Pacific Ridge Intersects 437 Metres of 0.61% CuEq or 0.96 g/t AuEq, Including 291.7 Metres of 0.75% CuEq or 1.18 g/t AuEq, in First Drill Hole at Kliyul Copper-Gold Project; Best Kliyul Interval Ever
Pacific Ridge Intersects 437 Metres of 0.61%
CuEq or 0.96 g/t AuEq, Including 291.7 Metres
of 0.75% CuEq or 1.18 g/t AuEq, in First Drill
Hole at Kliyul Copper-Gold Project; Best Kliyul
Interval Ever
Vancouver, British Columbia--(Newsfile Corp. - December 1, 2021) - Pacific Ridge Exploration Ltd.
(TSXV: PEX) (OTCQB: PEXZF) ("Pacific Ridge" or the "Company") is pleased to announce assay
results from the first of three diamond drill holes completed during the 2021 drilling campaign at the
Company's Kliyul copper-gold porphyry project ("Kliyul" or "Project"), located in the prolific Quesnel
Trough in Northwest British Columbia (see Figure 1).
Drill hole KLI-21-036 highlights:
437.0 m of 0.61% copper equivalent (CuEq) or 0.96 g/t gold equivalent (AuEq)
comprising 0.22%
copper and 0.60 g/t gold containing:
53.0 m 0.75% CuEq or 1.17 g/t AuEq comprising 0.22% copper and 0.83 g/t gold;
and 291.70 m of 0.75% CuEq or 1.18 g/t AuEq comprising 0.28% copper and 0.74
g/t gold,
including;
141.0 m of 1.07% CuEq or 1.68 g/t AuEq comprising 0.36% copper and 1.11 g/t gold.
Starting at surface, this is the longest and highest-grade interval ever returned from Kliyul, far
surpassing the best previous result of 245.0 m of 0.52% CuEq or 0.81 g/t AuEq comprising 0.18%
copper and 0.53 g/t gold, which was drilled by Teck Resources in 2015 (see Table 2 for selected
historical drill results).
Assay results from the remaining two drill holes, KLI-21-037 and KLI-21-038, will be reported when
available.
"The results from our first ever drill hole at Kliyul far exceeded our expectations," said Blaine Monaghan,
President and CEO of Pacific Ridge. "They are, in fact, the best drill results ever to be reported from
Kliyul. Although we are still waiting for assay results from the remaining two drill holes, hole KLI-21-036
gives us the confidence to begin planning an expanded 2022 drill program at Kliyul. I would like to
congratulate Dr. Gerry Carlson, Pacific Ridge's Executive Chair, Danette Schwab, the Company's VP
Exploration, and our technical committee for their fine work."
Discussion of drill hole KLI-21-036
This hole tested for at-depth extensions of mineralized zones encountered in 2006 and 2015 by previous
operators at the Kliyul Main Zone ("KMZ"). The entire core, from the top of bedrock at 12 m to the bottom
of the hole at 449 m, averaged 0.22% Cu and 0.60 g/t Au (0.61% CuEq or 0.96 g/t AuEq), within which a
141 m interval averaged 1.11% CuEq or 1.76 g/t AuEq. The bottom of the hole, from 440 m to 449 m,
intersected and ended within an interpreted post-mineral dike. It is expected that mineralization will
continue to depth below this younger intrusive phase. However, the hole had to be terminated before it
exited the interpreted post-mineral dike due to an unstable drill platform.
Table 1
Hole KLI-21-036 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
*CuEq = ((Cu%) x $Cu x 22.0642) + (Au(g/t) x $Au x 0.032151)) / ($Cu x 22.0642)
**AuEq = ((Cu%) x $Cu x 22.0642) + (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: 22.0642 = Cu% to lbs per tonne, and 0.032151 = Au g/t to oz per tonne
Recovery for Cu and Au is assumed to be 100%
Click on the link below for complete assay results from hole KLI-21-036.
https://pacificridgeexploration.com/site/assets/files/5859/drill_hole_kli-21-036.pdf
Host rocks to mineralization within KLI-21-036 include diorite intrusives as well as volcaniclastic
andesite of the late Triassic Takla Group. The drill hole encountered strong quartz+magnetite veining
which is interpreted to post-date and overprint strong magnetite+chlorite±silica alteration. Locally, a
later-stage overprint of sericite alteration is common. The Cu+Au mineralization is hosted predominately
within
quartz+pyrite+chalcopyrite veins, quartz+magnetite+chalcopyrite+pyrite veins, and,
to a lesser
extent, within
anhydrite+chlorite+pyrite +chalcopyrite+magnetite veins and epidote+chalcopyrite+bornite
veins. Multiple pulses of hydothermal alteration and veining are a positive indication of the robustness of
the porphyry system at Kliyul.
