Pacific Ridge Secures Drill Contractor for 5,000 Metre Diamond Drill Program at the Kliyul Copper-Gold Porphyry Project
Pacific Ridge Secures Drill Contractor for
5,000 Metre Diamond Drill Program at the
Kliyul Copper-Gold Porphyry Project
Vancouver, British Columbia--(Newsfile Corp. - March 14, 2022) - Pacific Ridge Exploration Ltd. (TSXV:
PEX) (OTCQB: PEXZF) ("Pacific Ridge" or the "Company") is pleased to announce that it has hired
Dorado Drilling Ltd., based in Vernon, B.C., as its diamond drill contractor for the planned 5,000 metre
drill campaign at the Company's Kliyul copper-gold porphyry project ("Kliyul" or "Project"), located in the
prolific Quesnel Trough in Northwest B.C. (see Figure 1).
"We are very pleased to have secured our preferred drill contractor for the 2022 diamond drill program
at Kliyul," said Blaine Monaghan, President and CEO of Pacific Ridge. "The 2022 drill program will be
much larger than our successful 2021 drill program, 5,000 m versus 1,544 m, and will look to expand the
Kliyul Main Zone ("KMZ") along strike and at depth. We also plan on testing the highly prospective Kliyul
East and Kliyul West targets, which have been drilled before. Adjacent to KMZ, Pacific Ridge identified
these targets in a 2020 geophysical survey."
Highlights of the 2021 Diamond Drill Program:
Completed 1,544 m in three diamond drill holes in the Company's first ever drill program at Kliyul.
Every diamond drill hole ("DDH") returned significant copper-gold mineralization (see Table 1 for
2021 Kliyul assay results).
DDH KLI-21-037 returned 566.7 m of 0.48% copper equivalent (CuEq) or 0.76 g/t (grams per
tonne) gold equivalent (AuEq), comprising 0.20% Cu and 0.44 g/t Au, including 316.7 m of 0.75%
CuEq or 1.17 g/t AuEq, comprising 0.30% Cu and 0.70 g/t Au, starting at surface.
Successfully extended mineralization at KMZ to the west and at depth.
Mineralization at KMZ remains open in all directions, and to depth.
2022 Kliyul Exploration Plans
Pacific Ridge is planning to drill a minimum of 5,000 m at Kliyul in 2022 and anticipates that drilling will
be underway by late June, early July. The focus of the drill campaign will be on expanding KMZ along
strike and at depth. The Company also plans to test the Kliyul East and Kliyul West targets (see Figures
2-5), which have never been drill tested. Both targets have high chargeability and moderate to high
resistivity geophysical signatures, similar to KMZ. While the
Kliyul West target is concealed under till
cover, at Kliyul East there is outcropping porphyry-style alteration and encouraging geochemical
pathfinders were encountered in surface sampling. In addition to drilling KMZ, Kliyul East and Kliyul
West, an IP geophysical survey, possibly followed by drilling, is planned at Bap Ridge. Bap Ridge is one
of five interpreted porphyry centres that occur along a 4 km northwest-striking mineralized trend (see
Figure 6). Pacific Ridge is also planning an airborne magnetic survey to help refine the understanding of
the structure, geology and alteration over this highly prospective trend.
Figure 1 -
Location of Kliyul
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Table 1
2021 Kliyul Assay Results Summary
DDH
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
KLI-21-037
12.3
579.0*
566.7
0.20
0.44
0.48
0.76
Includes
12.3
329.0
316.7
0.30
0.70
0.75
1.17
And
62.0
73.0
11.0
0.42
1.22
1.20
1.88
And
90.0
122.0
32.0
0.52
0.88
1.08
1.70
And
146.0
161.0
15.0
0.39
1.19
1.16
1.81
And
238.8
288.1
49.4
0.66
1.50
1.62
2.53
And
243.9
268.0
24.1
1.09
2.21
2.50
3.92
KLI-21-038
9.0
516.0*
507.0
0.15
0.39
0.40
0.63
Includes
9.0
351.0
342.0
0.17
0.50
0.50
0.78
And
9.0
43.0
34.0
0.27
0.72
0.73
1.15
And
108.0
136.0
28.0
0.21
0.60
0.59
0.93
And
153.1
186.0
32.9
0.24
0.78
0.73
1.15
And
261.0
349.0
88.0
0.26
0.84
0.80
1.25
* End of hole
CuEq = ((Cu%) x $Cu x 22.0462) + (Au(g/t) x $Au x 0.032151)) / ($Cu x 22.0462)
AuEq = ((Cu%) x $Cu x 22.0462) + (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: 22.0462 = Cu% to lbs per tonne, and 0.032151 = Au g/t to troy oz per tonne.
