IP Survey Confirms Porphyry Exploration Target at Pacific Ridge's Redton Copper-Gold Project
IP Survey Confirms Porphyry Exploration
Target at Pacific Ridge's Redton Copper-Gold
Project
Vancouver, British Columbia--(Newsfile Corp. - October 15, 2024) - Pacific Ridge Exploration Ltd.
(TSXV: PEX) (OTCQB: PEXZF) (FSE: PQWN) ("Pacific Ridge" or the "Company") is pleased to
announce that the induced polarization ("IP") geophysical survey recently completed at its 100% owned
Redton copper-gold project ("Redton or the "Project") confirmed a porphyry exploration target within 3
km of NorthWest Copper Corp.'s ("NorthWest") Kwanika South Zone copper-gold-molybdenum porphyry
deposit. Redton is located in the prolific Quesnel terrane in northcentral British Columbia and adjoins the
eastern boundary of NorthWest's Kwanika (see Figure 1).
Highlights:
Redton is over 34 km
2
and adjoins the eastern boundary of NorthWest's Kwanika, which hosts two
deposits, the Kwanika South Zone copper-gold-molybdenum porphyry deposit and the Kwanika
Central Zone copper-gold porphyry deposit.
The 2024 Redton IP survey comprised 7.5 line-kilometers in three reconnaissance lines to test
three target areas in the northern half of the Project. The survey was conducted in early September
(see Figure 2).
The Project features a 5-km-long north-northwest trend of porphyry copper-gold targets located
within the Hogem intrusive suite, 3.5 km northeast of the NNW trend of the Kwanika deposits.
The middle line of the IP survey tested the Northeast Kwanika South ("NEX") target where
topography, AeroTEM, and 3D model inversions suggest there is a northeast trending cross-
structure extending onto Redton from the Kwanika South Zone deposit.
The NEX target lies at the intersection of this interpreted cross-structure with an NNW-trending
lithological contact boundary
1
that has Late Triassic mafic (gabbro-diorite) rocks on the west and
Early Jurassic monzonitic rocks on the east. The Kwanika deposits (200 Ma
2
; Early Jurassic) lie
on the western side of the Late Triassic mafic domain. NEX lies on its eastern side.
"I'm very pleased that the IP survey confirmed the presence of a compelling porphyry exploration
target within 3-km of the Kwanika deposits,"
said Blaine Monaghan, President and CEO of Pacific
Ridge
. "The results of the IP survey, combined with structural interpretation, models of airborne
magnetics, soil geochemistry and favourable geology, have increased our confidence that we have
identified an exploration target that could result in a new porphyry discovery. We plan to follow up with
additional infill survey lines and a possible drill program."
IP Survey at Redton
The 2024 Redton IP survey comprised three east-west lines (2.5 line-km each totaling 7.5 line-km) at
800 m line-spacing. These lines tested three target areas in the northern half of the Project including a
portion of the historical East Swan target, the historical Redton East target, and the more recently
defined NEX target, which is similar in size and orientation as the Kwanika Central Zone. The program
objective was to identify any IP geophysical signatures of interest that can be followed up with infill survey
lines and an initial drill test. In addition to the IP survey, 3D MVI modelling of the 2010 AeroTEM survey
aeromagnetics was completed to identify any relationships with the 2D IP inversion results.
Figure 1:
Location of Redton and Pacific Ridge's Other Porphyry Copper-Gold Projects in
Northcentral B>C.
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Figure 2:
Redton 2024 Induced Polarization Survey Plan and Target Conceptualization
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2024 Redton IP Survey results
Results of the IP survey suggest that NEX is a porphyry target area, particularly in the hanging-wall of the
interpreted NEX Fault and the footwall of an interpreted Late Triassic/Early Jurassic lithological contact.
This prospective zone may continue northward into the southern part of Redton East (see Figure 2).
L6800
L6800 is the northernmost line of the IP survey and tested the Redton East target, an 800 x 700 m
copper-in-soil anomaly on the northeastern side of the Property that was delineated from surface
sampling programs in 1972 and by Kiska Metals Corporation in 2011-2012.
The IP line features a large resistivity high domain (>3000 ohm-m) in Hogem intrusive suite. Most of the
resistivity high is within interpreted Early Jurassic monzonitic rocks. The domain appears to dip
moderately to the west, suggesting the Hogem intrusive suite is moderately tilted to the east (see Figure
3 inset). There is a large chargeability anomaly starting at about 200 m depth, becoming higher intensity
(>12 mV/V) by 300 m depth. Overburden is estimated at up to 100 m depth of glacial till material which
may be dampening the chargeability signature.
Figure 3:
2024 IP Survey Inversion Results for L6000 Across the NEX Target With Fault
Interpretation. Inset Map is DC Resistivity for the L6800 Redton East Section
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Figure 4:
Top: 3D MVI Model on Section 6155950 N with Chargeability High Domain from IP Line
L6000. Bottom: Schematic Interpretation of NEX Target Geology Based on Geophysical Inversions
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L6000
L6000 is the central line of the IP survey and tested NEX, a 1000 x 500 m target area identified in 2022
with a similar size and orientation as the Kwanika Central Zone depsoit. It lies at the eastern end of an
interpreted NE-trending cross-structure in the AeroTEM geophysical data (AeroQuest and
TechnoImaging, 2010) where it intersects with an NNW-trending lithological contact of interest in the
Hogem intrusive suite. NEX has anomalous molybdenum-in-soil over the geophysical feature and
anomalous copper and silver to the southeast (see Figure 2).
