December 20, 2018 - 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 Sat Property located in the Babine Copper-Gold Porphyry district in central British Columbia. The Sat Property covers 50 square kilometers and is within 15 km of the past-producing Bell and Granisle copper-gold porphyry deposits.
About the Sat Property
Historical work conducted on the Sat Property includes over 3,000 metres of diamond drilling, 180 line-km of induced polarization surveys, collection of over 3,500 soil geochemical samples and ground and airborne geophysics. Historical drilling focused on was has been interpreted as a “pyrite halo”, measuring approximately 1,200 x 600 metres. Drilling encountered biotite-feldspar porphyry dikes and sills which intrude moderately to intensely chlorite-epidote-calcite altered andesitic volcanics, argillite and basalt. Anomalous copper values are present in several holes, though intercepts indicating a potentially economic deposit have not been encountered to date.
Thorough data compilation and review has outlined several target areas untested by drilling, the most significant of which is situated adjacent to the interpreted pyrite halo where bedrock exposures are obscured by glacial overburden. A network of logging roads make the Property ideally suited for PEMC’s reverse circulation drill.
Details with respect to the consideration payable for the Sat Property acquisition are as follows:
Table 1. Option agreement terms.
|Timing||Cash Payments *||Share issuances|
|First anniversary of Effective Date||$5,000||50,000|
|Second anniversary of Effective Date||$10,000||100,000|
|Third anniversary of Effective Date||$20,000||150,000|
|Fourth anniversary of Effective Date||$25,000||200,000|
The vendors of the property hold a 1% net smelter royalty (“NSR”). The Company may purchase one half of the NSR at any time from the vendors for $500,000. *
* 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.
Figure 1. Location map – Sat Property.
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% 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.
Pacific Empire’s President, Brad Peters, added: “The addition of the Sat Property increases our land position in the Babine Copper-Gold Porphyry District to over 15,000 hectares with numerous drill targets. We intend to focus our 2019 exploration efforts in this area, though we will continue to advance other projects in our portfolio.”
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.
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