Pacific Ridge Acquires 100% Interest in Kliyul and Redton Copper-Gold Projects
Pacific Ridge Acquires 100% Interest in Kliyul
and Redton Copper-Gold Projects
Vancouver, British Columbia--(Newsfile Corp. - May 10, 2023) - Pacific Ridge Exploration Ltd. (TSXV:
PEX) (OTCQB: PEXZF) ("Pacific Ridge" or the "Company") is pleased to announce that it has reached
an agreement with AuRico Metals Inc. ("AuRico"), a wholly owned subsidiary of Centerra Gold Inc. (TSX:
CG) (NYSE: CGAU) ("Centerra"),
to acquire a 100% interest in the Kliyul and Redton copper-gold
porphyry projects (the "Projects") by issuing 16,996,099 common shares to AuRico (the "Agreement").
The Projects are located in the prolific Quesnel Trough in northcentral British Columbia (see Figure 1).
This Agreement replaces a previous agreement with AuRico whereby the Company had the right to
acquire up to a 75% interest in the Projects by spending $7.0M on exploration, issuing 3,500,000
common shares, and making cash payments totaling $160,000 by December 31, 2025 (see news
release dated January 17, 2020). The Agreement is subject to regulatory approval.
"Owning one of B.C.'s newest and most exciting discoveries outright is great news for Pacific Ridge and
its shareholders," said Blaine Monaghan, President & CEO of Pacific Ridge. "Over the last three years
we have materially increased the size of the Kliyul mineralized body to the point where we believe that
there is excellent potential to outline a sizeable copper-gold porphyry deposit. Lastly, I would like to
welcome AuRico as our newest and largest shareholder. I truly believe that today's news is an important
milestone that will help to create and unlock future value for the Company and its shareholders."
Figure 1:
Location of Kliyul and Redton
To view an enhanced version of this graphic, please visit:
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2023 Kliyul Copper-Gold Porphyry Project Exploration Plans
Pacific Ridge has budgeted approximately $4.6M for a 7,000 m diamond drill program at the Kliyul
copper-gold project ("Kliyul") this year. In addition to further expansion drilling at the Kliyul Main Zone
("KMZ"), Pacific Ridge plans to drill test several other interpreted porphyry centres that occur along a 6-
km long mineralized trend (see Figure 2). The Company will mobilize in mid-June and drilling is
expected to commence by the end of June/beginning of July.
Figure 2:
Kliyul Target Areas
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About Kliyul
Over 60 km
2
in size, Kliyul is located 65 km southeast of the Centerra Kemess Project and close to
existing infrastructure (Figure 1). Kliyul comprises nine porphyry copper-gold target areas along two
main trends: the 1.5 km-long east-northeast Valley Fault Trend, which includes its five fault-defined target
areas (Kliyul West, KMZ, Kliyul North, East Wedge, and Kliyul East); and the 6-km-long northwest-
trending Divide Lake Fault Trend which includes Ginger, Parish Hill, Bap Ridge, and M-39 target areas
(see Figure 2).
Since 2020, Pacific Ridge has spent over $7.5M advancing Kliyul, including 8,557 m of drilling in 15
holes as well as geological, geochemical and geophysical surveys. Based on the exploration results to
date, the Company believes that there is excellent potential to define a significant porphyry copper-gold
system. Drilling at KMZ to date has defined a mineralized body measuring approximately 600 m by 350
m, and to a depth of 600 m; and geophysical data, including recent magnetic and IP surveys, suggest
that this body can be expanded significantly (see Figure 3). Highlights from Pacific Ridge's drilling are
shown in Table 1.
Figure 3:
Kliyul West, KMZ, and Kliyul North with MVI (magnetic vector inversion) Induced Magnetics
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/165588_bb0255a904121b9a_003full.jpg
Drilling confirms that the MVI Induced data closely correlates with mineralization. Anomalous MVI is ~
38-hectare in size; current KMZ mineralized footprint is only 5.5 hectares, or 14.5% of the total
footprint.
