It means that one is respecting another gentleman as an intelligent person in Western Canadian English.
Jack: "I want to go shopping at Value Village with my new girlfriend, who just came off the street with me."
Joe: "I've also got a girlfriend and I want to come with you. Peace mate."
Joe: "I've also got a girlfriend and I want to come with you. Peace mate."
by quacky758 July 19, 2012
Get the peace matemug. by madz awesome May 16, 2010
Get the peace to the worldmug. Pissing after jerking off
by Gatg March 15, 2015
Get the Inner Peacemug. Phrase that used to be used at funerals when someone passed away, is now used on social media to milk attention and pity from “followers” or “friends”, posted as if it is supposed to be said to the dead person who won’t see it.
by TheAlwaysCorrect1 February 5, 2023
Get the Rest in Peacemug. Noun: When a girl is blowing two guys at once, and the two dicks and her head make what looks like a peace sign.
A group of friends are talking about the weirdest sex they have had. Dave then explained how he and his friend Ian got into to a peace sign.
by HITHEREMAN^( February 19, 2017
Get the Peace signmug. by latrelljennings August 10, 2016
Get the World Peacemug. 
Get the Peace Brigademug.