Paget Minerals has signed an option agreement with Pembrook Mining to acquire a 100% interest in Pembrook's Ball Creek copper-gold-molybdenum-silver (Cu-Au-Mo-Ag) property in northwestern British Columbia, Canada.

The Ball Creek property comprises 144 claims, covers over 47,200 hectares in the Iskut copper-gold Belt of northwestern British Columbia and is central to three major mine development projects that include Galore Creek (NovaGold/Teck Resources), Red Chris (Imperial Metals) and Schaft Creek (Copper Fox).

Previous exploration has found a number of highly prospective porphyry and epithermal targets situated within the claim block, including four porphyry Cu-Au-Mo-Ag systems (Ball Creek, Mess Creek, North More and North Rainbow), and four epithermal Gold-Silver systems (Lower Rainbow, Upper Rainbow, Rojo Grande and HP).

The option agreement requires a minimum C$3m spending commitment over a maximum period of 48 months, which Paget intends to use to follow-up historical mapping, sampling and drilling and establish and complete new drilling programs focused on developing a resource.

After exercise of the option, Paget will be obligated to make a payment of C$2m to Pembrook upon completion of a NI 43-101 compliant technical report defining a minimum one million ounce gold or gold equivalent indicated and inferred mineral resource; and pay a final C$2m to Pembrook upon completion of a positive feasibility study.