Drilling Commences at Pacific Ridge's Spius Porphyry Copper Project
Drilling Commences at Pacific Ridge's Spius
Porphyry Copper Project
Vancouver, British Columbia--(Newsfile Corp. - June 7, 2021) - Pacific Ridge Exploration Ltd. (TSXV:
PEX) ("Pacific Ridge" or the "Company") is pleased to report that a 550-metre drill program has
commenced at its Spius copper porphyry project ("Spius" or the "Property"). The Property is located 40
km southwest of Merritt, British Columbia, and is currently under option to Arctic Fox Ventures Inc.
Drilling will test below the high-grade surface showing area, where grab samples of mineralized porphyry
from float and a small outcrop exposure range from 1.11% Cu to 2.53% Cu, and will also test for
mineralization at depth near hole SP-19-03, which ended in porphyry-style copper mineralization at a
depth of 276 metres.
"
It's great news for Pacific Ridge's shareholders
," said Blaine Monaghan, President and CEO of Pacific
Ridge. "
We maintain significant exposure to Spius, but the drill program is being funded by Arctic Fox.
Further, this allows us to focus on the upcoming drill program at our flagship Kliyul copper-gold
porphyry project. The fully-funded drill program at Kliyul will begin next month."
About Spius
Spius was explored for its porphyry 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. The
drilling was shallow, with none of the drill holes exceeding 100 metres. Most of the records from this early
exploration work have been lost, including the drill logs. The Property was optioned by Pacific Ridge in
2018 and surface exploration was completed, including soil sampling and an IP survey. In 2019, Pacific
Ridge drilled 1,087 metres in four holes. The best mineralization was encountered at the bottom of hole
SP-19-03, drilled at the northern end of the Copper Zone, encountering 51.8 m averaging .099% Cu
(224.3 to 273 m), including 39.0 metres at .113% Cu. All drill holes encountered porphyry-style
mineralization and alteration top to bottom, with variably anomalous Cu and Mo values.
Spius option terms
Arctic Fox can earn a 60% interest in Spius by making payments of $60,000, issuing 1,000,000 shares
and spending $550,000 on exploration by December 31, 2022.
About Pacific Ridge
Our goal is to become one of the leading copper-gold exploration companies in British Columbia.
Pacific Ridge's flagship project is the advanced-stage Kliyul copper-gold project, located in the Quesnel
Trough, approximately 50 km southeast of Centerra Gold's Kemess project. Historic drilling at Kliyul
encountered significant porphyry copper-gold mineralization, drill hole KL-15-34 returned 245 metres of
0.75% CuEQ
1
(see Pacific Ridge press release dated December 2, 2020). The Company plans to
launch a drill program at Kliyul this summer.
On behalf of the Board of Directors,
"Blaine Monaghan"
Blaine Monaghan
President & CEO
Pacific Ridge Exploration Ltd.
Corporate Contact:
Blaine Monaghan
President & CEO
Tel: (604) 687-4951
www.pacificridgeexploration.com
https://www.linkedin.com/company/pacific-ridge-exploration-ltd-pex-
https://twitter.com/PacRidge_PEX
Investor Contact:
G2 Consultants Corp.
Telephone: +1 778-678-9050
Email:
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,
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 a drill program at Kliyul this summer.
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.
1
Copper equivalent (CuEQ) is equal to ((Cu (per cent) multiplied by $2.25 multiplied by 22.0642) plus
(Au (g/t) multiplied by $1,650 multiplied by 0.032151)) divided by ($2.25 multiplied by 22.0642).
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/86680