• PEMC

Pacific Empire Announces Receipt of Stars Option Payment by M3 Metals

June 11, 2020

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 kilometres 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 M3, 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.

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 Stars 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 property 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.


“Brad Peters”
President and Chief Executive Officer

Pacific Empire Minerals Corp.
Tel: +1-604-356-6246


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.

Forward-Looking Statements
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