Pacific Ridge Announces 2024 Exploration Plans Including Inaugural Drill Program at Chuchi Copper-Gold Project In B.C.
Pacific Ridge Announces 2024 Exploration
Plans Including Inaugural Drill Program at
Chuchi Copper-Gold Project In B.C.
Vancouver, British Columbia--(Newsfile Corp. - June 6, 2024) - Pacific Ridge Exploration Ltd. (TSXV:
PEX) (OTCQB: PEXZF) (FSE: PQWN) ("Pacific Ridge" or the "Company") is pleased to announce its
2024 exploration plans which include a diamond drill program at the Chuchi copper-gold project
("Chuchi"), Z-Axis Tipper Electromagnetic ("ZTEM") and magnetotellurics ("MT") geophysical surveys at
the Kliyul copper-gold project ("Kliyul") and an induced polarization ("IP") survey at the Redton copper-
gold project ("Redton"). Chuchi, Kliyul, and Redton are located in the prolific Quesnel terrane in
northcentral British Columbia (see Figure 1).
Highlights:
Chuchi: Pacific Ridge is planning to drill 2,400 m at Chuchi in 2024. This will be the Company's
first ever drill program at Chuchi and will be focused on the BP Zone (see Figure 2). Pacific Ridge
believes that the BP Zone has significant, untested potential for porphyry copper-gold
mineralization at depth as many of the historic drill holes were shallow, less than 150 m in depth,
and ended in mineralization (see Table 1 for BP Zone Drill Highlights). The drill program is
expected to commence mid-August.
Kliyul: Pacific Ridge is planning ZTEM and MT geophysical surveys at Kliyul this year to aid in the
discovery of higher-grade copper-gold mineralization and a porphyry centre or centres. The last
hole of the 2023 drill campaign, drill hole KLI-23-069, returned 45.0 m of 0.58% copper equivalent
("CuEq")
1
or 0.86 g/t gold equivalent ("AuEq")
2
(0.38% copper, 0.28 g/t gold, and 2.20 g/t silver) at
a downhole depth of 584 m. This is the deepest mineralized interval ever encountered at Kliyul and
the Company believes that it provides a vector for a higher-grade porphyry centre at the Kliyul Main
Zone ("KMZ") (see news release dated January 9, 2024). The ZTEM survey is expected to
commence mid-July with the MT survey to follow.
Redton: Pacific Ridge is planning an IP survey at Redton, which adjoins the eastern boundary of
NorthWest Copper Corp.'s Kwanika copper-gold deposit, to refine future drill targets. The IP
survey is expected to commence in July.
Quote
"I'm very excited about the upcoming drill program because I believe, based on our exploration
results, that we can extend copper-gold mineralization at Chuchi to depth,"
said Blaine Monaghan,
President & CEO of Pacific Ridge
. "Also, I'm very optimistic that the ZTEM and MT surveys will aid in
the discovery of higher-grade copper-gold mineralization and a porphyry centre at KMZ, and other
porphyry centres within the six-kilometre-long mineralized trend at Kliyul."
Figure 1
Location of Chuchi, Kliyul, and Redton
To view an enhanced version of this graphic, please visit:
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About Chuchi
Chuchi (or the "Project") is over 160 km
2
in size and comprises of three claim blocks, Chuchi, under
option from Centerra Gold Inc. ("Centerra"), and Chuchi South and Chuchi West, under option from
American Copper Development Corporation. The Project is road accessible and is located
approximately 35 km northwest of Centerra's Mount Milligan Mine. Chuchi hosts several compelling
exploration targets within a six-kilometre-long porphyry trend, including the BP Zone. The Company
believes that that the BP Zone has significant, untested potential for porphyry copper-gold mineralization
at depth as many of the historic drill holes were shallow, less than 150 m in depth, and ended in
mineralization. Further, the porphyry centre has yet to be identified.
Figure 2
Chuchi Targets
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Table 1
BP Zone Drill Highlights
3
Hole No.
From (m)
To (m)
Width (m)
Cu (%)
Au (g/t)
CuEq (%)
4
AuEq (g/t)
5
CH-89-7
38.0
138.0
100.0
0.27
0.37
0.51
0.76
Includes
82.0
98.0
16.0
0.71
1.32
1.60
2.37
CH-90-27
32.0
226.0
194.0
0.21
0.21
0.35
0.52
Includes
156.0
226.0
70.0
0.31
0.34
0.54
0.80
CH-90-30
98.0
256.0
158.0
0.22
0.10
0.29
0.43
Includes
182.0
256.0
74.0
0.26
0.13
0.35
0.52
CH-90-33
54.0
304.5 Ɨ
250.50
0.21
0.12
0.29
0.44
Includes
64.0
152.0
88.0
0.36
0.21
0.51
0.75
CH-90-37
54.3
262.1 Ɨ
207.8
0.22
0.12
0.30
0.45
Includes
110.0
154.0
44.0
0.35
0.18
0.47
0.70
CH-91-40
50.0
130.0
80.0
0.30
0.29
0.49
0.73
Includes
50.0
114.0
64.0
0.35
0.33
0.57
0.85
Includes
64.0
104.0
40.0
0.45
0.41
0.73
1.08
CH-91-42
91.4
320.6 Ɨ
229.2
0.10
0.61
0.51
0.76
Includes
94.0
144.0
50.0
0.09
2.10
1.50
2.23
Includes
94.0
122.0
28.0
0.07
3.61
2.49
3.70
And
200.0
242.0
42.0
0.13
0.55
0.50
0.74
CH-19-003
91.5
411.0 Ɨ
319.5
0.16
0.14
0.25
0.37
Includes
341.0
401.0
60.0
0.26
0.24
0.42
0.63
About Kliyul
Owned 100% by Pacific Ridge, Kliyul is over 90 km
2
in size and is located in the prolific Quesnel terrane
close to existing infrastructure. Kliyul hosts several compelling exploration targets within a six-kilometre
long mineralized trend, including KMZ (see Figure 3), which has been the Company's focus since 2020.
