Pacific Empire Minerals Corp (CVE:PEMC) (OTCQB:PEMSF) reported that it has signed a definitive agreement with CAVU Mining Corp, granting the company an exclusive option to earn up to a 100% interest in Pacific Empire’s 3,070-hectare Kitimat Copper-Gold Project in British Columbia.
Under the terms of the agreement, CAVU can earn a 100% interest in the project by completing C$1.0 million in exploration expenditures on the project, as well as paying Pacific Empire Minerals C$390,000 in cash plus 1.325 million CAVU common shares by the third anniversary of the signing of the agreement.
“The proximity of the Kitimat property to a deep-water port is an important advantage,” said Pacific Empire Minerals CEO Brad Peters in a statement.
He added: “We look forward to following the progress of CAVU as they advance the Kitimat property in 2021.”
READ: Pacific Empire Minerals is a prospect generator, primed and poised for discovery this year in British Columbia
The company noted that the planned work program will be developed in the coming months by CAVU Mining and will build upon previous drilling, geophysical and geochemical sampling programs completed by Pacific Empire and previous operators.
The Kitimat Copper-Gold Project is an exploration stage porphyry copper-gold prospect with previous work that consisted of 38 diamond drill holes totaling over 6,000 meters, soil, rock and silt surveys, airborne Mag-EM and IP surveys, trenching, and detailed mapping of over 1,000 rock exposures.
Historic drill results at Kitimat included 105 metres grading 0.60% copper and 1.15 grams per tonne (g/t ) gold.
Pacific Empire Minerals is a prospect generator with its exploration activities focused in British Columbia, Canada. The company’s current focus is on its optioned Jean Marie project, a large copper property 50 kilometres west of Centerra Gold's Mt. Milligan copper-gold mine in central British Columbia.
Recent rock sample assays at Jean Marie included 8.79 g/t gold, 86.6 g/t silver and 1.74% copper at the newly-identified Leap target.
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