leadf
logo-loader
viewPacific Empire Minerals Corporation

Pacific Empire Minerals receives second anniversary payment from M3 Metals for its Stars project

M3 Metals has the right to earn a 30% interest on the project in return for spending C$4.5 million in exploration

Pacific Empire Minerals Corporation -
Pacific Empire received the second anniversary cash payment of C$50,000 and 30,000 M3 shares

Pacific Empire Minerals Corp (CVE:PEMC) (OTCQB:PEMSF) announced it had received cash and share payments from M3 Metals Corp as part of an option agreement for its Stars project in British Columbia.

The Vancouver-based prospect generator received the second anniversary cash payment of C$50,000 and 30,000 M3 shares under the agreement, which was signed in November 2017.

M3 Metals has the right to earn a 30% interest on the project in return for spending C$4.5 million in exploration.

READ: Pacific Empire Minerals strikes option to buy Jean Marie property in British Columbia

Pacific Empire has a 50% ownership in Stars, a highly prospective porphyry copper-gold-silver-molybdenum system near well-developed infrastructure in British Columbia. The two-year option agreement gives M3 the chance to earn up to 30% interest in exchange for aggregate cash payments of C$80,000 and 60 million shares, which was reduced to 60,000 after M3’s ten-to-one share consolidation in February 2019.

In 2018, M3 drilled 6,300 metres over 16 holes, which led to the discovery of a new mineralized porphyry system at the Tana Zone.

"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,” Pacific Empire’s CEO Brad Peters said in a statement.

Highlights from drilling at Stars include results of 0.5% copper over 204 metres from 23.5 metres and 0.2% copper over 405 metres from 29.6 metres.

Pacific Empire will retain a 20% carried interest on the project until a prefeasibility study is completed, after which the two companies will form a joint venture.

The project generator is focused on the discovery of gold-rich copper prospects in British Columbia.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Pacific Empire Minerals Corporation

Price: 0.065 CAD

TSX-V:PEMC
Market: TSX-V
Market Cap: $4.47 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Pacific Empire Minerals Corporation named herein, including the promotion by the Company of Pacific Empire Minerals Corporation in any Content...

FOR OUR FULL DISCLAIMER CLICK HERE

Pacific Empire Minerals 2020 work plan kept company busy and prepared them...

Pacific Empire Minerals Corp (CVE: PEMC) President and Chief Executive Officer Brad Peters joined Steve Darling from Proactive to bring news about the work they have completed this year on a number of their projects including Jean Marie. Peters also talked about their Worldstock and Weedon...

3 days, 4 hours ago

2 min read