Pacific Ridge to Acquire Portfolio of U.S. Copper Porphyry Projects
Pacific Ridge Exploration has entered into option agreements with Bronco Creek Exploration (BCE), a subsidiary of EMX Royalty , to acquire a portfolio of copper and gold projects in the United States. The agreement includes exclusive options to acquire 100% interest in four projects: Mineral Hill (Wyoming), Red Star (Utah), Ripsey West (Arizona), and Royston (Nevada).
The acquisition positions Pacific Ridge as one of North America's leading copper exploration companies, with projects in premier mining districts. The company plans to spin out its Yukon gold projects to create a new North American gold-focused exploration company. The new projects are all road accessible, allowing year-round exploration, and are located in mining-friendly states that rank highly in the Fraser Institute's 2023 annual mining survey.
Pacific Ridge Exploration ha stipulato accordi di opzione con Bronco Creek Exploration (BCE), una filiale di EMX Royalty, per acquisire un portafoglio di progetti di rame e oro negli Stati Uniti. L'accordo include opzioni esclusive per acquisire il 100% di interesse in quattro progetti: Mineral Hill (Wyoming), Red Star (Utah), Ripsey West (Arizona) e Royston (Nevada).
Questa acquisizione posiziona Pacific Ridge come una delle principali aziende di esplorazione di rame in Nord America, con progetti in distretti minerari di primo piano. L'azienda prevede di scorporare i suoi progetti d'oro nello Yukon per creare una nuova società di esplorazione focalizzata sull'oro in Nord America. I nuovi progetti sono tutti raggiungibili su strada, consentendo esplorazioni durante tutto l'anno, e si trovano in stati favorevoli all'industria mineraria che occupano posizioni elevate nel sondaggio annuale 2023 del Fraser Institute.
Pacific Ridge Exploration ha firmado acuerdos de opción con Bronco Creek Exploration (BCE), una subsidiaria de EMX Royalty, para adquirir una cartera de proyectos de cobre y oro en los Estados Unidos. El acuerdo incluye opciones exclusivas para adquirir el 100% de interés en cuatro proyectos: Mineral Hill (Wyoming), Red Star (Utah), Ripsey West (Arizona) y Royston (Nevada).
Esta adquisición posiciona a Pacific Ridge como una de las principales empresas de exploración de cobre en América del Norte, con proyectos en distritos mineros de primer nivel. La empresa planea escindir sus proyectos de oro en Yukon para crear una nueva compañía de exploración enfocada en el oro en América del Norte. Los nuevos proyectos son accesibles por carretera, lo que permite la exploración durante todo el año, y están ubicados en estados favorables a la minería que ocupan posiciones destacadas en la encuesta anual 2023 del Fraser Institute.
Pacific Ridge Exploration는 EMX Royalty의 자회사인 Bronco Creek Exploration (BCE)와 미국 내 구리 및 금 프로젝트 포트폴리오를 인수하기 위한 옵션 계약을 체결했습니다. 이 계약은 네 개의 프로젝트에서 100%의 지분을 인수할 수 있는 독점 옵션을 포함합니다: Mineral Hill (와이오밍), Red Star (유타), Ripsey West (애리조나), Royston (네바다).
이번 인수로 Pacific Ridge는 북미의 주요 구리 탐사 회사 중 하나로 자리잡게 되며, 주요 광산 지역에서 프로젝트를 진행하게 됩니다. 이 회사는 유콘의 금 프로젝트를 분리하여 북미의 금 탐사에 초점을 맞춘 새로운 회사를 만들 계획입니다. 새로운 프로젝트는 모두 도로 접근이 가능하여 연중 탐사가 가능하며, 프레이저 연구소의 2023년 연례 광산 조사에서 높은 순위를 기록한 광산 친화적인 주에 위치하고 있습니다.
