Pacific Ridge Completes Drilling Program at Kliyul with Copper and Gold Porphyry-Style Mineralization Intersected in All Holes
Pacific Ridge Completes Drilling Program at
Kliyul with Copper and Gold Porphyry-Style
Mineralization Intersected in All Holes
Vancouver, British Columbia--(Newsfile Corp. - September 22, 2021) - Pacific Ridge Exploration Ltd.
(TSXV: PEX) (OTCQB: PEXZF) ("Pacific Ridge" or the "Company") is pleased to announce that it has
completed its maiden diamond drill ("DDH") program at the Kliyul copper-gold porphyry project ("Kliyul"
or "Project"), located in the prolific Quesnel Trough in Northwest British Columbia.
Highlights:
All of the drill holes encountered classic copper-gold porphyry-style mineralization consisting of
sulphides pyrite, chalcopyrite and lesser bornite in veins and as disseminations.
Mineralization at the Kliyul Main Zone ("KMZ") was successfully extended to the west and to depth.
A new copper skarn prospect was identified approximately 800 m to the southeast of the KMZ.
Description of DDH intercepts
All three holes encountered porphyry-style mineralization consisting of pyrite, chalcopyrite and lesser
bornite in veins and as disseminations. Early magnetite-chlorite alteration and veining is cross cut by
later-stage banded quartz-magnetite veins as well as later generations of quartz+magnetite+chalcopyrite
veining. Later stage veining brings in chalcopyrite+bornite with quartz as well as epidote and/or
anhydrite+magnetite. Early magnetite and quartz-magnetite veins are interpreted to represent the higher
temperature part of the porphyry system at KMZ. The presence of bornite is also an indication of
proximity to the higher temperature core of a porphyry system and is a positive vector towards the core
of KMZ.
DDH KLI-21-036: This hole was targeted to test for extensions of mineralized zones encountered
at depth during 2006 drilling. The hole ended in a late-mineral intrusion at 449 m but had to be
terminated due to the drill pad failing.
Figure 1:
Chalcopyrite+pyrite mineralization in KLI-21-036 at 294.50 m
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5460/97296_40d5379414b00b2d_001full.jpg
DDH KLI-21-037: Targeted to infill and test for extensions of mineralization to the west of KMZ and
was terminated at a depth of 579 m. This DDH was successful in extending mineralization to the
west and at depth. Porphyry-style veining was observed throughout the entire length of the hole.
Figure 2:
Chalcopyrite+pyrite mineralization in KLI-21-037 at 121 m
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5460/97296_40d5379414b00b2d_002full.jpg
DDH KLI-21-038: This DDH targeted the interpreted centre of the porphyry system and was
designed to test for mineralization at depth. The hole ended in mineralization at 516 m but was
terminated due to difficult ground conditions.
Figure 3:
Chalcopyrite+bornite mineralization at 345.05 m in KLI-21-038
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/5460/97296_40d5379414b00b2d_003full.jpg
Due to delays caused by forest fires at the beginning of the exploration season and a shortage of
experienced drillers, Pacific Ridge was only able to complete 1,544 m of the planned 2,500 m before
winter conditions set in. With a shortened season and suboptimal drilling rates, Pacific Ridge focused on
the KMZ target and opted to defer testing the Kliyul East and Kliyul West targets (see Figures 4, 5, and
6). Pacific Ridge plans to test these and other targets in 2022. Assay results from the 2021 drill program
will be released as soon as they are available.
"Although we weren't able to achieve 2,500 metres of drilling due to wildfires and a lack of experienced
drillers, we are very pleased with the drilling that we did complete,"
said Blaine Monaghan, President &
CEO of Pacific Ridge.
"Based upon the mineralization styles observed in the 2021 diamond drill
cores, we are confident that we will equal or better the historic drilling results from the Kliyul Main
Zone. In addition to the Kliyul Main Zone, significant targets remain insufficiently tested at Kliyul. The
findings from our maiden 2021 drill campaign will be used to build an expanded drilling program in
2022."
