Pacific Empire Minerals Corp (CVE:PEMC) (OTCQB:PEMSF) has revealed it is set to partner up to advance its Pinnacle copper-gold project in north-central British Columbia.
The prospect generator said it has inked a non-binding letter of intent to grant 1111 Acquisition Corp an exclusive option to earn up to a 70% interest in the 14,040-hectare asset.
READ: Pacific Empire mobilizes geophysical crew to Jean Marie project
"Our hybrid business model gives shareholders the opportunity to have partner-funded drilling in addition to PEMC-funded drilling, resulting in multiple ongoing drill programs and opportunities for discovery," Brad Peters, the CEO of Pacific Empire said in a statement.
"PEMC continues to pursue additional opportunities for partner-funded drilling on several projects while we advance our Jean Marie, Weedon and Worldstock projects. Drilling at Pinnacle in 1991 intersected intriguing copper and gold values at the Aplite Creek Zone while partner-funded and PEMC-funded drilling over the last 6 years revealed anomalous gold values over a wide area at the Elbow Zone, in addition to anomalous copper values. We are excited to have a very strong technical group advance the project and look forward to upcoming diamond drilling at Pinnacle in 2021," he added.
Pinnacle lies 50 kilometres (km) west of Centerra Gold's Mt. Milligan mine and 20 km to the north of the firm's own Jean Marie copper, gold, silver, moly project. Since 2014, the site has seen over C$2 million in partner-funded exploration and between that year and in 2017 a total of 14 diamond drill holes and four IP surveys were carried out on the project.
At the Elbow Zone, five of six diamond drill holes were sent to the lab and all five returned anomalous gold, highlighted by 94 metres grading 0.34 grams per ton (g/t) gold in one hole.
1111 Acquisition can earn 70% by completing C$5,700,000 in exploration on the project, paying Pacific Empire a total of C$375,000 in cash and issuing 3.5 million shares to PEMC by the fourth anniversary of inking a definitive agreement.
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