Pacific Ridge Exploration a signé des accords d'option avec Bronco Creek Exploration (BCE), une filiale de EMX Royalty, pour acquérir un portefeuille de projets de cuivre et d'or aux États-Unis. L'accord comprend des options exclusives pour acquérir 100 % des intérêts dans quatre projets : Mineral Hill (Wyoming), Red Star (Utah), Ripsey West (Arizona) et Royston (Nevada).
Cette acquisition positionne Pacific Ridge comme l'une des principales entreprises d'exploration de cuivre en Amérique du Nord, avec des projets dans des districts miniers de premier plan. L'entreprise prévoit de scinder ses projets d'or du Yukon pour créer une nouvelle société d'exploration axée sur l'or en Amérique du Nord. Les nouveaux projets sont tous accessibles par la route, permettant une exploration tout au long de l'année, et sont situés dans des États favorables à l'industrie minière qui obtiennent de bons classements dans le sondage annuel 2023 de l'Institut Fraser.
Pacific Ridge Exploration hat Optionen mit Bronco Creek Exploration (BCE), einer Tochtergesellschaft von EMX Royalty, zur Übernahme eines Portfolios von Kupfer- und Goldprojekten in den Vereinigten Staaten vereinbart. Die Vereinbarung umfasst exklusive Optionen zur Übernahme von 100% der Anteile an vier Projekten: Mineral Hill (Wyoming), Red Star (Utah), Ripsey West (Arizona) und Royston (Nevada).
Durch die Übernahme positioniert sich Pacific Ridge als eines der führenden Kupferexplorationsunternehmen in Nordamerika mit Projekten in erstklassigen Bergbaubezirken. Das Unternehmen plant, seine Goldprojekte im Yukon auszugliedern, um ein neues, auf Gold fokussiertes Explorationsunternehmen in Nordamerika zu gründen. Die neuen Projekte sind alle straßenerreichbar, was eine ganzjährige Erkundung ermöglicht, und befinden sich in bergbaufreundlichen Bundesstaaten, die im jährlichen Bergbaubericht 2023 des Fraser Institute hoch eingestuft sind.
- Expansion into top-ranked mining jurisdictions (Utah #1, Nevada #2, Arizona #7 globally)
- Portfolio diversification with 100% interest option in four new projects
- Year-round exploration access due to road accessibility
- Strategic positioning as a leading North American copper exploration company
- Value creation through planned spin-out of gold projects
- None.
Insights
The acquisition portfolio significantly strengthens Pacific Ridge's position in the copper exploration sector. The four new projects are strategically located in top-tier mining jurisdictions - Utah (ranked 1st), Nevada (2nd) and Arizona (7th) according to the Fraser Institute's 2023 survey. This geographic expansion provides year-round exploration capabilities and reduced operational seasonality compared to their existing Canadian assets.
The deal structure appears to be option-based, which typically allows for staged payments and work commitments, helping manage capital allocation while maintaining exploration momentum. For EMX Royalty, this transaction aligns with their prospect generation business model, likely including retained royalty interests that provide future revenue potential without operational costs.
The spin-out of gold assets to create a separate entity is a smart strategic move that should help unlock shareholder value by creating two pure-play vehicles - one focused on copper and another on gold. This structure often appeals to investors seeking focused exposure to specific commodities and can lead to better market valuations.
This transaction positions Pacific Ridge to capitalize on the growing copper demand driven by electrification and renewable energy trends. Copper's fundamental outlook remains strong due to its critical role in green technologies, with many analysts projecting significant supply deficits by 2030.
The portfolio diversification across multiple jurisdictions in the American Southwest is particularly valuable given the region's rich history of large-scale porphyry copper discoveries. These areas host world-class deposits like Resolution (Arizona), Bingham Canyon (Utah) and several major Nevada operations.
The timing of this acquisition is strategic given the current market dynamics. With copper prices projected to strengthen and major miners actively seeking new projects, Pacific Ridge could become an attractive target for larger companies looking to replenish their project pipeline. The combination of eight porphyry copper projects across North America creates a compelling exploration portfolio with significant optionality value.
