May 14, 2019 - 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 is pleased to announce it has entered into an option agreement to acquire a 100% interest in the Topley Richfield Property located in the Babine Copper-Gold Porphyry district in central British Columbia. The Topley Richfield Property covers 2,270 hectares and is contiguous with PEMC’s Bulkley Property located 45 km south of the past-producing Bell and Granisle copper-gold porphyry deposits.
About the Topley Richfield Property
Historical work conducted on the Topley Richfield Property includes over 10,000 metres of drilling, multiple ground based geophysical and geochemical surveys, and historical production from two underground levels, initiated in 1927. Historical production and exploration was focused on a polymetallic (Au-Ag-Cu-Pb-Zn) vein system which remains open along strike to the south, and open down plunge. PEMC has identified peripheral copper ± gold porphyry targets to the east and west of the polymetallic vein system that remain underexplored to date.
Details with respect to the consideration payable for the Topley Richfield Property acquisition are as follows:
Table 1. Option agreement terms.
|Timing||Cash Payments *||Share issuances|
|First anniversary of Effective Date||$30,000||200,000|
|Second anniversary of Effective Date||$50,000||200,000|
|Third anniversary of Effective Date||$50,000||200,000|
|Fourth anniversary of Effective Date||$50,000||300,000|
The vendors of the property will be granted a 3% net smelter royalty (“NSR”). The Company may purchase the NSR, in whole or in part at any time, with each 1.0% purchasable for $1,000,000. For clarity, the NSR Royalty may be purchased by the Optionee in full at any time for $3,000,000.
* Dollar amounts expressed in Canadian dollars
This property acquisition remains subject to approval of the TSX Venture Exchange. Any securities issued as consideration under this option agreement will be subject to a statutory hold period of four months and one day from the date of issuance.
About the Babine Copper-Gold Porphyry District
The most significant deposits and occurrences in the Babine Lake area are temporally and spatially related to Eocene (50 Ma) Babine intrusions. These host more than a dozen deposits and occurrences in addition to the past producing Bell and Granisle open-pit mines which processed 130 million tonnes with average recovered grades of 0.40% copper and 0.15 g/t gold between 1966 and 1992.
Babine intrusions occur as small stocks, plugs and dike swarms emplaced along northwest-trending regional faults developed in arc-derived Mesozoic volcanic and sedimentary assemblages. The dominant host rock for copper-gold mineralization is a distinctive, fine- to medium-grained, crowded biotite feldspar porphyry (BFP) of granodiorite composition. Copper-gold mineralization occurs as chalcopyrite and bornite within narrow quartz-filled fractures and stockworks and as disseminations within and marginal to BFP intrusions.
Although most of the known porphyry deposits and occurrences were found by basic prospecting and stream sediment geochemistry, subsequent exploration in the Babine area has been hampered by extensive glacial overburden cover.
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,
President and Chief Executive Officer
Pacific Empire Minerals Corp.
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.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation, are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and 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 management's beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.