Table 1 - Kliyul Drill Highlights - 2021 and 2022
Hole
From(m)
To(m)
Width(m)
Cu(%)
Au(g/t)
Ag(g/t)
CuEq(%)*
AuEq(g/t)**
KLI-21-036
12.0
449.0
437.0
0.22
0.60
1.62
0.68
0.93
Includes
12.0
65.0
53.0
0.22
0.83
1.52
0.84
1.15
And
12.0
33.0
21.0
0.34
1.30
2.48
1.31
1.80
And
47.0
65.0
18.0
0.22
0.89
1.24
0.88
1.21
Includes
143.3
435.0
291.7
0.28
0.74
2.04
0.84
1.15
And
294.0
435.0
141.0
0.36
1.11
2.76
1.19
1.64
KLI21-037
12.3
579.0
566.7
0.20
0.44
1.39
0.53
0.73
Includes
12.3
329.0
316.7
0.30
0.70
2.17
0.83
1.14
And
62.0
73.0
11.0
0.42
1.22
4.48
1.35
1.85
And
90.0
122.0
32.0
0.52
0.88
2.48
1.18
1.62
And
146.0
161.0
15.0
0.39
1.19
2.86
1.29
1.77
Includes
238.8
288.1
49.4
0.66
1.50
4.83
1.79
2.46
And
243.9
268.0
24.1
1.09
2.21
7.92
2.77
3.80
KLI21-038
9.0
516.0
507.0
0.15
0.39
1.51
0.45
0.62
Includes
9.0
351.0
342.0
0.17
0.50
2.00
0.56
0.77
And
9.0
43.0
34.0
0.27
0.72
2.84
0.82
1.13
And
9.0
63.0
54.0
0.21
0.56
2.27
0.64
0.88
And
108.0
136.0
28.0
0.21
0.60
9.01
0.72
0.99
And
153.1
186.0
32.9
0.24
0.78
1.68
0.82
1.12
And
226.0
351.0
125.0
0.23
0.69
1.57
0.74
1.02
And
261.0
349.0
88.0
0.26
0.84
1.82
0.89
1.22
KLI-22-039
9.3
252.0
242.7
0.15
0.17
1.05
0.29
0.39
Includes
22.0
43.4
21.4
0.38
0.48
3.96
0.76
1.04
And
192.0
229.0
37.0
0.20
0.27
0.67
0.40
0.55
KLI-22-040
23.0
550.8
527.8
0.19
0.30
1.35
0.42
0.58
Includes
89.0
355.5
266.5
0.23
0.48
1.94
0.60
0.82
And
170.0
268.0
98.0
0.33
0.90
3.42
1.01
1.39
And
210.0
253.0
43.0
0.50
1.11
2.72
1.33
1.83
And
306.6
340.0
33.4
0.09
0.56
0.77
0.50
0.69
KLI-22-041
12.0
600.0
588.0
0.12
0.39
0.90
0.41
0.56
Includes
106.0
442.0
336.0
0.15
0.62
1.04
0.61
0.84
And
164.0
442.0
278.0
0.14
0.72
0.95
0.67
0.92
And
164.0
200.0
36.0
0.30
0.70
1.61
0.82
1.13
And
280.0
323.0
43.0
0.09
1.59
1.34
1.26
1.73
And
337.0
398.0
61.0
0.25
1.15
1.12
1.09
1.50
And
420.0
442.0
22.0
0.10
0.63
1.01
0.56
0.77
KLI-22-042
9.0
702.0
693.0
0.11
0.20
0.81
0.26
0.36
Includes
136.0
474.4
338.4
0.12
0.30
0.98
0.35
0.48
And
136.0
306.0
170.0
0.18
0.35
1.34
0.44
0.61
And
438.0
474.4
36.4
0.14
0.62
0.99
0.60
0.82
KLI-22-043
9.0
516.0
507.0
0.17
0.19
0.82
0.32
0.44
Includes
147.0
261.0
114.0
0.28
0.36
1.52
0.55
0.76
And
165.0
229.0
64.0
0.31
0.47
1.82
0.67
0.92
Includes
463.0
501.0
38.0
0.45
0.26
0.83
0.65
0.89
KLI-22-044
11.6
651.0
639.4
0.11
0.23
0.84
0.29
0.39
Includes
81.5
432.2
350.7
0.13
0.32
0.98
0.38
0.52
And
134.0
352.0
218.0
0.15
0.37
1.15
0.43
0.59
And
136.0
194.0
58.0
0.25
0.38
1.73
0.54
0.74
And
237.3
336.7
99.4
0.13
0.47
1.01
0.48
0.66
KLI-22-045
112.0
184.0
72.0
0.21
0.59
1.96
0.66
0.91
Includes
141.0
184.0
43.0
0.17
0.57
2.39
0.61
0.83
And
330.0
367.0
37.0
0.15
0.34
0.89
