Pacific Empire Minerals (TSXV: PEMC) signed a non-binding letter of intent to grant 1111 Acquisition Corp. an exclusive option to earn up to a 70% interest in the Pinnacle copper-gold project in British Columbia, Canada.<\/p>\n
Pinnacle is located in central British Columbia, 50 kilometres west of Centerra Gold\u2019s Mt. Milligan mine and 20 kilometres north of the Pacific Empire\u2019s own Jean Marie copper-gold-silver-molybdenum project.<\/p>\n
According to the Pacific Empire, since 2014, Pinnacle has seen over $2 million in partner-funded exploration, as an IP survey over three target areas identified three areas of anomalous chargeability, two of which (Elbow and Sooner) were prioritized for follow-up diamond drill testing in 2015. Back then, anomalous gold intercepts were associated with sericite-biotite alteration at the Elbow Zone.<\/p>\n Since 2014, Pinnacle has seen over $2 million in partner-funded exploration<\/p>\n<\/blockquote>\n<\/figure>\n Under the terms of the LOI, 1111 Acquisition can earn a 70% interest by completing $5.7 million in exploration expenditures on the project, paying PEMC an aggregate of C$375,000 in cash payments and issuing 3.5 million common shares to PEMC by the fourth anniversary of the signing of the definitive agreement. <\/p>\n \u201cPEMC continues to pursue additional opportunities for partner-funded drilling on several projects while we advance our Jean Marie, Weedon and Worldstock projects,\u201d Brad Peters, president and CEO of Pacific Empire, said in a media statement. \u201cDrilling 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 six 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" 1111 Acquisition is the company interested in acquiring a 70% interest in the project.<\/p>\n","protected":false},"author":92,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[369],"tags":[43],"class_list":["post-1204130","post","type-post","status-publish","format-standard","hentry","category-miningcom","tag-exploration"],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1204130","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1204130"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1204130\/revisions"}],"predecessor-version":[{"id":1204192,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1204130\/revisions\/1204192"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1204130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1204130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1204130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n