Figure 1
Location of Kliyul
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5460/106050_b979aba9547f7842_001full.jpg
Figure 2
Plan view of 2021 drill hole collars and traces projected to surface, selected historical drill highlights
projected to surface (see Table 2), and the IP chargeability inversion (interpreted as a guide to
mineralization)
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5460/106050_b979aba9547f7842_002full.jpg
Figure 3
Cross-section of 2021 drill holes, selected historical drill intercepts (see Table 2), and the IP
chargeability inversion
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/5460/106050_b979aba9547f7842_003full.jpg
About the Kliyul Project
Over 60 sq-km in size, Kliyul is located 50 km southeast of Centerra Gold Inc's Kemess mine and 5 km
from the Omineca mining road in one of the most geochemically anomalous areas for copper and gold in
the prolific Quesnel Terrane. The Project contains four main target areas: KMZ, Bap Ridge, Ginger, M39,
and Paprika, each representing an interpreted porphyry centre over a 4 km strike length. KMZ is the
most intensely explored of these, 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 in 2006 and
2015 encountered a porphyry copper-gold system (drill holes KL06-30 to KL-15-35).
See Table 2 for
selected historical drill results.
The Project displays classic porphyry copper-gold deposit alteration and mineralization patterns.
Geological interpretation, supported by a variety of geophysical surveys, including IP, magnetics and
magnetotellurics, suggest the potential to significantly expand the size of the Kliyul mineralized system.
Table 2
Selected historical drill results
Ref
Hole
From(m)
To(m)
Width(m)
Cu(%)
Au(g/t)
CuEq(%)*
AuEq(g/t)**
A
KL-5
10.8
68.3
57.5
0.32
0.99
0.96
1.49
B
KL-6
30.1
78.9
48.8
0.31
1.33
1.17
1.81
C
KL-7
20.0
71.0
51.0
0.17
1.19
0.94
1.45
D
KL-93-4
46.0
102.0
56.0
0.34
0.89
0.91
1.42
E
KL-93-5
16.0
76.0
60.0
0.26
1.34
1.12
1.74
F
KL-06-30
22.0
239.8
217.8
0.23
0.52
0.57
0.88
G
KL-06-31
346.0
378.0
32.0
0.21
0.62
0.61
0.95
P
KL-15-33
32.5
194.9
162.4
0.20
0.26
0.37
0.57
H
KL-15-34
37.5
90.0
52.5
0.24
0.17
0.35
0.54
I
KL-15-34
123.0
368.0
245.0
0.18
0.53
0.52
0.81
J
Including
280.6
301.0
20.4
0.39
2.55
2.03
3.15
K
KL-15-34
426.0
465.7
39.7
0.20
0.66
0.63
0.97
L
KL-15-35
331.0
380.0
49.0
0.16
0.22
0.30
0.47
M
KL-15-35
399.5
462.8
63.3
0.26
0.28
0.44
0.68
N
Including
414.0
433.5
19.5
0.43
0.56
0.79
1.23
O
KL-15-35
474.7
502.0
27.3
0.11
0.18
0.23
0.35
**AuEq = ((Cu%) x $Cu x 22.0642) + (Au(g/t) x $Au x 0.032151)) / ($Au x 0.032151)*CuEq = ((Cu%) x $Cu x 22.0642) + (Au(g/t) x $Au x 0.032151))
/ ($Cu x 22.0642)
Commodity prices:
$Cu = US$4.00/lb and $Au = US$1,750/oz.
Factors: 22.0642 = Cu% to lbs per tonne, and 0.032151 = Au g/t to oz per tonne
Recovery for Cu and Au is assumed to be 100%
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.
QA/QC
Pacific Ridge's 2021 exploration program was managed by Equity Exploration Consultants Ltd. of
Vancouver, B.C. The drill contractor was Atlas Drilling Ltd. of Kamloops, B.C. Drill core was crushed and
pulverized and analyzed for 48 elements using a four-acid dissolution followed by ICP-MS (ME-MS61),
with a 30 g sample analyzed for gold by fire assay and atomic absorption finish (Au-AA23). Half-core HQ
(63.5 mm) or NQ (47.6 mm) sawed
samples from continuous intervals throughout drill hole KLI-21-036
were sealed on site and shipped to ALS Minerals preparation lab in Kamloops, BC. Fire assay and
multielement analyses were completed at ALS Minerals analytical laboratory in North Vancouver. Blanks,
duplicates and commercially certified reference materials were inserted blind into the assay lab sample
preparation stream.
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 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:
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 an expanded exploration program in
2022 and the potential to significantly expand the size of the Kliyul mineralized system.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/106050