Pacific Empire Minerals Corp (CVE:PEMC) (OTCQB:PEMSF) has inked a binding agreement to partner up on its Pinnacle copper-gold project in north-central British Columbia.
The deal was first reported in August this year and has now been sealed. 1111 Acquisition Corp will receive an exclusive option to earn up to a 70% interest in the 14,040 hectare asset.
READ: Pacific Empire Minerals options its Kitimat project in British Columbia to CAVU Mining
"We are excited to have a very strong technical team advancing the Pinnacle property during a period of resurgent copper prices and increasing activity in this area," said Brad Peters, CEO of prospect generator Pacific Empire, in a statement.
"With the recent merger of Serengeti Resources and Sun Metals, in addition to the arrival of Australian miner South 32 to this mining camp, it looks as though this will be a busy area over the coming months and years."
Under the terms, 1111 Acquisition can earn 70% interest by spending C$5.7 million on exploration, paying Pacific Empire a total of C$375,000 in cash and issuing 3.5 million shares by the fourth anniversary of the signing of the definitive deal.
Pacific Empire will retain a 30% free-carried interest in the project up until 1111 Acquisition publishes a NI 43-101 pre-feasibility study.
After that, the pair will form a joint venture, with 1111 Acquisition holding a 70% stake and PEMC holding 30%.
Contact the author at giles@proactiveinvestors.com