalties Ltd.\n \n \n \n \n The Brownell Lake Project is host to\nregionally-sheared, highly-strained meta-volcanic rocks which are\nconsidered to be prospective for volcanogenic massive sulphide\n(“VMS”) mineralization. Planning is underway to commence a\nground-based TDEM electromagnetic geophysical survey in the near\nfuture to identify potential drill targets.\n \n \n \n \n The Option Agreement is subject to the Company\nobtaining the approval of the TSX Venture Exchange. The Common Shares\nissued under the Option Agreement will be subject to a hold period\nending four months and one day after the date of is...