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.