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Pacific Empire to increase copper-gold landholding, create Paragon project

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Pacific Empire to increase copper-gold landholding, create Paragon project

Pacific Empire Minerals Corp. entered an option to fully acquire of the Sat property in the Babine copper-gold porphyry district in central British Columbia.

The company is to pay a total of C$65,000 cash and issue 500,000 shares within four years for the 50-square-kilometer property.

The vendors hold a 1% net smelter royalty, half of which can be purchased at any time for C$500,000, according to the Dec. 20 release.

Pacific Empire President Brad Peters said that the acquisition will increase the company's land position in the Babine area to over 15,000 hectares.

In a Dec. 18 release, Pacific Empire said it entered an option with a group of vendors and consolidated a land position of over 90 square kilometers in the Babine porphyry district.

The company will pay a total of C$65,000 cash and issue 500,000 shares within four years to acquire six claims covering 630 hectares, according to the Dec. 18 release.

The vendors hold a 2% net smelter royalty, half of which can be purchased at any time for C$1.50 million.

Pacific Empire will combine the 6 claims with the recently-optioned Nilkitkwa property, and its Wasp property to create the Paragon project.

The 9,099-hectare project will cover four copper-gold prospects, including Rebinsky, HOL, Wasp and Big Joe, and is located within 30 kilometers of three additional copper-gold porphyry deposit.

The company plans to develop and refine targets at Paragon for intended drill testing in 2019.