Pacific Empire Minerals Corp (TSXV:PEMC) (OTCQB:PEMSF), the British Columbia-focused prospect generator, announced Tuesday that it has inked an option agreement to acquire a 100% interest in the Topley Richfield property in the Babine Copper-Gold Porphyry district in British Columbia.
The property covers 2,270 hectares and is contiguous with Pacific Empire’s Bulkley property 45 kilometers south of the past-producing Bell and Granisle copper-gold porphyry deposits.
According to the agreement, the company will pay $190,000 in total by the time the fourth year anniversary of the acquisition rolls around. To start with, the company will pay $10,000 on signing the pact.
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 million.
The acquisition remains subject to approval of the TSX Venture Exchange. Any securities issued under the option agreement will be subject to a statutory hold period of four months and one day from the date of issuance.
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, started in 1927.
Historical production and exploration was focused on a polymetallic vein system which remains open along strike to the south, and open down plunge. Pacific Empire has identified peripheral copper, both plus and minus gold porphyry targets to the east and west of the polymetallic vein system that remain underexplored.
Pacific Empire engages in the acquisition and exploration of copper-gold porphyry and mineral exploration properties in Canada.
Contact Uttara Choudhury at [email protected]