Pacific Ridge Announces 2022 Exploration Plans; All Five Copper-Gold Porphyry Projects to Be Advanced This Summer
Pacific Ridge Announces 2022 Exploration
Plans; All Five Copper-Gold Porphyry Projects
to Be Advanced This Summer
Vancouver, British Columbia--(Newsfile Corp. - June 1, 2022) - Pacific Ridge Exploration Ltd. (TSXV:
PEX) (OTCQB: PEXZF) ("Pacific Ridge" or the "Company") is pleased to announce that all five of the
Company's copper-gold porphyry projects will be advanced in 2022, including 6,000 m of diamond
drilling at its flagship Kliyul copper-gold project ("Kliyul") and 1,500 m of diamond drilling at the RDP
copper-gold project ("RDP"). All of Pacific Ridge's copper-gold porphyry projects are located in
northcentral B.C. (see Figure 1).
Highlights of the 2022 Exploration Program:
Kliyul: A planned 6,000 m diamond drill program - 2021 drilling returned 566.7 m of 0.20% Cu and
0.44 g/t Au, including 316.7 m of 0.30% Cu and 0.70 g/t Au (drill hole KLI-21-037);
RDP: A planned 1,500 m diamond drill program funded by Antofagasta Minerals S.A.
("Antofagasta"), a wholly owned subsidiary of Antofagasta PLC;
Chuchi copper-gold project ("Chuchi"): A planned ZTEM airborne geophysical survey followed by a
geological mapping and sampling program, and re-logging historical drill core;
Onjo copper-gold project ("Onjo"): A planned ZTEM survey followed by a geological mapping and
sampling program, and re-logging historical drill core;
Redton copper-gold project ("Redton"): Mapping, prospecting, and soil and rock geochemical
sampling.
"2022 will be our busiest exploration season in decades and marks an inflection point for Pacific Ridge
as it pursues its goal of becoming B.C.'s leading copper-gold exploration company," said Blaine
Monaghan, President and CEO of Pacific Ridge.
Figure 1:
Location of Pacific Ridge's Projects
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5460/126072_d0d84e66846e785d_001full.jpg
Kliyul
The exploration program at Kliyul is expected to commence in June and will include 6,000 m of diamond
drilling utilizing two drill rigs under contract from Dorado Drilling Ltd. This will be the largest ever diamond
drill program at Kliyul and will focus on step-out drilling at the Kliyul Main Zone ("KMZ"). 2021 drilling 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://orders.newsfilecorp.com/files/5460/126072_d0d84e66846e785d_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:
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Figure 4
: Kliyul Target Areas
To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/5460/126072_d0d84e66846e785d_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"), 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.
RDP
The Company recently optioned RDP to a wholly-owned subsidiary of Antofagasta PLC ("Antofagasta"),
whereby Antofagasta can earn a 75% interest in the project by spending $10,000,000 on exploration
over eight years and delivering a preliminary economic assessment report (see news release dated
February 8, 2022). Mineralization at the Day target (see Figure 5) includes pyrite, magnetite,
chalcopyrite, minor molybdenite, and traces of bornite as disseminations and fracture fillings in diorite
and adjacent altered volcaniclastic rocks. Historical drilling includes 2,472 m in 19 drill holes. Drill
highlights include 0.67% Cu and 0.93 g/t Au over 58.8 m (drill hole D-74-1) and 0.54% Cu and 0.69 g/t
Au over 57 m (drill hole C-92-1). Mineralization at the Roy target consists of a quartz-magnetite-
chalcopyrite stringer stockwork within a monzonite intrusive. Trench sampling in 1990 encountered
0.121% Cu and 0.55 g/t Au over 62 m within an 80 m trench. Only a single drill hole has been
documented at Roy, hole EQ-11-01. This hole was drilled in 2011, the last time RDP was explored, and
returned 0.11% Cu and 0.64 g/t Au over 122.95 m.
Figure 5
: RDP Target Areas
To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/5460/126072_d0d84e66846e785d_005full.jpg
Antofagasta is funding a 1,500 m diamond drill program at RDP with a focus on the Day and Roy
targets. Drilling is expected to commence in July.
