March 1, 2017, Vancouver, BC, Canada - Pacific Empire Minerals Corp. ("PEMC" or the "Company") is pleased to announce that the Company has entered into an Option Agreement with Richard Josef Haslinger to acquire a 100% interest in the Wildcat Property, located 10 km to the southwest of the currently producing Mt. Milligan Mine. The Company is also pleased to announce that it has acquired a 50% interest in the Copper Star Project located approximately 40 km southwest of Houston.
Wildcat Property Agreement
The Wildcat Property is located within the highly prospective, well mineralized Quesnel Terrane which is host to numerous copper-gold porphyry past and present producers, including Centerra Gold Ltd.’s Mt. Milligan Mine approximately 10 km to the northeast.
The Wildcat Project covers 4,935 hectares has been the focus of numerous exploration programs consisting of geochemical, geophysical and diamond drilling programs that have identified numerous targets for further exploration. Drilling by Cayden Resources in 2011 encountered hydrothermal alteration assemblages typical of those found distal to a copper+/-gold porphyry system, locally associated with anomalous copper intervals. Drill hole WC11-08 intersected 26.1 metres grading 0.14% copper while WC11-07 intersected 0.7 metres grading 1.34% copper and 0.626 g/t gold.
PEMC has identified an ovate conductivity anomaly proximal to the most significant drilling to date, which warrants further exploration. Exploration activities planned for 2017 on the Wildcat Project include Induced Polarization ground geophysics and if warranted, reverse circulation drilling.
Under the terms of an Option Agreement ("the Agreement"), PEMC has the right to earn a 100% interest (subject to a 2% net smelter return royalty) in the Wildcat Property by issuing to the Optionor 2,000,000 common shares over a four-year period and incurring certain exploration expenditures on the Property as follows:
- Upon signing - No share issuance;
- Year 1 - Issuance of 200,000 common shares and minimum 10 line-km of Induced Polarization surveying;
- Year 2 - Issuance of 400,000 common shares and completion of 1 drill hole (RC or diamond);
- Year 3 - Issuance of 600,000 common shares;
- Year 4 - Issuance of 800,000 common shares.
Copper Star interest acquisition
PEMC is also pleased to announce that it has acquired a 50% interest in the Copper Star Project, located approximately 43 km southwest of Houston, in central British Columbia. Under the terms of a purchase agreement with Mr. Richard Billingsley, PEMC purchased a 50% interest in the Copper Star Project for a one-time cash payment of $15,000. As a result, PEMC and Divitiae Resources Ltd. ("Divitiae") each hold a 50% interest in the Copper Star Project with no underlying royalties.
Previous exploration programs on the Copper Star Project which included diamond drilling, geochemistry and geophysical surveys have identified multiple targets for further exploration. Drilling in 2001 by Doublestar Resources encountered copper porphyry style alteration assemblages locally associated with copper mineralization. Highlights include drill hole CS-07 intersected 142.3 metres grading 0.25% copper, while CS-02 intersected 97.5 metres of 0.08% copper with the hole bottoming in 0.56% copper.
PEMC intends to work towards a Joint Venture Agreement with Divitiae to be followed by a reverse circulation drill program during 2017.
The Company’s website is currently undergoing upgrades and will be updated in the coming weeks with maps and descriptions of the recently acquired projects.
PEMC management wishes to thank all of our shareholders for their continued support and is looking forward to an exciting year ahead.
This shareholder update does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States, or in any jurisdiction in which such an offer or sale would be unlawful. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any U.S. state securities laws, and may not be offered or sold in the United States or to the account or benefit of a "U.S. person" (as defined in Regulation S under the 1933 Act) or a person in the United States absent registration or an applicable exemption from the registration requirements.
Mr. Rory Ritchie, P.Geo is the Qualified Person as defined by National Instrument 43-101 who supervised the preparation of the technical data in this news release.
About Pacific Empire Minerals Corp.
PEMC is a private exploration company based in Vancouver, British Columbia, which is focused on the discovery of copper-gold deposits in politically stable jurisdictions with sound infrastructure. PEMC acquires exploration stage properties, and seeks partnerships and joint ventures to advance projects through to discovery. By providing business partners with the opportunity for discovery, PEMC is able to limit risk while maintaining exposure to discovery in numerous projects. Additional information, maps and diagrams have been compiled by PEMC and can be found on PEMC’s website at www.pemcorp.ca.
This shareholder update contains forward-looking statements and information within the meaning of applicable securities laws (collectively, "forward-looking statements"), including the United States Private Securities Litigation Reform Act of 1995. Statements in this shareholder update which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations and orientations regarding the future. Often, but not always, forward looking statements can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Such forward-looking statements include, among others, the Company's business model and property acquisition plans, the IPO being contemplated for 2017 and the uses of the Financing proceeds. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inability of the Company to implement its business plan and to find suitable partnerships and joint ventures, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, requirements for additional capital, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities and precious metals, lack of investor interest in the IPO, accidents, delays in obtaining governmental, securities regulatory authority or stock exchange permits or approvals, changes in laws, regulations and policies affecting mining operations, title disputes, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations.
Readers are cautioned not to place undue reliance on forward-looking statements. Except as otherwise required by law, the Company undertakes no obligation to update any of the forward-looking statements in this shareholder update or incorporated by reference herein.