Induced Polarization Survey Results from Chuchi and Chuchi South Copper-Gold Projects Confirm the Potential for Several Large Porphyry Systems; Pacific Ridge Plans to Launch Inaugural Diamond Drill Program in 2024
Induced Polarization Survey Results from
Chuchi and Chuchi South Copper-Gold
Projects Confirm the Potential for Several
Large Porphyry Systems; Pacific Ridge Plans
to Launch Inaugural Diamond Drill Program in
2024
Vancouver, British Columbia--(Newsfile Corp. - December 12, 2023) - Pacific Ridge Exploration Ltd.
(TSXV: PEX) (OTCQB: PEXZF) (FSE: PQWN) ("Pacific Ridge" or the "Company") is pleased to
announce that the results from the 2023 induced polarization ("IP") survey
confirmed the potential for
several large porphyry systems at the Chuchi copper-gold project ("Chuchi") and the Chuchi South
copper-gold project ("Chuchi South") (the "Projects"). The Company will use the results of the IP survey
to further refine targets for its inaugural diamond drill program in 2024. Chuchi and Chuchi South are
located in the prolific Quesnel Terrane in northcentral British Columbia close to existing infrastructure
(see Figure 1).
Highlights
The IP survey identified three high-priority target areas at the Projects: BP Zone, Digger Zone, and
Coho Zone.
Two high-priority target areas emerged at Chuchi, the BP Zone and the Digger Zone (see Figure
2). The target at the BP Zone is a 550 m x 450 m x 650 m interpreted porphyry intrusive complex
3D ZTEM anomaly with two IP anomalies spanning more than 1 km (see Figures 2-4). Although
historic drilling at the BP Zone returned significant porphyry copper-gold mineralization, including
drill hole CH-90-27 which returned 194.0 m at 0.21% copper and 0.21 g/t gold (see Table 1 for
more BP Zone results), it has not been adequately drill tested. The Digger Zone is an open 500 x
250 x 200 m IP anomaly where drill hole CH-91-42 intersected 50 m at 0.09% copper and 2.10 g/t
gold (see Figures 2-4).
The BP Zone and the Digger Zone have significant, untested potential for porphyry copper-gold
mineralization at depth as many of the historic drill holes were shallow, less than 150 m in depth,
and ended in mineralization.
At Chuchi South, the Coho Zone is the highest priority target area. The Coho Zone includes a 400
m x 250 m x 200 m interpreted porphyry intrusive complex 3D ZTEM anomaly with a two-limbed IP
chargeability high anomaly that spans more than 1.4 km and has a similar geometry as
mineralization trends at the nearby Mount Milligan Mine. This target has never been drill tested
(see Figures 2 and 5).
Pacific Ridge plans to drill test these high-priority target areas in its inaugural 2024 diamond drill
program.
Quote
"The results of the 2023 IP survey confirm the potential for several large porphyry systems at Chuchi
and Chuchi South,"
said Blaine Monaghan, President & CEO of Pacific Ridge
. "We look forward to
testing these targets in 2024. Our first ever drill program at Chuchi and Chuchi South."
Figure 1:
Location of Chuchi and Chuchi South
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/190630_ea836779c4943ac4_001full.jpg
Figure 2:
2023 IP Survey Results at Chuchi and Chuchi South with Proposed 2024 Drill Hole
Locations
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/190630_ea836779c4943ac4_002full.jpg
Table 1
BP Zone Drill Highlights
1
Hole No.
From (m)
To (m)
Width (m)
Cu (%)
Au (g/t)
CuEq (%)*
AuEq (g/t)**
CH-89-7
38.0
138.0
100.0
0.27
0.37
0.52
0.77
Includes
82.0
98.0
16.0
0.71
1.32
1.63
2.41
CH-89-8
156.0
200.0
44.0
0.26
0.25
0.43
0.64
CH-90-23
38.0
94.0
56.0
0.16
0.22
0.31
0.46
Includes
38.0
54.0
16.0
0.36
0.58
0.75
1.12
CH-90-27
32.0
226.0
194.0
0.21
0.21
0.35
0.52
Includes
156.0
226.0
70.0
0.31
0.34
0.54
0.80
CH-90-30
98.0
256.0
158.0
0.22
0.10
0.29
0.43
Includes
182.0
256.0
74.0
0.26
0.13
0.35
0.52
CH-90-33
39.6
304.5 Ɨ
264.9
0.20
0.12
0.28
0.42
Includes
64.0
152.0
88.0
0.36
0.21
0.51
0.75
CH-90-36
51.5
243.5
192.0
0.16
0.12
0.24
0.36
Includes
166.0
238.0
72.0
0.18
0.15
0.28
0.42
CH-90-37
54.3
262.1
207.8
0.22
0.12
0.30
0.45
Includes
110.0
154.0
44.0
0.35
0.18
0.47
0.70
CH-91-40
50.0
154.0
104.0
0.25
0.23
0.40
0.60
Includes
50.0
114.0
64.0
0.35
0.33
0.57
0.85
Includes
64.0
104.0
40.0
0.45
0.41
0.73
1.08
CH-91-42
91.4
320.6 Ɨ
229.2
0.10
0.61
0.51
0.76
Includes
94.0
144.0
50.0
0.09
2.10
1.50
2.23
Includes
94.0
122.0
28.0
0.07
3.61
2.49
3.70
And
200.0
242.0
42.0
0.13
0.55
0.50
0.74
CH-19-003
91.5
411.0 Ɨ
319.5
0.16
0.14
0.26
0.38
Includes
337.3
411.0 Ɨ
73.7
0.23
0.22
0.39
0.58
*CuEq = ((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).
