Field Crews Mobilized to Pacific Ridge's Kliyul and RDP Copper-Gold Porphyry Projects
Field Crews Mobilized to Pacific Ridge's Kliyul
and RDP Copper-Gold Porphyry Projects
Vancouver, British Columbia--(Newsfile Corp. - June 29, 2022) -
Pacific Ridge Exploration Ltd. (TSXV:
PEX) (OTCQB: PEXZF) ("Pacific Ridge" or the "Company") is pleased to announce that field crews
have been mobilized to the Kliyul copper-gold project ("Kliyul") and that camp construction is underway.
The exploration camp at Kliyul will also support exploration activities at the RDP copper-gold project
("RDP"), which is located 40 km to the west (see Figure 1).
Pacific Ridge anticipates that the planned 6,000 m diamond drill program at Kliyul will commence
sometime next week and that the planned 1,500 m diamond drill program at RDP, under option to
Antofagasta Minerals S.A. ("Antofagasta"), a wholly owned subsidiary Antofagasta PLC (ANTO: LSE),
will start at the beginning of August. Priority drill holes at Kliyul include a step-out to the west of hole KLI-
21-037 (
316.7 m of 0.75% CuEq or 1.17 g/t AuEq)
as well as step-outs to the south and east of KLI-
21-036 (
437 m of 0.61% CuEq or 0.96 g/t AuEq
) and hole KLI-21-38 (
342 m of 0.50% CuEq or 0.78
g/t AuEq
).
"Pacific Ridge's busiest exploration season in decades is about to begin,"
said Blaine Monaghan,
President and CEO of Pacific Ridge.
With a planned 6,000 m drill program at Kliyul, the largest ever
drill program at Kliyul, and a partner funded drill program at RDP, shareholders can look forward to a
steady stream of news."
Figure 1
Location of Pacific Ridge's Projects
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Kliyul
The exploration program at Kliyul will utilize two drill rigs under contract from Dorado Drilling Ltd. This will
be the largest ever diamond drill program at Kliyul and will focus on expanding mineralization at the Kliyul
Main Zone ("KMZ") laterally and to depth. Drilling in 2021 at KMZ returned the longest and highest-grade
intersections ever encountered at Kliyul (see Table 1) and mineralization remains open in all directions.
Pacific Ridge has modelled the known mineralization using major element geochemistry, trace element
geochemistry and alteration mineralogy. These models combined with geophysical signatures, primarily
from IP and magnetics, have defined priority step-out targets to the west, to the south, to the east, and at
depth (see Figures 2 and 3). In addition to diamond drilling, the Company is planning an IP survey over
the Bap Ridge and M-39 targets, and an airborne magnetic survey over a 4-km long mineralized trend
that hosts additional porphyry targets (see Figure 4). The surveys will be used to refine targets for
possible drill testing during the 2022 program and to define future drill targets.
Table 1
2021 Kliyul Assay Results Summary
Hole
From(m)
To(m)
Width(m)
Cu(%)
Au(g/t)
CuEq(%)**
AuEq(g/t)***
KLI-21-
036
12.0
449.0*
437.0
0.22
0.60
0.61
0.96
Includes
12.0
65.0
53.0
0.22
0.83
0.75
1.17
And
12.0
33.0
21.0
0.34
1.30
1.17
1.84
And
47.0
65.0
18.0
0.22
0.89
0.79
1.23
Includes
143.3
435.0
291.7
0.28
0.74
0.75
1.18
And
294.0
435.0
141.0
0.36
1.11
1.07
1.68
KLI-21-
037
12.3
579.0*
566.7
0.20
0.44
0.48
0.76
Includes
12.3
329.0
316.7
0.30
0.70
0.75
1.17
And
62.0
73.0
11.0
0.42
1.22
1.20
1.88
And
90.0
122.0
32.0
0.52
0.88
1.08
1.70
And
146.0
161.0
15.0
0.39
1.19
1.16
1.81
And
238.8
288.1
49.4
0.66
1.50
1.62
2.53
And
243.9
268.0
24.1
1.09
2.21
2.50
3.92
KLI-21-
038
9.0
516.0*
507.0
0.15
0.39
0.40
0.63
Includes
9.0
351.0
342.0
0.17
0.50
0.50
0.78
And
9.0
43.0
34.0
0.27
0.72
0.73
1.15
And
108.0
136.0
28.0
0.21
0.60
0.59
0.93
And
153.1
186.0
32.9
0.24
0.78
0.73
1.15
And
261.0
349.0
88.0
0.26
0.84
0.80
1.25
* End of hole
**CuEq = ((Cu%) x $Cu x 22.0462) + (Au(g/t) x $Au x 0.032151)) / ($Cu x 22.0462)
***AuEq = ((Cu%) x $Cu x 22.0462) + (Au(g/t) x $Au x 0.032151)) / ($Au x 0.032151)
Commodity prices:
$Cu = US$4.00/lb and $Au = US$1,750/oz.
