Vancouver, British Columbia–(Newsfile Corp. – May 16, 2018) – Pacific Ridge Exploration Ltd. (TSXV: PEX) (“Pacific Ridge” or the “Company”) is pleased to announce that six of its projects will see active exploration programs during the 2018 field season.
Spius Cu-Mo-Au Porphyry, BC: The Spius property was explored for its porphyry copper potential in the 1960’s and early 1970’s. Exploration focused on a gossan area where work included an IP survey, trenching and 27 percussion and core drill holes located around the periphery of the current area of interest. The drilling was shallow, with none of the drill holes exceeding 100 m. Most of the records from this early exploration work have been lost, including the drill logs. Soil sampling has defined an anomalous zone, approximately 500 m by 1,000 m, with copper values ranging from 500 to 5,320 ppm, open to the south. Two recently collected float samples of porphyry style mineralization with disseminated chalcopyrite and bornite assayed 2.53% Cu and 1.43% Cu. A 1969 assessment report noted that a drill hole on the edge of this anomaly ended in 8 feet (191 to 199 ft.) of 0.4% Cu. Plans for the 2018 field season include an IP survey to update and expand the earlier survey, additional soil sampling and geological mapping. The results of this work will be used to define targets for a drill program.
RC Gold, Yukon: The target at RC Gold is an Intrusion Related Gold deposit similar to Dublin Gulch, Brewery Creek and Red Mountain in Yukon and Fort Knox, True North, Pogo and Donlin Creek in Alaska. The property is road accessible, at the headwaters of Clear Creek, in the heart of the Tintina Gold Belt. The 2017 program at RC Gold defined four priority targets. The planned 2018 program will focus in these areas with detailed mapping, sampling and an IP geophysical survey.
Gold Cap, Yukon: Gold Cap covers a geologic setting for White Gold style mineralization, similar to White Gold’s Golden Saddle deposit, 6 km to the southwest (Indicated Mineral Resource of 961,000 gold ounces within 12,324,000 tonnes at 2.43 g/t gold and Inferred Mineral Resource of 282,500 gold ounces within 5,157,000 tonnes at 1.70 g/t gold – White Gold news release from March 5, 2018). The main target at Gold Cap is a gold soil anomaly. The Company’s 2018 program will include detailed mapping and prospecting and a deep penetrating GT Probe soil sampling program.
Eureka Dome, Yukon: Eureka Dome is a road accessible gold project within the Yukon’s White Gold District. The property was recently optioned to Trifecta Gold Ltd. and they will be carrying out a sampling, prospecting and mapping program in 2018, possibly followed by drilling.
Mariposa, Yukon: The geological setting at Mariposa is similar to the White Gold and Coffee properties in terms of the host lithologies, structural controls, brittle style of deformation and the nature of the gold mineralization. Prior exploration identified an open-ended seven km long horizon of altered, pyrite-bearing quartz mica schist in the Skookum Zone area of the property. The property is under option to Four Nines Gold Inc., who will be continuing their program of trenching and sampling, with a focus on the Hackly Gold target.
Fyre Lake, Yukon: Fyre Lake hosts a “Besshi-type” copper-cobalt-gold volcanogenic massive sulphide mineralization. Exploration to date has partially drill defined the Kona massive sulphide deposit and outlined two satellite targets with potential for additional VMS deposits. BMC Metals can exercise their option to purchase a 100% interest in Fyre Lake by paying $2,420,000 in January 2019. BMC will be continuing their evaluation of Fyre Lake in 2018, including re-logging all the historical drill core.
Gerry Carlson, President and CEO commented: “I am pleased to see an active 2018 field program on our Yukon and BC projects that I am confident will lead to the definition of quality drill targets. The Company has been approved for two Yukon Mineral Exploration Program grants of up to $40,000 each to be applied to its programs on the Gold Cap and RC Gold projects.”
About Pacific Ridge
Pacific Ridge has assembled a portfolio of highly-prospective gold and base metal projects located in the Yukon and British Columbia, where its board and management team have a track record of success. Its holdings include the Mariposa, Eureka Dome and Gold Cap gold exploration projects in the Klondike-White Gold District, RC Gold in the Tintina Gold Belt, Fyre Lake in the Finlayson District and Spius Cu-Mo-Au porphyry TL Zinc in southern British Columbia.
On behalf of the Board of Directors,
“Gerald G. Carlson“
Gerald G. Carlson
President & CEO
Pacific Ridge Exploration Ltd.
For further information, contact:
Pacific Ridge Exploration Ltd.
Gerald G. Carlson
President & CEO
Tel: (604) 687-4951
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 exercise of the options 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, that one of the options will be exercised, 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 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.