Pacific Ridge Raising $2.4M to Explore Portfolio of U.S. Copper and Gold Projects
Pacific Ridge Raising $2.4M to Explore
Portfolio of U.S. Copper and Gold Projects
Vancouver, British Columbia--(Newsfile Corp. - January 27, 2025) - Pacific Ridge Exploration Ltd.
(TSXV: PEX) (OTCQB: PEXZF) (FSE: PQWN) ("Pacific Ridge" or the "Company") is pleased to
announce its plans to raise $2.4M to explore the portfolio of recently optioned
copper and gold projects
(the "Projects") in the United States: the Mineral Hill gold project (Wyoming), the Red Star copper project
(Utah), the Ripsey West copper project (Arizona), and the Royston copper project (Nevada). Please see
news release dated January 8, 2025, for further information.
"These highly prospective Projects are located in mining-friendly states, are road accessible, and are
ready to be drilled,"
said Blaine Monaghan, President and CEO of Pacific
Ridge. "Additionally, the
Projects complement our existing portfolio of copper projects in Canada and expand our footprint into
areas that include some of the world's largest porphyry copper mines. We are excited to get to work."
The Company plans to issue up to 15,000,000 units ("Units") at a price of $0.16 per Unit in a non-
brokered private placement for gross proceeds of up to $2,400,000 (the "Financing"). Each Unit will be
comprised of one common share of the Company and one common share purchase warrant ("Warrant").
Each Warrant will be exercisable to purchase one additional common share at an exercise price of
$0.24 for a period of 36 months. The Warrants contain an accelerated expiry clause (the "Acceleration
Clause"). Pursuant to the Acceleration Clause, if the common shares of the Company close at or above
$0.40 for ten (10) consecutive trading days on the TSX Venture Exchange ("TSXV"), then Pacific Ridge
may elect to accelerate the expiry date of the Warrants by issuing a news release announcing the
accelerated Warrant term, pursuant to which the Warrants will expire on the 30th calendar day after the
date of such news release.
Proceeds from this Financing will be used to explore the Projects and for general working capital.
Pacific Ridge may pay finder's fees of 6% cash on a portion of the Financing. The Financing and
payment of finder's fees are subject to TSXV acceptance.
About the Projects
Mineral Hill
Mineral Hill is over 902 hectares in size (comprising 19 patented lode and placer claims, and 177
unpatented federal lode mining claims) and is located in eastern Wyoming in the Black Hills gold
province, which has produced more than 40 million ounces of gold from the Homestake gold mine
alone
1
(see Figure 1). Tertiary alkalic intrusive centers and domes follow an 80 km-long WNW-trending
belt across the Black Hills. Low- to intermediate-sulfidation epithermal gold-silver mineralization is
currently being mined 18 km east of Mineral Hill at Coeur Mining, Inc.'s Wharf mine. Targets at Mineral
Hill include high-grade epithermal gold veins and disseminated and stockwork veined porphyry gold-
copper mineralization. The Company believes Mineral Hill represents a fully intact upright alkalic
porphyry gold-copper system and near-surface epithermal transition zone that is associated with a 3 x 2
km composite alkaline intrusive centre. Known gold-copper mineralization at historical Interocean mine
is related to cross-cutting quartz-sulfide veins in a 300-m-long north-south trending corridor that has been
drill-tested to about 200 m vertical depth and remains open in every direction. Epithermal gold target
areas lie 600-750 m west and southwest of the Interocean zone.
