Pacific Ridge Acquires Onjo Copper-Gold Porphyry Project
Pacific Ridge Acquires Onjo Copper-Gold
Porphyry Project
Vancouver, British Columbia--(Newsfile Corp. - February 3, 2022) - Pacific Ridge Exploration Ltd.
(TSXV: PEX) (OTCQB: PEXZF) ("Pacific Ridge" or the "Company") is pleased to announce that it has
acquired a 100% interest in the Onjo copper-gold porphyry project ("Onjo" or the "Project"), located in
the prolific Quesnel Trough, north central British Columbia (see Figure 1), from Orogen Royalties Inc.
Accessible via a network of forestry roads, Onjo is over 9,700 hectares in size and is located 10 km
west of Centerra Gold Inc.'s Mount Milligan Mine, an alkalic porphyry copper-gold system (see Figure 2).
The Project hosts skarn and alkalic porphyry copper-gold mineralization associated with monzonitic
phases of the Witch Lake intrusions cutting Takla volcanic rocks,
similar to the mineralization and host
rocks at the Mount Milligan Mine. The style of copper-gold mineralization returned in historical drilling,
combined with the presence of nearby skarn occurrences, leads Pacific Ridge to believe that past
operators at Onjo encountered the upper levels of an alkalic porphyry system. Based on the above
exploration hypothesis, the Company postulates that the Project has the potential to host an alkalic
porphyry copper-gold deposit at depth. Pacific Ridge plans to launch an exploration program later this
year with the objective of defining future drill targets.
"The style of mineralization, the accessibility, and the proximity to one of B.C.'s largest copper-gold
mines make Onjo a compelling exploration project," said Blaine Monaghan, President & CEO of Pacific
Ridge. "However, when you combine the above with a new exploration hypothesis, that past operators
encountered the upper levels of an alkalic porphyry system, Onjo's exploration potential is doubly
compelling. With the acquisition of Onjo, Pacific Ridge now has four copper-gold projects in its project
portfolio, including the Company's flagship Kliyul copper-gold project, and is quickly establishing itself as
one of B.C.'s leading copper-gold exploration companies."
Figure 1
The Quesnel Trough, north central British Columbia
To view an enhanced version of Figure 1, please visit:
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Figure 2
Location of Onjo
To view an enhanced version of Figure 2, please visit:
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Acquisition terms
Pacific Ridge is acquiring a 100% interest in Onjo property, subject to a 2% NSR, by paying
CAD$50,000 cash and issuing 750,000 common shares of Pacific Ridge to Orogen Royalties Inc., with
the option to purchase one quarter of the NSR, or 0.5%, at any time for US$1.5M. The agreement is
subject to regulatory approval.
About Pacific Ridge
Our goal is to become one of the leading copper-gold exploration companies in British Columbia.
Pacific Ridge's flagship project is the Kliyul copper-gold project, located in the 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, the Onjo copper-gold project, and the Redton
copper-gold project, all located in British Columbia. Pacific Ridge will continue to search for projects that
offer discovery opportunity in our regions of expertise.
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 to launch an exploration program at Onjo this year.
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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