Vancouver, British Columbia--(Newsfile Corp. - January 8, 2025) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) (FSE: PQWN) ("Pacific Ridge" or the "Company") is pleased to announce that the Company entered into option agreements with Bronco Creek Exploration Inc. ("BCE") on January 7, 2025 (the "Effective Date"), a wholly owned subsidiary of EMX Royalty Corporation ("EMX") (NYSE: EMX) (TSXV: EMX) (FSE: 6E9), to acquire a portfolio of copper and gold projects located in the United States (the "Agreements").
Highlights:
- Exclusive option to acquire a
100% interest in four projects: the Mineral Hill gold project ("Mineral Hill"), located in Wyoming; the Red Star copper project ("Red Star"), located in Utah; the Ripsey West copper project ("Ripsey West"), located in Arizona; and, the Royston copper project ("Royston"), located in Nevada (each a "Project", together, "Projects").
- Diversification of the Company's existing porphyry copper project portfolio to create one of North America's leading copper exploration companies with projects located in premier copper mining districts in America and Canada.
- Plans to unlock shareholder value by spinning out Pacific Ridge's gold projects in the Yukon, the Mariposa gold project ("Mariposa"), the Eureka Dome gold project ("Eureka"), and the Gold Cap project ("Gold Cap"), and the Mineral Hill gold project ("Mineral Hill") to create a new North American gold focused exploration company.
"We are very pleased to have come to an agreement with EMX to acquire this portfolio of highly prospective copper and gold projects located in the U.S.," said Blaine Monaghan, President and CEO of Pacific Ridge. "With the option to acquire Red Star, Ripsey West, and Royston, we have diversified our existing copper porphyry project portfolio to become one of North America's leading copper exploration companies. All of these projects are road accessible, where we can conduct exploration year-round, and are located in mining-friendly states. In fact, according to the Fraser Institute's 2023 annual mining survey, Utah was the top jurisdiction in the world, Nevada was 2nd, and Arizona was 7th. Further, BCE's exceptional technical team have already developed exploration models and targets that are ready to be drill tested."
The addition of these Projects to Pacific Ridge's portfolio expands the Company's footprint into areas that include some of the world's largest porphyry copper mines and complement Pacific Ridge's existing portfolio of porphyry copper projects in B.C.: the Chuchi copper-gold project, the Kliyul copper-gold project, the Onjo copper-gold project, the RDP copper-gold project, and the Redton copper-gold project. The Company now owns or controls eight porphyry copper projects in premier copper mining districts in America and Canada (see Figure 1).
Figure 1
Location of Pacific Ridge's Copper Projects
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/236360_6c62b9bca4857830_001full.jpg
About the Projects
Mineral Hill
Mineral Hill is over 902 hectares in size (comprising 19 patented lode and placer claims, and 177 unpatented federal lode mining claims) and is located in eastern Wyoming in the Black Hills gold province, which has produced more than 40 million ounces of gold from the Homestake gold mine alone1 (see Figure 2). Tertiary alkalic intrusive centers and domes follow an 80 km-long WNW-trending belt across the Black Hills. Low- to intermediate-sulfidation epithermal gold-silver mineralization is currently being mined 18 km east of Mineral Hill at Coeur Mining, Inc.'s Wharf mine. Targets at Mineral Hill include high-grade epithermal gold veins and disseminated and stockwork veined porphyry gold-copper mineralization. The Company believes Mineral Hill represents a fully intact upright alkalic porphyry gold-copper system and near-surface epithermal transition zone that is associated with a 3 x 2 km composite alkaline intrusive centre. Known gold-copper mineralization at historical Interocean mine is related to cross-cutting quartz-sulfide veins in a 300-m-long north-south trending corridor that has been drill-tested to about 200 m vertical depth and remains open in every direction. Epithermal gold target areas lie 600-750 m west and southwest of the Interocean zone.