Figure 1:
Mineral Hill Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/238502_f7e690be24df4a5e_001full.jpg
Red Star
Red Star is approximately 3,005 hectares in size (398 unpatented federal lode mining claims) and is
adjacent to the Star mining district, Utah (See Figure 2). Surface alteration and mineralization suggests
the presence of a porphyry copper system beneath post-mineral cover composed of volcanics and
alluvium. Polymetallic (Pb-Zn-Ag-Cu-Au) fissure veins, mantos, and local Zn-rich skarn are hosted in
east-tilted and fault-repeated Paleozoic carbonate rocks in the Star mining district. These fissure veins
may be analogous to fissure veins found in the periphery of the Bingham and Tintic districts. Red Star
also shares a similar regional geophysical signature with Bingham and Tintic porphyry copper deposits,
each lying within ENE-trending aeromagnetic domains considered to be representative of Tertiary
batholiths (see Figure 2). The timing of Tertiary magmatism in Utah youngs southward such that the age
of an undiscovered porphyry system at Red Star would likely be ~34-27 Ma.. At Red Star, known
polymetallic fissure veins and replacement mantos, and a copper-zinc skarn occurrence (Moscow mine),
define a WSW-trending vector towards a 2.0 x 1.5 km porphyry target area with anomalous geophysics
(Spartan IP-MT and UAV magnetics). The primary target zone starts about 1.5 km west of the Moscow
mine skarn.
Figure 2:
Red Star Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/238502_f7e690be24df4a5e_002full.jpg
Ripsey West
Ripsey West is over 2,161 hectares in size (comprising 36 unpatented federal lode mining claims and
eight Arizona state leases) and is located 23 km south of the Ray Mine in Arizona (see Figure 3). The
principal target at Ripsey West is a high-grade Laramide porphyry copper system. An ENE-trending
target area measures ~3.5 x 1.5 km and has potential for both hypogene mineralization and supergene
enrichment.
The Ripsey West exploration model is for a porphyry copper system that's been episodically faulted and
tilted 90° eastward and buried under alluvial cover in a half graben basin. The porphyry target area lies
between a 2-km-long ENE-trending stock-shaped magnetic low feature in the west thought to be
associated with a Laramide pluton, and a magnetic high feature in the east demarking the faulted basin
edge.
A zone of quartz-sericite-pyrite ("QSP") alteration and D-veins associated with ENE-trending
Laramide porphyry dykes extends for 900 m east outside the basin margin, and base metal
mineralization and veins in historical drilling continue for ~2 km. These provide a vector towards a
porphyry core in the west under the post-mineral alluvium.
Figure 3:
Ripsey West Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/238502_f7e690be24df4a5e_003full.jpg
Royston
Royston is over 1,855 hectares in size (comprised of 227 unpatented federal lode mining claims) and is
located 30 km northwest of Tonopah in Nevada (see Figure 4). The principal target at Royston is a
porphyry copper system within a 2.8 x 1.8 km target area which contains a significant zone of QSP
alteration and mineralization A five-hole reconnaissance reverse circulation drill program completed in
late 2023 confirmed the presence of a strongly westward tilted and fault segmented porphyry of
significant scale containing intense QSP alteration and base metal mineralization. Two of the holes were
cased and are ready to be followed up with diamond core tails under the active drill permit at Royston.
Figure 4:
Royston Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/238502_f7e690be24df4a5e_004full.jpg
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States. The securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from such registration is available.
About Pacific Ridge
Pacific Ridge is one of North America's leading copper exploration companies. We own or control eight
copper projects located in premier copper mining districts in America and Canada.
On behalf of the Board of Directors,
"Blaine Monaghan"
Blaine Monaghan
President & CEO
Pacific Ridge Exploration Ltd.
Investor Relations:
Tel: (604) 687-4951
Email:
Website:
www.pacificridgeexploration.com
LinkedIn:
https://www.linkedin.com/company/pacific-ridge-exploration-ltd-pex-/
Twitter:
https://twitter.com/PacRidge_PEX
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 prepared under the
supervision of, and reviewed and approved by Danette Schwab, P.Geo., Vice President Exploration of
the Company, and a Qualified Person as defined by National Instrument 43-101 - Standards of
Disclosure for Mineral Projects.
1
Maps Showing Geology, Structure, and Geophysics of the Central Black Hills, South Dakota (USGS)
https://pubs.usgs.gov/sim/2777/downloads/2777_pamphlet_508.pdf
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,
are forward-looking statements. Forward looking statements in this news release include plans to raise
$2.4M to explore the Projects. 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. These statements are based on a number of assumptions including,
among other things, assumptions that TSXV approval will be granted in a timely manner subject only
to standard conditions; that all conditions precedent to the completion of the Consolidation will be
satisfied in a timely manner; 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 because of new information, future events or otherwise, except as
required by applicable law.
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