VANCOUVER, BRITISH COLUMBIA–(Marketwired – Aug. 19, 2016) – Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) (“Pacific Ridge” or the “Company”) provides an update on its 2016 field exploration programs.
TL Zinc Gravity Survey
The TL Zinc project acquisition was announced August 10, 2016. A gravity geophysical survey is currently underway, measuring gravity profiles along logging roads for a total length of approximately 6 km. The survey lines will provide three transects across the strong electromagnetic anomaly that was defined by a Fugro HELITEM airborne geophysical survey.
Mariposa Gold Mapping Project
The Company’s Mariposa project, covering the prolific Scroggie and Mariposa placer gold creeks, is located 30 km east of the Coffee Project, recently acquired from Kaminak by Goldcorp, and 40 km southeast of Kinross’ Golden Saddle deposit. The company has just completed a detailed mapping project that provides a structural and alteration framework and successfully ties together the main mineralized zones that are found within an 8 km by 5 km area.
Eureka Dome Gold Mapping and Sampling Project
Eureka Dome is road accessible, at the southern end of Yukon’s Klondike Gold District and in the heart of the White Gold District. The 2016 program, scheduled to commence within the next week, will include prospecting, geological mapping and soil sampling. The objective of the program is to define targets for drill testing.
The Company reports that it has granted 40,000 incentive stock options to a director of the Company. The options have an exercise price of $0.08 per share and a term of five years.
About Pacific Ridge
Pacific Ridge is a mineral exploration company with a successful history of over 30 years. It holds a well-located project portfolio in Yukon’s White Gold District, in the same geological environment as Goldcorp’s Coffee Gold Project and Kinross Gold’s White Gold deposit. Projects include the 280 km2Mariposa gold project, the 33 km2Eureka Dome property and the 49 km2Gold Cap property, adjoining the Kinross White Gold deposit.
The Company’s 100 percent owned Fyre Lake copper-gold-cobalt massive sulphide project in the Yukon’s Finlayson Lake District has been defined by 115 holes totaling over 23,200 metres of diamond drilling. A NI 43-101 compliant mineral resource estimate of the Kona Deposit reported in 2006 includes an indicated mineral resource of 3.571 million tonnes grading 1.57% copper, 0.10% cobalt and 0.61 gpt gold at a 1% copper cut-off grade. In addition, an inferred mineral resource, at the same cut-off grade, includes 5.361 million tonnes grading 1.48% copper, 0.08% cobalt and 0.53 gpt gold. These estimates were prepared by D. Blanchflower, P.Geo., of Minorex Consulting Ltd., who is the qualified person for this purpose. The Company is considering a number of options for further development of the Fyre Lake project.
On behalf of the Board of Directors,
Gerald G. Carlson, President & CEO
Pacific Ridge Exploration Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The technical information contained within this News Release has been reviewed and approved by Gerald G. Carlson, Ph.D., P.Eng., President and CEO of Pacific Ridge and Qualified Person as defined by National Instrument 43-101 policy.
Forward-Looking Information: This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address exploration drilling and other activities and events or developments that Pacific Ridge Exploration Ltd. (“Pacific Ridge”) expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the placements and future exploration plans and expenditures. Although Pacific Ridge believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of Pacific Ridge and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Pacific Ridge’s proposed transactions and programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Pacific Ridge does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Gerald G. Carlson
President & CEO