Chuchi
Pacific Ridge recently acquired an option to earn up to a 75% interest in Chuchi from AuRico (see news
release dated
May 9, 2022
). Over 6,100 ha in size, Chuchi hosts a large, well-mineralized gold-rich
porphyry copper system, where many of the historical drill holes bottomed in mineralization. The main BP
Zone is defined by 4 km x 3 km halo of outer propylitic alteration surrounding a central 1.5 km x 1.5 km
area of copper-gold mineralization, which is open to depth and potentially to the east across the north-
south trending Valley Fault (see Figure 6). Grades within the mineralized portion of the BP Zone range
from 0.21% to 0.40% Cu and from 0.21 g/t to 0.44 g/t Au (see Table 2).
Figure 6
: Chuchi with IP Chargeability and Historical Drill Holes
To view an enhanced version of Figure 6, please visit:
https://orders.newsfilecorp.com/files/5460/126072_d0d84e66846e785d_006full.jpg
Table 2
BP Zone Drill Highlights
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
0.51
0.79
Includes
82.0
98.0
16.0
0.71
1.32
1.55
2.43
CH-89-8
152.0
200.0
48.0
0.25
0.24
0.40
0.63
CH-90-23
38.0
54.0
16.0
0.36
0.58
0.73
1.14
CH-90-27
32.0
226.0
194.0
0.21
0.21
0.34
0.54
CH-90-30
98.0
256.0
158.0
0.22
0.10
0.28
0.45
CH-90-33
39.6
304.5
264.9
0.17
0.10
0.23
0.37
Includes
64.0
152.0
88.0
0.36
0.21
0.49
0.77
CH-90-34
75.3
213.1
137.8
0.14
0.08
0.19
0.30
CH-90-36
51.5
243.5
192.0
0.16
0.12
0.24
0.37
CH-90-37
54.3
262.1
207.8
0.22
0.12
0.30
0.47
CH-91-40
50.0
154.0
104.0
0.25
0.23
0.40
0.62
Includes
50.0
132.0
82.0
0.30
0.28
0.48
0.75
Includes
62.0
104.0
42.0
0.44
0.41
0.70
1.10
CH-91-42
91.4
146.0
54.6
0.08
1.93
1.31
2.06
Includes
91.4
124.0
32.6
0.06
3.12
2.05
3.21
CH-91-42
188.0
256.0
68.0
0.13
0.38
0.37
0.58
Includes
230.0
256.0
26.0
0.12
0.75
0.60
0.94
*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% .
Exploration plans for 2022 include a property-wide, 710 line-km, Z-axis, tipper electromagnetic survey
("ZTEM") airborne geophysical survey, followed by a geological mapping and sampling program and re-
logging historical drill core, with the objective of defining drill targets for 2023. ZTEM is a modern
geophysical technique that has proven effective in outlining porphyry systems and is particularly useful in
defining the structures that are often important in localizing or offsetting mineralization.
Onjo
As announced on February 3, 2022, Pacific Ridge recently acquired a 100% interest in the 9,700 ha
Onjo, located 15 km west of Centerra's Mount Milligan Mine (see Figure 7). Onjo 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 Mount Milligan. The style of
copper-gold mineralization returned in historical drilling, combined with the presence of nearby skarn
occurrences, suggests that this is the upper levels of an alkalic porphyry system. The Company believes
that Onjo has the potential to host an alkalic porphyry copper-gold deposit at depth.
Figure 7
: Onjo Location
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https://orders.newsfilecorp.com/files/5460/126072_d0d84e66846e785d_007full.jpg
Exploration plans for Onjo in 2022 include a 560 line-km ZTEM survey, followed by a geological mapping
and sampling program and re-logging of historical drill core.
Redton
Redton, adjacent to NorthWest Copper's Kwanika Deposit, is underlain by the Triassic Takla Group and
intruded by the Hogem intrusive suite of Late Triassic and Early Jurassic composite plutons. A number
of targets exist at Redton: Redton North, Redton East, East Swan and Catchment Basin (see Figure 8).
Figure 8:
Redton Targets
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The 2022 exploration program will include mapping, prospecting, and soil and rock geochemical
sampling, focusing on an area of anomalous copper and molybdenum soil geochemistry in a 3 km by 4
km till-covered area underlain by Hogem batholith intrusives at the Catchment Basin target as well as the
Redton East target.
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