VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 12, 2015) – Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) (“Pacific Ridge” or the “Company”) reports results from its 12 hole, 655.3 m rotary air blast (“RAB”) drill program at its Mariposa, White Gold District, Yukon gold property. The results demonstrate continuity of mineralized structures to shallow depth for a strike length of 125 m within the Skookum Main mineralized zone.
Skookum Main is a priority target at Mariposa. Previous drill hole 11MP-01 intersected 2.44 grams per tonne (“gpt”) gold over 38.9 m, including 6.44 gpt gold over 11.1 m, as well as a deeper intersection of 6.51 gpt gold over 3.2 m. This was below trench SJ-02 which intersected 1.25 gpt Au over 30 m within a 150 m interval of 0.492 gpt Au. The current RAB program demonstrated the presence of two semi-continuous, higher grade gold structures within the broader, N60°E trending Skookum Main gold zone. The structures appear to dip approximately 50° to the SE and thus the intervals in the table below are interpreted to be close to true thickness.
|Summary Results – 2015 RAB Program|
The Company is pleased with the RAB drill program as a relatively inexpensive, shallow exploration tool and will be reviewing the results in detail to determine appropriate plans for ongoing exploration of the Skookum Main zone. The Company will also consider plans to explore other targets at Mariposa with the RAB drill. A plan map showing the location of the RAB drill collars and selected cross sections can be viewed on the Company’s web site. A report describing the program will be posted on the web site as soon as it is available.
The Company is eligible for a $40,000 contribution for its work on Mariposa in 2015 from the Yukon government’s YMEP exploration program.
About the RAB Drill Program
The program was carried out under the supervision of Gerald Carlson, President of the Company. Ground Truth Exploration of Dawson was drill contractor and program manager. Samples were analyzed by Bureau Veritas Commodities Canada Ltd. in Vancouver. Samples were bagged, security tagged in the field and shipped to the assay lab at the end of the program. Standards, duplicates and blanks were inserted into the sample stream for QA/QC purposes. The analytical method included crushing the samples and separating a 250 g split for pulverizing. A 30 g portion was fire assayed for Au with AA finish while a 0.25 g split was subjected to a four acid digestion and analyzed for a suite of 45 trace elements by ICP-MS.
John Brock, Chairman and Gerry Carlson, President and CEO will be attending the annual Yukon Geoscience Forum in Whitehorse November 14 to 17, where Mr. Brock will be the Keynote Speaker at the annual Geoscience Banquet and the Company will be displaying drill core from its Mariposa property.
The Company has terminated its option on the Sophie property.
About Pacific Ridge (see also http://www.pacificridgeexploration.com)
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 Kaminak Gold’s Coffee Gold Project and Kinross Gold’s White Gold deposit. The Company’s 280 km2 Mariposa gold project covers the prolific Scroggie and Mariposa placer gold creeks located east of the Coffee Gold Project. Mariposa has seen a $6 million program of soil sampling, trenching and drilling carried out over the past five years. In addition the Company’s 49 km2 Gold Cap property adjoins the Kinross White Gold deposit and the 33 km2 Eureka Dome property is drained by several placer gold bearing creeks.
The Company’s 100 percent owned Fyre Lake copper-gold-cobalt massive sulphide project in the Yukon’s Finlayson Lake District is under option to MinQuest Limited (“MinQuest”), a publicly listed Australian company. 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 grams gold per tonne 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 grams gold per tonne. These estimates were prepared by D. Blanchflower, P.Geo., of Minorex Consulting Ltd., who is the qualified person for this purpose. MinQuest is now preparing for a 2015 through 2016 exploration program at Fyre Lake that is planned to include geological mapping, soil sampling and infill and extensional drilling with the objective of increasing the size of the Kona resource. MinQuest also plans to test priority drill targets within the Fyre Lake Property that hold potential for discovery of additional copper-gold massive sulphide mineralization.
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