Pacific Ridge Options the Spius Porphyry Copper Project, BC
Pacific Ridge Options the Spius Porphyry Copper Project,
BC
Vancouver, British Columbia--(Newsfile Corp. - April 30, 2018) - Pacific Ridge Exploration Ltd. (TSXV: PEX) ("Pacific Ridge" or
the "Company") is pleased to announce that it has been granted an option to earn a 100% interest in the road accessible Spius
porphyry copper project, located 40 km southwest of Merritt, British Columbia.
The Spius property was explored for its porphyry potential in the 1960's and early 1970's. Exploration focused on a gossan area
where work included an IP survey, trenching and 27 percussion and core drill holes. The drilling was shallow, with none of the drill
holes exceeding 100 m. Most of the records from this early exploration work have been lost, including the drill logs.
Exploration in the past few years has included prospecting and soil sampling. The soil sampling has defined an anomalous
zone, outside the area of the previous drilling, of approximately 500 m by 1,000 m, with copper values ranging from 500 to 5,320
ppm, open to the south. Two recently collected float samples of porphyry style mineralization with disseminated chalcopyrite and
bornite assayed 2.53% Cu and 1.43% Cu. This anomalous area occurs within an IP chargeability low area, surrounded on three
sides by a chargeability high, where the historical exploration was focused. The Company believes that the original gossan area
and IP anomaly are the pyritic halo to a potential core copper zone, as reflected by the soil copper anomaly and mineralized
float. This area has not been tested by trenching or drilling. A 1969 assessment report noted that hole 2, of a 5-hole drill
program, ended in 8 feet (191 to 199 ft.) of 0.4% Cu. This hole is located on the inner edge of the interpreted pyrite halo and on
the edge of the copper soil anomaly.
Gerry Carlson, President and CEO commented:
"This is an extremely strong copper soil anomaly which, combined with the
recently discovered high grade float samples and the size of the historic IP anomaly, suggests the potential for discovery of a
significant porphyry deposit at Spius."
Pacific Ridge plans an IP survey to update and expand the earlier survey, additional soil sampling and geological mapping. The
results of this work will be used to define targets for a drill program.
The terms of the agreement allow Pacific Ridge to earn a 100% interest in the Spius property by making payments of $210,000,
issuing 1,000,000 shares and completing $800,000 in exploration by December 31, 2020. The agreement is subject to a 1%
NSR to the property vendor, half of which can be purchased for $1.5 million, as well as an underlying 2% NSR, of which the
Company has the right to buy down half for $1.5 million. In addition, bonus payments are payable upon certain advanced
development mileposts. The underlying vendors of the Spius property include KGE Management Ltd., a company controlled by
Gerald Carlson, President and director of the Company, as to a 25% interest. The agreement is subject to regulatory approval.
About Pacific Ridge
Pacific Ridge has assembled a portfolio of highly-prospective gold and base metal projects located in the Yukon and British
Columbia, where its board and management team have a track record of success. Its holdings include the Mariposa, Eureka
Dome and Gold Cap gold exploration projects in the Klondike-White Gold District, RC Gold in the Tintina Gold Belt, Fyre Lake in
the Finlayson District and TL Zinc in British Columbia's Monashee Zinc-Lead-Silver District.
On behalf of the Board of Directors,
"
Gerald G. Carlson
"
Gerald G. Carlson
President & CEO
Pacific Ridge Exploration Ltd.
For further information, contact:
Pacific Ridge Exploration Ltd.
Gerald G. Carlson
President & CEO
Tel: (604) 687-4951
www.pacificridgeexploration.com
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.
, President
and CEO
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 the
exercise of the options
and
future exploration plans and expenditures. 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.