Pacific Empire Minerals inks deal to sell its Stars copper project stake in British Columbia

Pacific Empire Minerals Corp (PEMC) said it has agreed to sell its 50% interest in the Stars copper porphyry project in British Columbia to Aurwest Resources Corporation.

PEMC will receive C$350,000 in cash and retain a 2% net smelter return royalty (NSR) on all minerals produced from the 2,136 hectare Stars project, which is contiguous to Aurwest’s Stellar property.

“This allows PEMC to retain a significant interest in the Stars property while we focus on our flagship Jean Marie Property,” Pacific Empire Minerals CEO Brad Peters said in a statement.  

READ: Pacific Empire completes airborne geophysical survey and soil sampling at Jean Marie project in British Columbia   

“PEMC acquired a 50% interest in the Stars property in 2017 for $15,000 and since that time the property has seen partner-funded exploration that included airborne magnetics and 6,883 metres of diamond drilling highlighted by 204 metres grading 0.45% copper, 0.045 grams per tonne (g/t) gold, 1.64 g/t silver, 0.0048% molybdenum in hole DD18SS004,” Peters added.

PEMC noted that Aurwest will have the right to repurchase, at any time, 1.0% of the NSR for C$1 million.

The transaction is expected to close on September 30, 2021.

Pacific Empire Minerals is currently developing its flagship Jean Marie project, a large copper property 50 kilometres west of Centerra Gold’s Mt. Milligan copper-gold mine in central British Columbia. 

Contact Sean at [email protected]

Story by ProactiveInvestors