Pacific Empire Minerals (TSXV: PEMC) announced it has entered into an option agreement to acquire a 100% interest in the Jean Marie project in central British Columbia, Canada.
To become the sole owner of Jean Marie, Pacific Empire has to make a total cash payment of $675,000, issue 1,500,000 shares and commit $2.7 million to advance the project in the course of five years.
Jean Marie is a 6,300-hectare copper-gold-silver-molybdenum porphyry project located 50 kilometres west of Centerra Gold’s Mt. Milligan copper-gold mine.
Historical work conducted on the property includes over 10,000 metres of drilling and dozens of ground-based geophysical and geochemical surveys, with the majority of exploration being completed by Cominco Ltd. between 1970 and 1974.
Historical drilling highlights include drill hole J97-11 which intercepted 184 m @ 0.33% Cu, including 27 m @ 1.2% Cu, and the presence of three discrete zones, each with indicators showing higher grade potential.
“The presence of several mineralized zones and exploration targets along and adjacent to the Jean Marie fault is highly encouraging and suggests there is a mineralized system of significant size on the property,” Brad Peters, Pacific Empire’s president and CEO, said in a media statement.