**AuEq = ((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$3.25/lb, $Au = US$1,800/oz., and Ag = US$20.00/oz.
There has been no metallurgical testing on Chuchi mineralization. The Company estimates copper recoveries (CuR) of 84%, gold recoveries (AuR) of
70%, and silver recoveries (AgR) of 65% based on the average recoveries from Kemess Underground, Mount Milligan, and Red Chris.)
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.
Ɨ End of hole
2023 Geophysics Program results
Chuchi
Two IP lines were added to the 500 m line-spacing grid started by Kiska Metals Corporation ("Kiska") in
2015. Line 5050 was designed as an infill line at 250 m line-spacing to the Kiska lines L4800 and
L5300. Line 5800 extended the IP survey grid to the north by 500 m.
In the BP Zone,
Line 5050
(east-west, 2.5 line-km) directly tested a 550 m x 450 m x 650 m stock-
shaped resistivity high and magnetic high feature in Pacific Ridge's 2023 3D ZTEM model.
Results show two inverted cup shaped chargeability high anomalies (> 40 mV/V) over 1,500 m on
section with a central high that aligns with the centre of the stock shaped ZTEM anomaly (see
Figure 3). Historical drilling in this part of the BP Zone returned 70.0 m at 0.31% copper ("Cu") and
0.34 g/t gold ("Au") within 194.0 m at 0.21% Cu and 0.21 g/t Au (CH-90-27). Most of the historical
drilling in the BP Zone was shallow, less than 150 m in depth, with many of the drill holes ending in
mineralization. This will be a priority area for follow-up drilling in 2024 to test the coincident
geophysical anomaly, confirm historical results, and test to greater depth as CH-90-27 was
terminated at 285 m vertical depth after drilling at 43° inclination across shallower mineralization
above 200 m vertical depth.
Line 5800
provides an extension of IP coverage over an area of geological mapping and surface
sampling from the 2022 program at the Klaw Zone, and expands coverage of the Digger Zone
where CH-91-42 returned 50.0 m at 0.09% Cu and 2.10 g/t Au within 229.2 m at 0.10% Cu and
0.61 g/t Au (entire drill hole); and CH-19-003 which returned 73.7 m at 0.23% Cu, 0.22 g/t Au, and
0.99 g/t Ag within 319.5 m at 0.16% Cu, 0.14 g/t Au, and 0.94 g/t Ag (entire drill hole). These drill
holes are 200 m apart on the marginal zones of an open 500 x 250 m x 200 m central chargeability
high anomaly.
In the Klaw Zone,
Line 5800
shows a western chargeability high domain (> 30 mV/V) that
coincides with a magnetic high and resistivity high domain interpreted to represent the Hogem
batholith margin (see Figure 4). This target has never been tested by drilling to adequate depth.
Farther east in the BP-Digger Zone, there are two chargeability high domains (> 30 mV/V) on
either side of a moderate strength domain. This chargeability anomaly coincides with moderate
intensity magnetics and a plug-shaped DC resistivity high feature. Drilling on this section could
extend BP-Digger Zone mineralization another 150 m to the north.