0.40
0.55
KLI-22-046
273.0
442.0
169.0
0.20
0.46
1.65
0.55
0.75
Includes
313.0
336.2
23.2
0.15
0.49
1.36
0.51
0.71
And
371.0
430.0
59.0
0.24
0.87
2.29
0.89
1.22
KLI-22-047
332.0
385.0
53.0
0.10
0.11
0.72
0.18
0.25
KLI-22-048a
352.0
362.0
10.0
0.01
0.59
1.81
0.46
0.63
KLI-22-049
144.0
484.0
340.0
0.15
0.20
0.80
0.30
0.41
Includes
250.0
316.0
66.0
0.23
0.24
0.90
0.41
0.57
And
456.0
484.0
28.0
0.27
0.44
2.87
0.61
0.84
KLI-22-050
58.0
584.0
526.0
0.20
0.43
1.03
0.52
0.71
Includes
115.0
443.0
328.0
0.25
0.57
1.25
0.67
0.92
And
254.0
308.0
54.0
0.40
1.03
2.42
1.17
1.60
And
354.0
443.0
89.0
0.28
1.05
1.20
1.06
1.45
And
514.0
562.0
48.0
0.19
0.41
1.15
0.49
0.68
*CuEq = ((Cu%) x $Cu x 22.0462) + (Au(g/t) x $Au x 0.032151) + (Ag(g/t) x $Ag X 0.032151)) / ($Cu x 22.0462)
**AuEq = ((Cu%) x $Cu x 22.0462) + (Au(g/t) x $Au x 0.032151)) + (Ag(g/t) x $Ag X 0.032151)) / ($Au x 0.032151)
Commodity prices: $Cu = US$3.50/lb, $Au = US$1,750/oz., and Ag = US$20.00/oz.
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.
Recovery is assumed to be 100% - there has been no metallurgical testing on Kliyul mineralization
About the Redton Copper-Gold Porphyry Project
Approximately 35 sq-km in size, the Redton copper-gold porphyry project ("Redton") is adjacent to
NorthWest Copper Corp's Kwanika deposit (Figure 4), which hosts 223.6 million tonnes grading 0.27%
copper, 0.25 g/t gold and 0.87 g/t silver containing 1.32 billion pounds of Cu, 1.83 million ounces of Au
and 6.27 million ounces of Ag in the Measured and Indicated category
1
. In 2022, Pacific Ridge identified
a surface geochemical target of similar size and orientation as the Kwanika Central Zone footprint,
located 4.5 km east of the Kwanika following an interpreted arc-transverse lineament.
Figure 4:
Redton Target Areas
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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 Quesnel Trough, approximately 65 km
southeast of Centerra Gold Inc's Kemess Project. 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
Bird, S., Nowak, M., Meintjes, T., 2019. NI 43-101 Technical report for the Kwanika project resource
estimate update 2019. Near Fort St. James, British Columbia, Canada: Prepared by Moose Mountain
Technical Services for Kwanika Copper Corp., Serengeti Resources Inc., and Posco International Corp.
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 the planned 7,000 m drill program at Kliyul budgeted at
$4.6M and the potential for the KMZ mineralized body to continue growing. 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.
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