Pacific Ridge Options the Rdp Copper-GOLD Project to Antofagasta
N E W S R E L E A S E #22 - 0 3
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Vancouver, British Columbia V6E 3V6
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PACIFIC RIDGE OPTIONS THE RDP COPPER-GOLD PROJECT TO ANTOFAGASTA
Vancouver, B.C. – February 8, 2022 - Pacific Ridge Exploration Ltd. (PEX: TSX Venture; PEXZF: OTCQB) ("Pacific
Ridge" or the "Company ”) is pleased to announce that it has signed an earn-in agreement (the “Agreement”)
with Antofagasta Minerals S.A. (“Antofagasta”), a wholly-owned subsidiary of Antofagasta PLC (ANTO: LSE), on
the RDP copper-gold project (“RDP” or the “Project”) , located in north-central British Columbia (see Figure 1).
The Agreement grants Antofagasta an option to acquire a 75% interest in the Project by spending $10,000,000
on exploration over eight years and delivering a NI 43-101 compliant preliminary economic assessment report
(the “Report”).
“We are extremely pleased to be partnering with Antofagasta, a recognized global leader in porphyry exploration
and development, to advance RDP ,” said Blaine Monaghan, President and CEO of Pacific Ridge. “With an
expanded drill program at Kliyul and Antofagasta funding a drill program at RDP, 2022 will be an exceptionally
busy year for the Company.”
About RDP
Located 40 km west of the Company’s flagship Kliyul project, RDP is over 10,000 hectares in size (see Figure 2)
and lies within the Stikine Terrane, which is host to numerous significant porphyry deposits in northern British
Columbia, including Kemess, Red Chris, Kerr - Sulphurets and Galore Creek. The Project is also in a similar
geological environment to NorthWest Copper’s East Niv discovery, which adjoins RDP to the north.
The Project is underlain by prospective Hazelton Group volcanic and sedimentary rocks of the Stikine Terrane
intruded by the lower Jurassic Roy plutonic suite including plugs, sills, and stocks of porphyritic dacite to
monzodiorite composition, the Fir gabbro, and the Gyr rhyolite porphyry. RDP contains several recognized
porphyry copper-gold targets (Roy, Day, and Porcupine) that have been intermittently explored since the early
1970’s, including prospecting and mapping, various geochemical surveys, ground and airborne geophysical
surveys, trenc hing and a limited amount of drilling. In 2021, Pacific Ridge completed a property -wide
compilation, reprocessing of multispectral and radiometric data, and mapping and sampling program to define
targets for drill testing in the upcoming field season.
Roy Target
The Roy showing was discovered in 1973. Mineralization at the Roy showing 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 trench1. Only a single hole has been documented at Roy, drilled in
2011, and it encountered 0.11% Cu and 0.64 g/t Au over 122.95 m in hole EQ-0012.
Day Target
The Day showing was discovered at about the same time as the nearby Sustut Copper deposit. Mineralization
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 in hole D -74-13 and 0.54% Cu and 0. 69 g/t
Au over 57 m in hole C-92-14.
Porcupine Target
Discovered in 1972, the Porcupine target was explored as a stratabound massive sulphide target. Float samples
assayed as high as 17.2% Cu and 0.19% Cu with 7.98 g /t Au5. Four holes drilled in 1972 encountered sporadic
results. A more recent evaluation of the alteration and soil geochemistry at Porcupine suggests the potential for
porphyry style mineralization.
Figure 1
RDP location, the Quesnel Trough, north-central British Columbia
Figure 2
RDP claim map
Agreement Terms
Antofagasta can earn a 75% interest in RDP by making cash payments in an aggregate amount of $1,350,000,
plus a success payment of $800,000 upon exercise of the option, and spending $10,000,000 on exploration over
eight years, with a firm commitment to spend $1,000,0 00 in year one , and delivering the Report. During the
option period, Antofagasta will fund all exploration and Pacific Ridge will be the initial operator.
Once Antofagasta has earned its 75% interest , Pacific Ridge and Antofagasta will form a 25:75 joint venture. If
either party’s interest in the joint venture falls below 10% , that party’s interest will be converted to a 2% NSR,
half of which can be purchased by the other party for $4,500,000.
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 m ine. In addition to Kliyul, the Company’s project portfolio includes the RDP
copper-gold project, the Onjo copper -gold project, and the Redton copper -gold project, all located in British
Columbia. Pacific Ridge will continue to search for projects that off er 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: [email protected]
1 Fox, M., 1991, B.C. Government Assessment Report No. 21359.
2 Equitas Resources Corp. News Release – December 15, 2011
3 Aussant,C.H., 1997, B.C. Government Assessment Report No. 25122
4 Skeena Resources Ltd. News Release - July 28, 1992.
5 2011 Technical Report on the Day Property for Equitas Resources Corp.
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.En g.,
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 drill program at Kliyul in 2022 and a drill program at RDP. 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 o r developments may
differ materially from those forward-looking statements. Forward looking statements in this news release include plans for an expanded drill program at
Kliyul and a drill program at RDP in 2022. Factors that could cause actual results to differ materially from those in forward looking statement s include
market prices, exploration successes, and continued availability of capital and financing and general economic, market or bus iness 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 regu latory 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.