Pacific Ridge Provides an Overview of Its Projects and Plans
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Vancouver, British Columbia--(Newsfile Corp. - March 13, 2024) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) (FSE: PQWN) ("Pacific Ridge" or the "Company") is pleased to provide an overview of the Company's objective, its project portfolio, and its exploration plans for 2024 and beyond.
"Since optioning its flagship Kliyul copper-gold project from Centerra Gold Inc. in 2020, Pacific Ridge's goal has been to become British Columbia's leading copper-gold exploration company," said Blaine Monaghan, President & CEO of Pacific Ridge. "We now own, or control five copper-gold porphyry projects located in the prolific Quesnel and Stikine terranes in northcentral B.C. and are inarguably one of the province's leading copper-gold exploration companies. Pacific Ridge strongly believes that increased demand for copper, coupled with heightened political risk in Central and South America, will lead to more competition for copper-gold porphyry projects located in Tier 1 jurisdictions like B.C. Companies that own or control these projects will become increasingly prized."
Pacific Ridge's project portfolio includes the Kliyul copper-gold project ("Kliyul"), the Chuchi copper-gold project ("Chuchi"), the RDP copper-gold project ("RDP"), the Onjo copper-gold project ("Onjo"), and the Redton copper-gold project ("Redton"), all located in northcentral B.C. (see Figure 1).
Figure 1
Location of Pacific Ridge's Projects
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About Kliyul
Owned
To view all of Pacific Ridge's drill results from Kliyul, click on the link below.
https://pacificridgeexploration.com/site/assets/files/5969/2024-01-12_kliyul_assay_highlights_summary.pdf
Figure 2
Kliyul Targets
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Pacific Ridge plans further exploration work this year, including ZTEM and MT geophysical surveys. The surveys are expected to refine the KMZ porphyry deposit model and aid targeting for higher-grade mineralization and a porphyry centre, which will be a focus of future drilling.
About Chuchi
Chuchi is over 160 km2 in size, is road accessible, and is located approximately 35 km northwest of Centerra Gold Inc.'s ("Centerra") Mount Milligan Mine (see Figure 3). Chuchi is comprised of three claim groups, Chuchi, under option from Centerra, and Chuchi South and Chuchi West, under option from American Copper Development Corporation. Pacific Ridge can acquire up to a
Chuchi has a long history of exploration by companies such as Noranda, BP, and Rio Algom, including 8,886 m of drilling in 48 holes, of which 39 holes targeted the main BP zone. An additional 27 holes were drilled in 1991, including some drill holes in the Digger zone. Most of the drilling at Chuchi has been shallow, less than 150 m in length, with many of the drill holes ending in mineralization. Drill highlights include drill hole CH-91-42 which returned 50.0 m of
Figure 3
Chuchi Targets
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The results of Pacific Ridge's ZTEM survey in 2022 and induced polarization survey in 2023 suggest that there are underexplored high-grade centres within the BP-Digger zone that have not been fully delineated. Further, the core of the porphyry system has yet to be identified. Pacific Ridge believes that Chuchi offers a significant discovery opportunity and plans to launch its inaugural drill program as soon as it is practical to do so.
About RDP
Owned
Mineralization at the Day target remains open in every direction, except to the south, and appears to be a porphyry dyke and pipe complex with strong east-west structural control and a steep plunge to the north or northeast. The known mineralized extents currently measure ~290 m east-west, ~100 m north-south, and up to ~600 m vertical depth.
Figure 4
RDP Targets
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2022-2023 drilling results indicate that the mineralized porphyry intrusions are hosted in Lower Hazelton Group volcanic rocks. As such, the main-stage porphyry core mineralization may occur at greater depth towards the Takla-Hazelton Group unconformity, or within underlying Takla Group rocks. Drill hole RDP-23-007, a 300 m step out from drill hole RDP-22-005 was terminated at a depth of 573 m ending in strong porphyry copper-gold mineralization: 19.0 m of
About Onjo
Owned
Figure 5
Onjo Target
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Exploration in 2022-2023 included geological mapping, gridded soil sampling, and geophysical surveys (ZTEM and IP). Currently, there is a 2.0 x 1.7 km target area of interest, the Chica zone, which is located 20 km west of the Mount Milligan open pit. Chica contains three IP target areas over 2 km that coincide with anomalous porphyry pathfinder element geochemistry and surface mapping indicators. Further, it lies at the southeastern margin of multi-kilometre scale aeromagnetic anomaly, as does the nearby Mount Milligan mine.
About Redton
Owned
Pacific Ridge is planning an induced polarization survey at Redton this year to help further refine future drill targets.
Figure 6
Redton Targets
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Yukon Gold Projects
Owned
About Pacific Ridge
Our goal is to become British Columbia's leading copper-gold exploration company. Pacific Ridge's flagship asset is its
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
1CuEq = ((Cu%) x $Cu x 22.0462) + (Au(g/t) x AuR/CuR x $Au x 0.032151) + (Ag(g/t) x AgR/CuR x $Ag x 0.032151)) / ($Cu x 22.0462).
2AuEq = ((Au(g/t) x $Au x 0.032151) + ((Cu%) x CuR/AuR x $Cu x 22.0462) + (Ag(g/t) x AgR/CuR x $Ag x 0.032151)) / ($Au x 0.032151).
Commodity prices: $Cu = US
There has been no metallurgical testing on Kliyul, Chuchi, or RDP mineralization. Copper recoveries (CuR) estimated at
Factors: 22.0462 = Cu% to lbs per tonne, 0.032151 = Au g/t to troy oz per tonne, and 0.032151 = Ag g/t to troy oz per tonne.
3https://www.centerragold.com/operations/mount-milligan/mount-milligan-reserves/
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., Executive Chairman 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, which 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 further exploration work to refine targeting for higher-grade mineralization and a porphyry centre at Kliyul, drilling Chuchi as soon as it is practical to do so, drilling RDP as soon as it is practical to do so, and an induced polarization survey at Redton. 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 because of new information, future events or otherwise, except as required by applicable law.
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FAQ
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