Pacific Ridge has completed more than 17,500 m of diamond drilling at KMZ and has expanded the
known mineralized extents to 760 m east-west, up to 600 m north-south, and up to 650 m vertical. KMZ
remains open in every direction and at depth. Drill highlights include drill hole KLI-21-037 which returned
316.7 m of 0.79% CuEq
1
or 1.17 g/t AuEq
2
(0.30% copper, 0.70 g/t gold, and 2.17 g/t silver)
within
566.7 m of 0.51% CuEq
1
or 0.75 g/t AuEq
2
(0.20% copper, 0.44 g/t gold, and 1.31 g/t silver) (see news
release dated January 31, 2022).
To view all Pacific Ridge's drill results from Kliyul, click on the link below.
https://pacificridgeexploration.com/site/assets/files/5969/2024-01-
12_kliyul_assay_highlights_summary.pdf
Figure 3
Kliyul Targets
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https://images.newsfilecorp.com/files/5460/211853_3aac697324e4c86d_003full.jpg
About Redton
Owned 100% by Pacific Ridge, Redton is over 34 km
2
in size and adjoins the eastern boundary of
NorthWest Copper Corp.'s Kwanika copper-gold deposit. Several target areas exist at Redton:
Catchment Basin, East Swan, NEX, Redton East, and Redton North. In 2022, after completing a
targeted soil survey grid, the Company identified a surface geochemical target, the NEX zone, which is
of similar size and orientation as the Kwanika Central Zone footprint. NEX zone is located 4.5 km east of
Kwanika following an interpreted arc-transverse lineament and an AeroTEM geophysical feature of
interest (see Figure 4).
Figure 4
Redton Targets
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/211853_3aac697324e4c86d_004full.jpg
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 RDP copper-gold project, the Onjo copper-gold project, and the 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
1
CuEq = ((Cu%) x $Cu x 22.0462) + (Au(g/t) x AuR/CuR x $Au x 0.032151) + (Ag(g/t) x AgR/CuR x $Ag x 0.032151)) / ($Cu x 22.0462).
2
AuEq = ((Au(g/t) x $Au x 0.032151) + ((Cu%) x CuR/AuR x $Cu x 22.0462) + (Ag(g/t) x AgR/CuR x $Ag x 0.032151)) / ($Au x 0.032151).
Commodity prices:
$Cu = US$3.25/lb, $Au = US$1,800/oz., and Ag = US$20.00/oz.
There has been no metallurgical testing on Kliyul mineralization. The Company estimates copper recoveries (CuR) of 84%, gold recoveries (AuR)
of 70%, and silver recoveries (AgR) of 65% based on average recoveries from Kemess Underground, Mount Milligan, Red Chris.)
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
3
Sources include: Chuchi project historical drilling database; also reported in BC Geological Survey (Branch) Assessment Reports 20018 (CH-
89-7), 21113 (CH-90-27, CH-90-30, CH-90-33, CH-90-37), unpublished Placer Dome Inc. database (CH-91-40, CH-91-42), 39061 (CH-19-003).
4
CuEq = ((Cu%) x $Cu x 22.0462) + (Au(g/t) x AuR/CuR x $Au x 0.032151) / ($Cu x 22.0462).
5
AuEq = ((Au(g/t) x $Au x 0.032151) + ((Cu%) x CuR/AuR x $Cu x 22.0462) / ($Au x 0.032151).
Commodity prices:
$Cu = US$3.25/lb and $Au = US$1,800/oz.
There has been no metallurgical testing on Chuchi or Kliyul mineralization. The Company estimates copper recoveries (CuR) of 84%, and gold
recoveries (AuR) of 70% based on the average recoveries from Kemess Underground, Mount Milligan, and Red Chris.
Factors: 22.0462 = Cu% to lbs per tonne and 0.032151 = Au g/t to troy oz per tonne.
Ɨ End of hole
Neither the TS
X 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 the planned 2,500 m drill program at Chuchi, the planned ZTEM and MT surveys at Kliyul, and the planned I.P. survey 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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