Figure 2
Mineral Hill Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/236360_6c62b9bca4857830_002full.jpg
Red Star
Red Star is approximately 3,005 hectares in size (398 unpatented federal lode mining claims) and is adjacent to the Star mining district, Utah (See Figure 3). Surface alteration and mineralization suggests the presence of a porphyry copper system beneath post-mineral cover composed of volcanics and alluvium. Polymetallic (Pb-Zn-Ag-Cu-Au) fissure veins, mantos, and local Zn-rich skarn are hosted in east-tilted and fault-repeated Paleozoic carbonate rocks in the Star mining district. These fissure veins may be analogous to fissure veins found in the periphery of the Bingham and Tintic districts. Red Star also shares a similar regional geophysical signature with Bingham and Tintic porphyry copper deposits, each lying within ENE-trending aeromagnetic domains considered to be representative of Tertiary batholiths (see Figure 3). The timing of Tertiary magmatism in Utah youngs southward such that the age of an undiscovered porphyry system at Red Star would likely be ~34-27 Ma.. At Red Star, known polymetallic fissure veins and replacement mantos, and a copper-zinc skarn occurrence (Moscow mine), define a WSW-trending vector towards a 2.0 x 1.5 km porphyry target area with anomalous geophysics (Spartan IP-MT and UAV magnetics). The primary target zone starts about 1.5 km west of the Moscow mine skarn.
Figure 3
Red Star Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/236360_6c62b9bca4857830_003full.jpg
Ripsey West
Ripsey West is over 2,161 hectares in size (comprising 36 unpatented federal lode mining claims and eight Arizona state leases) and is located 23 km south of the Ray Mine in Arizona (see Figure 4). The principal target at Ripsey West is a high-grade Laramide porphyry copper system. An ENE-trending target area measures ~3.5 x 1.5 km and has potential for both hypogene mineralization and supergene enrichment.
The Ripsey West exploration model is for a porphyry copper system that's been episodically faulted and tilted 90° eastward and buried under alluvial cover in a half graben basin. The porphyry target area lies between a 2-km-long ENE-trending stock-shaped magnetic low feature in the west thought to be associated with a Laramide pluton, and a magnetic high feature in the east demarking the faulted basin edge. A zone of QSP alteration and D-veins associated with ENE-trending Laramide porphyry dykes extends for 900 m east outside the basin margin, and base metal mineralization and veins in historical drilling continue for ~2 km. These provide a vector towards a porphyry core in the west under the post-mineral alluvium.
Figure 4
Ripsey West Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/236360_6c62b9bca4857830_004full.jpg
Royston
Royston is over 1,855 hectares in size (comprised of 227 unpatented federal lode mining claims) and is located 30 km northwest of Tonopah in Nevada (see Figure 5). The principal target at Royston is a porphyry copper system within a 2.8 x 1.8 km target area which contains a significant zone of quartz-sericite-pyrite "QSP" alteration and mineralization A five-hole reconnaissance reverse circulation drill program completed in late 2023 confirmed the presence of a strongly westward tilted and fault segmented porphyry of significant scale containing intense QSP alteration and base metal mineralization. Two of the holes were cased and are ready to be followed up with diamond core tails under the active drill permit at Royston.
Figure 5
Royston Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/236360_6c62b9bca4857830_005full.jpg
Gold Project Spin Out
In H1, 2025, Pacific Ridge will look to unlock shareholder value by spinning out the Company's gold projects in the Yukon (Mariposa, Eureka Dome, and Gold Cap) and Mineral Hill to create a new, North American gold focused exploration company (see Figure 6).