The IP line features a break in the resistivity high domain (see Figure 3) that aligns with an extension of
the interpreted NE-trending cross-fault that continues to the western property boundary. This structure is
now referred to as the NEX fault (see Figure 2). Again, this inversion section has a large chargeability
high domain (>12 mV/V) that comes as close as 100 m to surface in the NEX target area (see Figure 3).
The NEX fault, as interpreted from the DC resistivity inversion, intersects the chargeability high at depth,
as well as a large coincident magnetic high anomaly (see Figure 4 top) and provides an important
structural marker for future drill hole planning (se Figure 3).
L5200
L5200 is the southernmost line of the IP survey and tested the southern end of NEX where there is
anomalous copper, bismuth and silver in surface geochemistry (see Figure 2).
The IP line features a narrower (~350 m wide) west-dipping resistivity high domain (>3000 ohm-m)
underlying Early Jurassic rocks of the Hogem intrusive suite, again suggesting moderately northeast
tilted geology. The southern end of NEX lies in the hanging-wall of this resistivity high domain. The
chargeability high anomaly on this inversion section starts at greater depth (>500 m) but comes to
surface in a 100 m wide steeply dipping pipe or lens shape feature that is 200 m from the modelled
trace of NEX Fault at the western end of the section (see Figure 2), again attesting to the importance of
this structure.
About Redton
Owned 100% by Pacific Ridge, Redton is over 34 km
2
in size and adjoins the eastern boundary of
NorthWest's Kwanika. Several target areas exist at Redton: Redton North, East Swan, Redton East,
NEX, NEX South, and Catchment Basin. In 2022, after completing a targeted soil survey grid in the
northcentral part of the Project, the Company identified a surface geochemical target, the NEX zone,
which is of similar size and orientation as the Kwanika Central Zone. NEX is located 3-4 km east of
Kwanika following an interpreted arc-transverse lineament and an AeroTEM geophysical feature of
interest.
Chuchi South and Chuchi West Option Amendment
In March 2023, Pacific Ridge entered into an agreement with American Copper Development
Corporation ("ACDX") and Ronald Bilquist ("Bilquist") granting Pacific Ridge the option to acquire a
51% interest in the Chuchi South Property by making $250,000 in payments to Bilquist and completing
$4,000,000 in exploration expenditures by December 31, 2027 (the "First Option"). The Company has a
further option to increase its interest to 75% by issuing shares valued at $250,000 to ACDX by January
30, 2028, by making cash payments of $150,000 to ACDX, and completing an additional $4,000,000 in
exploration by December 31, 2029 (the "Additional Interest Option").
In addition to Chuchi South, ACDX granted Pacific Ridge the sole and exclusive right and option to
acquire a 51% interest in the Chuchi West Property in consideration of Pacific Ridge satisfying the First
Option on Chuchi South. The Chuchi West Property would then be included in the Additional Interest
Option for a 75% interest in Chuchi South and Chuchi West.
Earlier this year, the parties reached an agreement for Pacific Ridge to issue 550,000 common shares
of the Company in lieu of a $50,000 cash payment to Bilquist that was due on February 13, 2024 under
the First Option. This amendment remains subject to TSX Venture Exchange approval.
The parties have now agreed to a further amendment which removes the obligation for Pacific Ridge to
issue shares to exercise the Additional Interest Option. In lieu of such share issuance, Pacific Ridge
must make a cash payment of $250,000 to ACDX by no later than January 30, 2028.
1
Cui, Y., Miller, D., Schiarizza, P., and Diakow, L.J., 2017. British Columbia digital geology. British Columbia Ministry of Energy, Mines and Petroleum
Resources, British Columbia Geological Survey Open File 2017-8, 9p. Data version 2019-12-19.
2
Age date for Kwanika deposit is from Logan, J.M., and Mihalynuk, M.G., 2014. Tectonic controls on Early Mesozoic paired alkaline porphyry deposit
belts (Cu-Au ± Ag-Pt-Pd-Mo) within the Canadian cordillera. Economic Geology, 109, p. 827- 858.
About Pacific Ridge
Our goal is to become B.C.'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 Chuchi copper-gold
project, the 100% owned RDP copper-gold project, the 100% owned Onjo copper-gold project, and the
100% owned Redton copper-gold project, all located in British Columbia. The Company 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.
Investor Relations:
Tel: (604) 687-4951
Email:
Website:
www.pacificridgeexploration.com
LinkedIn:
https://www.linkedin.com/company/pacific-ridge-exploration-ltd-pex-/
Twitter:
https://twitter.com/PacRidge_PEX
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
Danette Schwab, P.Geo., Vice President Exploration, and a 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 additional infill survey lines and a possible drill program 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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