Recovery is assumed to be 100% - there has been no metallurgical testing on Kliyul mineralization
Figure 2 -
KMZ IP Plan View Showing Kliyul East and West Targets
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Figure 3 -
KMZ IP Cross-Section Showing Kliyul East and West Targets
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Figure 4 -
KMZ DCIP Resistivity Inversion Plan View Showing Kliyul East and West Targets
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Figure 5 -
KMZ DCIP Resistivity Inversion Cross Section Showing Kliyul East and West Targets
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Figure 6 -
Kliyul Target Areas
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About the Kliyul Project
Over 60 sq-km in size, Kliyul is located within the prolific Quesnel Trough in British Columbia, 50 km
southeast of Centerra Gold Inc's Kemess mine and 5 km from the Omineca mining road in one of the
most prospective areas for copper and gold porphyries in the prolific Quesnel Terrane. The Project
contains five main target areas: KMZ, Bap Ridge, Ginger, M39, and Paprika, each representing an
interpreted porphyry centre over a 4 km northwest striking trend (see Figure 5). KMZ is the most
intensely explored of these, with 36 drill holes (7,068 m) drilled since 1974, most of which targeted a
near-surface copper-gold+magnetite zone (holes KL-5 to KL93-5). Deeper drilling in 2006 and 2015
encountered a porphyry copper-gold mineralization (holes KL06-30 to KLI15-035).
See Table 2 for
selected historical drill results.
The Project displays classic porphyry copper-gold deposit style 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.
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.
Table 2
Selected Historical Drill Results
Hole
From(m)
To(m)
Width(m)
Cu(%)
Au(g/t)
CuEq(%)*
AuEq(g/t)**
KL-5
10.8
68.3
57.5
0.32
0.99
0.95
1.49
KL-6
30.1
78.9
48.8
0.31
1.33
1.16
1.82
KL-7
20.0
71.0
51.0
0.17
1.19
0.93
1.46
KL93-4
46.0
102.0
56.0
0.34
0.89
0.91
1.42
KL93-5
16.0
76.0
60.0
0.26
1.34
1.11
1.75
KL06-30
22.0
239.8
217.8
0.23
0.52
0.56
0.88
KL06-31
346.0
378.0
32.0
0.21
0.62
0.61
0.95
KLI-15-033
32.5
194.9
162.4
0.20
0.26
0.37
0.57
KLI-15-034
37.5
90.0
52.5
0.24
0.17
0.35
0.55
KLI-15-034
123.0
368.0
245.0
0.18
0.53
0.52
0.81
Including
280.6
301.0
20.4
0.39
2.55
2.02
3.16
KLI-15-034
426.0
465.7
39.7
0.20
0.66
0.62
0.97
KLI-15-035
331.0
380.0
49.0
0.16
0.22
0.30
0.47
KLI-15-035
399.5
462.8
63.3
0.26
0.28
0.44
0.69
Including
414.0
433.5
19.5
0.43
0.56
0.79
1.23
KLI-15-035
474.7
502.0
27.3
0.11
0.18
0.22
0.35
*CuEq = ((Cu%) x $Cu x 22.0462) + (Au(g/t) x $Au x 0.032151)) / ($Cu x 22.0462)
**AuEq = ((Cu%) x $Cu x 22.0462) + (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: 22.0462 = Cu% to lbs per tonne, and 0.032151 = Au g/t to troy oz per tonne.
Recovery is assumed to be 100% - there has not yet been metallurgical testing on Kliyul mineralization.
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 (optioned to Antofagasta Minerals S.A.), 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 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 the planned 5,000 m drill program at Kliyul that will be underway by early July, the IP and airborne magnetic survey. 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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