Figure 6
Location of Pacific Ridge's Gold Projects
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/236360_6c62b9bca4857830_006full.jpg
Terms of the Agreements
Subject to the approval of the TSX Venture Exchange (the "TSXV"), Pacific Ridge can acquire a
Option Payments:
| Project | 60 days of Effective Date | Anniversary Date of Option Agreement | ||||
| 1st | 2nd | 3rd | 4th | 5th | ||
| Red Star | US | US | US | US | US | US |
| Royston | US | US | US | US | US | US |
| Ripsey West | US | US | US | US | US | US |
| Mineral Hill | US | US | US | US | US | US |
Exploration Expenditures:
| Project | Anniversary Date of Option Agreement | ||
| 1st | 2nd | 5th | |
| Red Star | US | US | US |
| Royston | US | ||
| Ripsey West | US | ||
| Mineral Hill | US | ||
Issuance of Common Shares:
| Project | 3 business days following TSXV Approval | Anniversary Date of Option Agreement | ||||
| 1st | 2nd | 3rd | 4th | 5th | ||
| Red Star | 200,000 | 100,000 | 100,000 | 100,000 | 125,000 | 750,000 |
| Royston | 200,000 | 100,000 | 100,000 | 100,000 | 125,000 | 750,000 |
| Ripsey West | 200,000 | 100,000 | 100,000 | 100,000 | 125,000 | 750,000 |
| Mineral Hill | 200,000 | 100,000 | 100,000 | 100,000 | 125,000 | 750,000 |
Upon option exercise, each Project will be subject to a
In addition, each Project is subject to the following milestone payments in the event of completion of a preliminary economic assessment ("PEA"), pre-feasibility study ("PFS") and/or feasibility study ("FS") respectively as follows:
| Project | Milestone | ||
| PEA | PFS | FS | |
| Red Star | US | US | US |
| Royston | US | US | US |
| Ripsey West | US | US | US |
| Mineral Hill | US | US | US |
Consolidation
The Board of Directors of the Company has recommended and authorized a consolidation of the Company's outstanding common shares on the basis of ten (10) pre-consolidation common shares for one (1) post-consolidation common share (the "Consolidation"). The Consolidation remain subject to TSXV approval. The effective date and further details of the Consolidation will be disclosed in a subsequent news release following receipt of all requisite approvals.
About EMX
EMX is a precious and base metals royalty company. EMX's investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company's common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol "EMX". Please see www.EMXroyalty.com for more information.
About Pacific Ridge
Pacific Ridge is one of North America's leading copper exploration companies. We own or control eight porphyry copper projects in premier copper mining districts in America and Canada.
On behalf of the Board of Directors,
"Blaine Monaghan"
Blaine Monaghan
President & CEO
Pacific Ridge Exploration Ltd.
Investor Relations:
Tel: (604) 687-4951
Email: ir@pacificridgeexploration.com
Website: www.pacificridgeexploration.com
LinkedIn: https://www.linkedin.com/company/pacific-ridge-exploration-ltd-pex-/
Twitter: https://twitter.com/PacRidge_PEX
1 Maps Showing Geology, Structure, and Geophysics of the Central Black Hills, South Dakota (USGS) https://pubs.usgs.gov/sim/2777/downloads/2777_pamphlet_508.pdf
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 prepared under the supervision of, and reviewed and approved by. Danette Schwab, P.Geo., Vice President Exploration of the Company, and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
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, are forward-looking statements. Forward looking statements in this news release include plans to acquire the Mineral Hill, Red Star, Ripsey West, and Royston Projects and the expected benefits thereof; plans to spin out the gold projects; and plans to complete the Consolidation. 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 at least one of the options will be exercised; that Pacific Ridge and other parties will be able to satisfy stock exchange and other regulatory requirements in a timely manner; that TSXV approval will be granted in a timely manner subject only to standard conditions; that all conditions precedent to the Agreements will be satisfied 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 because of new information, future events or otherwise, except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236360
FAQ
What projects did Pacific Ridge acquire from EMX Royalty ?
How many copper projects does Pacific Ridge now control after the EMX acquisition?
What are Pacific Ridge's plans for its Yukon gold projects following the EMX deal?
What are the Fraser Institute rankings for the states where the new EMX projects are located?