Figure 3:
2023 IP Survey Section Inversion for L5050 at Chuchi
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/190630_ea836779c4943ac4_003full.jpg
Figure 4:
2023 IP Survey Section Inversion for L5800 at Chuchi
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/190630_ea836779c4943ac4_004full.jpg
Chuchi South
Three IP lines (15 line-km; 5 line-km each) were completed across the Coho fault trend at Chuchi South
with coverage of both the Coho and Coho West surface geochemical target areas (see Figure 2). A total
of 69 rock samples were collected from the Coho Zone during 2020 to 2022 and returned gold values
ranging from 2.5 ppb to 16.15 g/t gold (average 1.83 g/t, median 0.11 g/t) and copper values ranging
from 5 ppm to 10.25% (average 1.31%, median 0.83%). Five rock samples collected from the Coho
West Zone ranged from 2.5 ppb to 0.74 g/t gold (average 0.18 g/t, median 8 ppb) and copper from 46
ppm to 0.34% (average 0.18%, median 0.26%).
Line 1300
(east-west, 5 line-km) is the northernmost of the three lines. Results indicate there is a
1.4-km-long moderate strength chargeability feature (12-20 mV/V) in the Coho Zone that has a
moderately (30°) west-dipping "limb" of the anomaly and an eastern steep limb (see Figure 5). The
eastern limb underlies the Coho surface geochemical anomaly and a 400 m x 250 m x 200 m
interpreted porphyry intrusive complex 3D ZTEM anomaly. Geometry suggests there could be an
eastward tilted porphyry copper-gold deposit like the Mt. Milligan deposit, which is just 33 km to
the southeast (see Figure 5 inset). Regional and property-scale mapping and prospecting
suggests the anomaly is intrusion-hosted at the Hogem batholith margin, which may account for the
moderate intensity chargeability response. The chargeability anomaly coincides with the
hangingwall of an apparent west-dipping DC resistivity low feature interpreted to be a fault (see
Figure 5), and more broadly with a moderately west-dipping 3D ZTEM resistivity high feature and
magnetic high anomaly interpreted to be a titled marginal intrusive phase of the Hogem batholith.
There are several trail accessible locations for skid drilling along this section and at least one drill
hole should be included in a 2024 drilling program as an initial drill test.
At the west end of Line 1300, the Coho West Zone is a near-surface, 550-m-long shallowly east
dipping coincident chargeability high, DC resistivity low, and magnetic high feature (see Figure 5).
Figure 5:
2023 IP Survey Section Inversion for L1300 at Chuchi South. Inset Map is the 2018 Mt.
Milligan Deposit Schematic Exploration Model with Moderately-to-Sub horizontally Tilted Porphyry
Domains (Mineralized Trends)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/190630_ea836779c4943ac4_005full.jpg
About Chuchi
Chuchi is more than 16,000 hectares in size and is comprised of three claim blocks, Chuchi, under
option from Centerra Gold Inc. ("Centerra"), and Chuchi South and Chuchi West, under option from
American Copper Development Corporation. Chuchi hosts several compelling exploration targets, is
road accessible, and is located approximately 35 km northwest of Centerra's Mount Milligan Mine.
Chuchi has a long history of exploration by companies such as Noranda, BP, Rio Algom, Kiska Metals
and AuRico Metals, 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; the core logging records for this drilling have been lost
but assay results and collar locations were recovered in 2019 from a historical Placer Dome Inc
database. Most of the historical drilling was shallow, less than 150 m in depth, with many of the drill holes
ending in mineralization. Grades within the mineralized portion of the BP Zone have historically been
reported as ranging from 0.21% to 0.40% Cu and from 0.21 g/t to 0.44 g/t Au (see news release dated
May 9, 2022), but some intervals are considerably higher grade than this (see Table 1) and the
Company believes there are underexplored high-grade centres within the BP Zone that have not yet
been fully delineated, and the core of the porphyry system has yet to be identified. In addition to the BP
Zone, Chuchi includes several other targets that could represent porphyry centres along the Hogem
batholith margin.
About Pacific Ridge
Our goal is to become British Columbia's leading copper-gold exploration company. Pacific Ridge's
flagship asset is its 100% owned Kliyul copper-gold project, located in the Quesnel Terrane close to
existing infrastructure. 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. Pacific Ridge would like to
acknowledge that its B.C. projects are located in the traditional, ancestral and unceded territories of the
Gitxsan Nation, McLeod Lake Indian Band, Nak'azdli Whut'en, Takla Nation, and Tsay Keh Dene Nation.
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:
1
Sources include: Chuchi project historical drilling database; also reported in BC Geological Survey
(Branch) Assessment Reports 20018 (CH-89-7, CH-89-8), 21113 (CH-90-23, CH-90-27, CH-90-30,
CH-90-33, CH-90-36, CH-90-37), unpublished Placer Dome Inc. database (CH-91-40, CH-91-42),
39061 (CH-19-003).
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 plans to drill Chuchi and Chuchi South in 2024. 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/190630