Pacific Ridge More than Doubles Size of Land Position at Chuchi with the Acquisition of the Chuchi South Porphyry Copper-Gold Project
Pacific Ridge More than Doubles Size of Land
Position at Chuchi with the Acquisition of the
Chuchi South Porphyry Copper-Gold Project
Vancouver, British Columbia--(Newsfile Corp. - March 6, 2023) - Pacific Ridge Exploration Ltd. (TSXV:
PEX) (OTCQB: PEXZF) ("Pacific Ridge" or the "Company") is pleased to announce that it has acquired
an option to earn up to a 75% interest in the Chuchi South property ("Chuchi South" or the "Property")
from American Copper Development Corporation (TSXV: ACDX) ("ACDX") and prospector Ronald
Bilquist ("Bilquist"). The Property adjoins Pacific Ridge's Chuchi porphyry copper-gold project ("Chuchi")
on the south and west. Combined, Chuchi and Chuchi South (the "Properties") are more than 16,000
hectares in size, which more than doubles the size of Pacific Ridge's current land position at Chuchi
(6,100 hectares). The Properties host several compelling exploration targets (see Figure 1), are
road
accessible and are located approximately 35 km northwest of Centerra Gold Inc.'s Mount Milligan mine
within British Columbia's prolific Quesnel Trough.
"The acquisition of Chuchi South materially increases the size of our land position in one of B.C.'s most
prospective areas for new porphyry discovery," said Blaine Monaghan, President & CEO of Pacific
Ridge Exploration Ltd. "Based on historic drill results, and the results of our 2022 exploration work at
Chuchi, we believe that these Properties have excellent potential for new porphyry discovery. Pacific
Ridge plans to drill test several targets at Chuchi and to further develop targets at Chuchi South this
summer."
Figure 1
Target Zones at Chuchi and Chuchi South
Figure 1
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About Chuchi South
At the adjacent Chuchi project, porphyry copper-gold mineralization at the BP Zone is less than 2 km
outboard of the southeastern margin of the regional-scale Hogem batholith and immediately west of a
north-striking fault, the Valley Fault. This same fault extends southward onto
Chuchi South. The main
porphyry copper-gold target at the Property is the Coho Zone, to the east of Valley Fault. The Coho Zone
is hosted in diorite that is spatially associated with an east-west trending fault zone and is flanked by
magnetic highs that appear to be related to marginal mafic-ultramafic dykes. Of the 47 grab samples
collected in 2020 from Chuchi South, mainly in the Coho Zone, gold ranged from 0.005 to 16.15 g/t
(average 1.41 g/t), and copper assayed from 0.04% to 10.2% (average 0.87%). Of the 162 grab
samples collected in 2021, gold varied from 0.005 to 7.67 g/t (average 0.33 g/t), and copper assayed
from 10 ppm to 16.35% (average 0.58%). The area of anomalous to high-grade mineralization at Coho
measures approximately 450 m x 350 m (see Figure 1).
One interpretation is that the Coho Zone, 4.5 km to the south of BP Zone, could be the offset eastern
portion of BP Zone mineralization along the Valley Fault (see Figures 1 and 2). Alternatively, 2D and 3D
inversion results from the 2022 ZTEM survey flown by Pacific Ridge over Chuchi and Chuchi South (see
Pacific Ridge press release dated December 1, 2022) suggest a west-dipping, stock shaped intrusion
or intrusive complex underlies the Coho Zone aeromagnetic and surface geochemical anomaly (see
Figure 3).
Figure 2
ZTEM Survey Showing Distribution of Stock-Shaped Resistivity Anomalies at the Margin of Hogem
Batholith
Figure 2
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Historical exploration over the Chuchi South area dates from the 1960's. Much of the Property has been
covered by soil sampling, defining kilometre-scale areas of anomalous copper, gold and molybdenum.
Grab (rock) sampling results also indicate widespread distribution of anomalous copper values with the
Coho Zone having the highest concentration of copper assays exceeding 1% (see Figure 1).
Geophysical surveys have included airborne magnetic, ground magnetometer, and EM surveys, with
local ground IP coverage (87.1 line-km total) in the southern portion of the claims. There are 20 widely
scattered historical drill holes (2,186 m total). These holes locally encountered anomalous copper and
gold values or higher grades (such as up to 1.27% Cu) in narrow (<10 m) structurally controlled intervals.
Numerous other mineralized occurrences have been described at Chuchi South, including five BC
MINFILE showings. However, the more recently identified mineralized occurrences, the West Zone and
Brooks Zone, may be of greater interest (see Figures 2 and 3). The West Zone is coincident with the
same east-west trending ZTEM resistivity feature and 3000 m x 800 m lenticular aeromagnetic anomaly
that underlies Coho Zone. The Brooks Zone lies along a NNW trend of stock-shaped ZTEM anomalies
near the margin of the Hogem batholith that extends northward, west of the Coho Zone, through the
Shoulder Zone and BP-Klaw Zone target areas, and is sub-parallel to the Valley Fault.
Figure 3
Cross Section of ZTEM 2D Inversions Showing Stock/Dyke Shaped Anomalies Underlying Coho and
Brooks Zones. Inset map is ZTEM IP 90 Hz DT grid with section lines shown
Figure 3
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Chuchi South Option Terms
Pacific Ridge can acquire a 51% interest in Chuchi South by making $250,000 in payments to Bilquist
and completing $4,000,000 in exploration expenditures by December 31, 2027 (the "First Option"). The
Company then has the right to increase its interest to 75% by issuing shares valued at $250,000 to
ACDX by January 30, 2028, by making cash payments of $150,000 to ACDX, and completing an
additional $4,000,000 in exploration by December 31, 2029 (the "Additional Interest Option").
Chuchi West
In addition to Chuchi South, ACDX has granted Pacific Ridge the sole and exclusive right and option to
acquire a 51% interest in the Chuchi West Property ("Chuchi West") in consideration of Pacific Ridge
satisfying the First Option on Chuchi South. The Chuchi West Property would then be included in the
Additional Interest Option for a 75% interest in Chuchi South and Chuchi West.
Chuchi West includes the Chent West target area where an 1,800 m x 400 m ENE-trending copper-in-
soil anomaly delineated in 1991 is coincident with a 500 m diameter aeromagnetic high feature in the
2021 ZTEM total magnetic intensity (TMI) aeromagnetics (see Figure 4). Review of the 2022 preliminary
ZTEM 3D inversion model suggests the Chent West target area lies at the western margin of the
interpreted Chuchi syenite phase of the Hogem Intrusive suite, similar to the positioning of the West
target on its east side (see Figures 3 and 4).
Figure 4
- Aeromagnetic Anomalies (>56200 nT) and Target Zones at Chuchi, Chuchi South and
Chuchi West
Figure 4
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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 Quesnel Trough, approximately 50 km
southeast of Centerra Gold Inc's Kemess. In addition to Kliyul, the Company's project portfolio includes
the RDP copper-gold project (optioned to Antofagasta Minerals S.A.), the Chuchi copper-gold project,
the Onjo copper-gold project, and the Redton copper-gold project, all located in British Columbia. Pacific
Ridge 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.
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.
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 drill Chuchi and develop other targets at Chuchi
South this summer. 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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