Largest Ever Drill Program at the Kliyul Copper-Gold Porphyry Project Underway
Largest Ever Drill Program at the Kliyul
Copper-Gold Porphyry Project Underway
Vancouver, British Columbia--(Newsfile Corp. - July 11, 2022) - Pacific Ridge Exploration Ltd. (TSXV:
PEX) (OTCQB: PEXZF) ("Pacific Ridge" or the "Company") is pleased to announce that the diamond
drill program at the Kliyul copper-gold project ("Kliyul" or the "Project"), located in the prolific Quesnel
Trough in northcentral B.C. (see Figure 1), began last week.
The planned 6,000 m program at Kliyul is utilizing two diamond drill rigs and will be the largest ever drill
campaign at the Project. The focus of this year's drill program will be on expanding mineralization at the
Kliyul Main Zone ("KMZ") laterally and to depth. Priority drill holes 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
).
Figure 1
Location of Pacific Ridge's Projects
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/5460/130459_7d9aa1c6a4b4e80d_001full.jpg
Kliyul
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:
https://images.newsfilecorp.com/files/5460/130459_7d9aa1c6a4b4e80d_002full.jpg
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:
https://images.newsfilecorp.com/files/5460/130459_7d9aa1c6a4b4e80d_003full.jpg
Figure 4
Kliyul Target Areas
To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/5460/130459_7d9aa1c6a4b4e80d_004full.jpg
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.
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, 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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