Factors: 22.0462 = Cu% to lbs per tonne, and 0.032151 = Au g/t to troy oz per tonne.
Recovery is assumed to be 100% - there has been no metallurgical testing on Kliyul mineralization.
Figure 2
Plan View of KMZ, Kliyul West and Kliyul East superimposed on IP Chargeability - 200 m Depth
To view an enhanced version of Figure 2, please visit:
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Figure 3
Cross Section of KMZ, Kliyul West and Kliyul East Targets on IP Chargeability - 300 m clipping
To view an enhanced version of Figure 3, please visit:
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Figure 4
Kliyul Target Areas
To view an enhanced version of Figure 4, please visit:
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Pacific Ridge can acquire up to a 75% interest in Kliyul and Redton from Aurico Metals Inc. ("Aurico"), a
wholly owned subsidiary of Centerra Gold Inc. ("Centerra") (TSX: CG) (NYSE: CGAU), by making cash
payments totaling $160,000, issuing 3.5 million shares, and spending $7.0 million on exploration by
December 31, 2025 (see news release dated January 17, 2020). The Company expects to make the
required exploration expenditures to earn the 75% interest in Kliyul and Redton after this year's
exploration program.
RDP
The Company recently optioned RDP to Antofagasta, whereby Antofagasta can earn a 75% interest in
RDP by spending $10,000,000 on exploration over eight years and delivering a preliminary economic
assessment report (see news release dated February 8, 2022). Mineralization at the Day target (see
Figure 5) includes pyrite, magnetite, chalcopyrite, minor molybdenite, and traces of bornite as
disseminations and fracture fillings in diorite and adjacent altered volcaniclastic rocks. Historical drilling
includes 2,472 m in 19 drill holes. Drill highlights include 0.67% Cu and 0.93 g/t Au over 58.8 m (drill hole
D-74-1) and 0.54% Cu and 0.69 g/t Au over 57 m from 13.1 m depth (drill hole D-92-1). Mineralization at
the Roy target consists of a quartz-magnetite-chalcopyrite stringer stockwork within a monzonite
intrusive. Trench sampling in 1990 encountered 0.121% Cu and 0.55 g/t Au over 62 m within an 80 m
trench. Only a single drill hole has been documented at Roy, hole EQ-11-01. This hole was drilled in
2011, the last time RDP was explored, and returned 0.11% Cu and 0.64 g/t Au over 122.95 m from 3.05
m depth.
Figure 5
RDP Target Areas
To view an enhanced version of Figure 5, please visit:
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Antofagasta is funding a 1,500 m diamond drill program at RDP with a focus on the Day and Roy
targets. Drilling is expected to commence in August.
About Pacific Ridge
Our goal is to become British Columbia's leading copper-gold exploration company. Pacific Ridge's
flagship project is the Kliyul copper-gold project, located in the prolific Quesnel Trough, approximately 50
km southeast of Centerra Gold Inc.'s Kemess mine. In addition to Kliyul, the Company's project portfolio
includes the RDP copper-gold project (optioned to Antofagasta Minerals S.A.), the Chuchi copper-gold
project, the Onjo copper-gold project, and the Redton copper-gold project, all located in British
Columbia.
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 plans for a 6,000 metre diamond drill program, an IP and
airborne magnetic survey at Kliyul, a 1,500 m diamond drill program at RDP, and making the
required exploration expenditures to earn a 75% interest in Kliyul and Redton after this year's
exploration program. 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. Forward-looking statements in this news release include the potential for Onjo to
host an alkalic porphyry copper-gold deposit at depth and plans to launch an exploration program
later this year with the objective of defining future drill targets. 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.
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