Figure 4:
Plan view of 2021 drill holes and significant, historic drill intercepts (see Table 1)
To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/5460/97296_40d5379414b00b2d_004full.jpg
Figure 5:
Plan view of 2021 drill holes, significant, historic drill intercepts (see Table 1), and
colour-contoured IP chargeability inversion
To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/5460/97296_40d5379414b00b2d_005full.jpg
Figure 6:
Cross-section of 2021 drill holes and significant, historic drill intercepts (see Table 1)
To view an enhanced version of Figure 6, please visit:
https://orders.newsfilecorp.com/files/5460/97296_40d5379414b00b2d_006full.jpg
Table 1
Significant, historic drill intercepts
Ref
Hole
From (m)
To (m)
Width
(m)
Cu (%)
Au (gpt)
CuEQ
(%)*
AuEQ
(gpt)*
A
KL-5
10.8
68.3
57.5
0.32
0.99
1.38
1.29
B
KL-6
30.1
78.9
48.8
0.31
1.33
1.73
1.62
C
KL-7
20
71
51
0.17
1.19
1.44
1.35
D
KL-93-4
46
102
56
0.34
0.89
1.29
1.21
E
KL-93-5
16
76
60
0.26
1.34
1.69
1.58
F
KL06-30
22
239.8
217.8
0.23
0.52
0.79
0.74
G
KL06-31
346
378
32
0.21
0.62
0.87
0.82
H
KLI-15-34
37.5
90
52.5
0.24
0.17
0.42
0.39
I
KLI-15-
34
123
368
245
0.18
0.53
0.75
0.70
J
Including
280.6
301
20.4
0.39
2.55
3.11
2.91
K
KLI-15-34
426
465.7
39.7
0.2
0.66
0.91
0.85
L
KLI-15-35
331
380
49
0.16
0.22
0.40
0.37
M
KLI-15-35
399.5
462.8
63.3
0.26
0.28
0.56
0.52
N
Including
414
433.5
19.5
0.43
0.56
1.03
0.96
O
KLI-15-35
474.7
502
27.3
0.11
0.18
0.30
0.28
P
KLI-15-33
32.5
194.9
162.4
0.2
0.26
0.48
0.45
*CuEQ = ((Cu(%) x $2.25 x 22.0642) + (Au(gpt) x $1,650 x 0.032151)) / ($2.25 x 22.0642)
*AuEQ = ((Cu(%) x $2.25 x 22.0642) + (Au(gpt) x $1,650 x 0.032151)) / ($1,650 x 0.032515)
New copper skarn prospect
The 2021 property-scale mapping program discovered a previously unmapped copper skarn prospect,
located approximately 800 m southeast of mineralization encountered in drilling at KMZ, which presents
as chalcopyrite+bornite mineralized garnet-porphyroblastic marble within a carbonate sedimentary
package. Outcropping mineralization is located at a break in the slope and extends over an approximate
20 m strike-length and has a minimum mapped thickness of approximately 1 m. True thickness is
unknown due to talus cover. This prospect is located along a northwest trend of porphyry targets and
favourable alteration, as further described in the section below. Numerous copper-gold porphyry systems
worldwide are associated with skarn and carbonate-replacement deposits both distal and proximal to
porphyry mineralization, thus this carbonate-hosted prospect represents an attractive target.
About the Kliyul Project
Over 60 km
2
in size, Kliyul is located 50 km southeast of Centerra Gold Inc's Kemess mine and 5 km
from the Omineca mining road (see Figure 7) in one of the most geochemically anomalous areas for
copper and gold in the Quesnel Terrane. The Project contains five main target areas: KMZ, Bap Ridge,
Ginger, M39, and Paprika (see Figure 8), each representing an interpreted porphyry centre within a 4
km northwest-trending strike length. KMZ is the most intensely explored with 33 drill holes (5,524 m)
drilled since 1974, most of which targeted a near-surface copper-gold magnetite zone (drill holes KL-5
to KL-93-5). Deeper drilling during 2006 and 2015 encountered a porphyry copper-gold system (drill
holes KL06-30 to KL-15-35).
The Project displays classic copper-gold porphyry patterns of alteration and mineralization. Geological
interpretation, supported by geophysical surveys (IP, ground and aeromagnetics and magnetotellurics),
suggests there is significant potential to expand the known dimensions of the Kliyul mineralized system.
Figure 7:
Kliyul copper-gold porphyry project location
To view an enhanced version of Figure 7, please visit:
https://orders.newsfilecorp.com/files/5460/97296_40d5379414b00b2d_007full.jpg
Figure 8:
Kliyul target areas
To view an enhanced version of Figure 8, please visit:
https://orders.newsfilecorp.com/files/5460/97296_pacifi2.jpg
Kliyul option agreement
Pacific Ridge has the right to earn a 51% interest in the Kliyul and Redton projects from Aurico Metals
Inc., a wholly owned subsidiary of Centerra Gold Inc., by making cash payments totaling $100,000,
issuing 2.0 million shares and spending $3.5 million on exploration by December 31, 2023. The
Company then has the right to increase its interest in the properties to 75% by making additional
payments totaling $60,000, issuing 1.5 million shares and completing an additional $3.5 million in
exploration by December 31, 2025.
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's Kemess mine. In addition to Kliyul, the Company's
project portfolio includes the RDP copper-gold project and the Redton copper-gold project, both 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:
1
Copper equivalent (CuEQ) is equal to ((Cu (per cent) multiplied by $2.25 multiplied by 22.0642) plus
(Au (g/t) multiplied by $1,650 multiplied by 0.032151)) divided by ($2.25 multiplied by 22.0642).
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 statements regarding testing Kliyul East and Kliyul West in
2022, an expanded drill program in 2022, confidence that the drill results from the 2021 drill program
will equal or better historical drill results, and the potential to significantly expand the size of the Kliyul
mineralized system, including the main porphyry mineralizer. 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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