Pacific Empire Announces Receipt of Stars Option Payment by M3 Metals
Pacific Empire Announces Receipt of Stars Option Payment by M3 Metals
June 11, 2020 - Vancouver, BC, Canada - Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB:
PEMSF) (“Pacific Empire”, “PEMC” or the “Company”) , a hybrid prospect generator focused in British
Columbia announces that M3 Metals Corp. (“M3” , formerly ML Gold Corp. ) has made the second
anniversary cash payment of $50,000 and issued 30,000 common shares of M3 to the Company, both of
which payments are due under the terms of an option agreement signed with the Company in November
2017. M3 have a right to earn a 30% interest in the Stars Project and are obliged to incur a total exploration
expenditure of $4,500,000, of which $2,100,000 remains to be incurred before June 5, 2021.
“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,” commented Pacific Empire’s President and CEO, Brad Peters. “In 2018, M3
drilled 6,300 metres in 16 holes, resulting in the discovery of a new mineralized porphyry system
at the Tana Zone.”
Highlights of the Stars Project
• 6,300 metres of drilling funded by M3 led to a new copper discovery in 2018
• 50% owned by PEMC . M3 have an option to earn 30% whereby PEMC retains a 20% carried
interest to PFS
• Located in north -central British Columbia , 58 k ilometres north of Imperial Metals Corp.’s
Huckleberry Copper Mine and close to well-developed infrastructure
• Near surface mineralization with open pit potential
Highlights from partner-funded diamond drilling in 2018 include:
• 0.45% copper over 204 m (from 23.5 m) in drill hole DD18SS004
• 0.2% copper over 405 m (from 29.6 m) in drill hole DD18SS010
• 0.2% copper over 182.9 m (from 8.5 m) in drill hole DD18SS013
• 0.22% copper over 155.4 m (from 29.6 m) in drill hole DD18SS014
• 0.21% copper over 210.3 m (from 158 m) in drill hole DD18SS015
Option Agreement
On November 20, 2017, the Company signed an Option Agreement with M 3, whereby M3 can earn up to
a 30% interest in the project in which PEMC currently holds a 50% interest. As consideration for the Option,
M3 agreed to make aggregate cash payments in the amount of $80,000 and issue a total of 600,000 common
shares (now 60,000 shares due to M3 ten -for-one share consolidation announced in February 2019) to
PEMC over a two-year period and will incur a minimum of $4,500,000 in exploration expenditure over a
three-year period.
PEMC will retain a 20% carried interest in the project until completion of a Pre -Feasibility Study, after
which time, a Joint Venture will be formed and shareholders will participate according to their equity
ownership.
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Date Cash Shares Exploration Expenditure
June 5, 2018 $10,000 (paid) 10,000 (issued) -
June 5, 2019 $20,000 (paid) 20,000 (issued) $500,000
June 5, 2020 $50,000 (paid) 30,000 (issued) $1,000,000
June 5, 2021 - - $3,000,000
Total $80,000 60,000 $4,500,000
About the Stars Project
The Stars porphyry copper-gold-silver-molybdenum porphyry system was recently discovered in 2018 and
is situated 58 kilometres north of Imperials Metals Corp.’s Huckleberry Copper mine and 40 kilometres
southwest of the resource town of Houston, BC.
The S tars project is located close to well -developed infrastructure including power and major transport
routes with year-round road access onto site. The Stars porphyry was discovered through till cover in a flat
lying area, where a large portion of the propert y remains hidden under cover and has yet to be tested. A
prospective magnetite-destructive corridor measuring approximately 1 x 3 kilometres which hosts the Tana
Zone and extends to the northwest, remains largely untested and obscured by till cover.
Drilling to date has been successful in continuously expanding the known mineralization along strike and
at depth, with many additional targets across the property that remain to be tested. Mineralized feldspar
porphyry intrusions were encountered for the first time in Hole 10 (DD18SS010) which intersected over
400 metres of copper mineralization.
Qualified Person
Rory 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 scientific and technical information in this
news release, approving the disclosure herein.
About Pacific Empire Minerals Corp.
PEMC is an exploration company based in Vancouver, British Columbia, that employs a "hybrid prospect
generator" business model and trades on the TSX Venture Exchange under the symbol PEMC and on the
OTCQB Markets under the symbol PEMSF.
By integrating the project generator business model with low-cost reverse circulation drilling, the company
intends to leverage its portfolio by identifying, and focusing on, the highest quality projects for partnerships
and advancement.
ON BEHALF OF THE BOARD,
“Brad Peters”
President and Chief Executive Officer
Pacific Empire Minerals Corp.
Tel: +1-604-356-6246
www.pemcorp.ca
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Information set forth in this news release may involve forward -looking statements under applicable
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limitation, are forward-looking statements. By their nature, forward-looking statements involve known and
unknown risks, uncertainties a nd other factors which may cause our actual results, performance or
achievements, or other future events, to be materially different from any future results, performance or
achievements expressed or implied by such forward -looking statements. Such factors include, among
others, the following risks: the need for additional financing; operational risks associated with mineral
exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance;
reliance on key personnel; the potential for conflicts of interest among certain officers, directors or
promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our
common share price and volume and the additional risks identified the management discussion and analysis
section of our interim and most recent annual financial statement or other reports and filings with the TSX
Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made
based on ma nagement's beliefs, estimates and opinions on the date that statements are made, and the
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are cautioned against attributing undue certainty to forward-looking statements.