Pacific Ridge's Second Drill Hole at the Kliyul Copper-Gold Porphyry Project Returns More than 566 Metres of 0.48% Copper Equivalent or 0.76 Grams per Tonne Gold Equivalent, Including 316.7 Metres of 0.75% Copper Equivalent or 1.17 Grams per Tonne Gold
Pacific Ridge's Second Drill Hole at the Kliyul
Copper-Gold Porphyry Project Returns More
than 566 Metres of 0.48% Copper Equivalent or
0.76 Grams per Tonne Gold Equivalent,
Including 316.7 Metres of 0.75% Copper
Equivalent or 1.17 Grams per Tonne Gold
Equivalent
Vancouver, British Columbia--(Newsfile Corp. - January 31, 2022) - Pacific Ridge Exploration Ltd.
(TSXV: PEX) (OTCQB: PEXZF) ("Pacific Ridge" or the "Company") is pleased to announce assay
results from drill hole KLI-21-037, the second of three diamond drill holes completed during the 2021
drilling campaign at the Company's Kliyul porphyry copper-gold project ("Kliyul" or "Project"), located in
the prolific Quesnel Trough in Northwest British Columbia (see Figure 1).
Drill hole KLI-21-037 highlights:
566.7 m of 0.48% copper equivalent (CuEq) or 0.76 gpt (grams per tonne) gold equivalent (AuEq),
comprising 0.20% Cu and 0.44 gpt Au.
Includes 316.7 m of 0.75% CuEq or 1.17 gpt AuEq, comprising 0.30% Cu and 0.70 gpt
Au, starting at surface
.
Includes 24.1 m of 2.50% CuEq or 3.92 gpt AuEq (1.09% Cu and 2.21 gpt Au), starting
at 243.9 m
.
With values up to 4% Cu and 5.8 gpt Au over individual assay intervals, these are some of the
highest-grade core samples ever returned from a deep drill hole at the Kliyul Main Zone ("KMZ").
Successfully extended mineralization at the KMZ 75 m to the west; mineralization at KMZ remains
open to the west, south and southeast of drill hole KLI-21-037.
"We continue to be extremely pleased with the results from our first ever drill program at Kliyul," said
Blaine Monaghan, President and CEO of Pacific Ridge. "Hole KLI-21-037 successfully extended
mineralization to the west and the grade compares very favourably to our first hole, which was the best
hole ever drilled at Kliyul. We now wait for results from drill hole KLI-21-038, a vertical hole targeted to
test the interpreted centre of the porphyry system at KMZ, which was the third and last hole to be drilled
during our 2021 drilling campaign."
Discussion of drill hole KLI-21-037
Drill hole KLI-21-037 was a step-out hole to the southwest of drill hole KLI-15-034, drilled by Teck
Resources in 2015, which returned 0.18% Cu and 0.53 gpt Au over 245 m (see Table 2), and
successfully extended mineralization 75 m to the west. KMZ remains open to the west, south and
southeast of drill hole KLI-21-037.
The mineralized interval is hosted in volcaniclastic andesite of the Late Triassic Takla Group, which
hosts mineralization at the operating Mount Milligan mine.
Alteration is characterized by moderate to
strong magnetite-chlorite-quartz +/- epidote-albite alteration and Cu-Au mineralization is hosted in
quartz-magnetite-chalcopyrite-pyrite, epidote+/-albite-chalcopyrite-pyrite and anhydrite-magnetite
±chalcopyrite veins, stockworks and disseminations. The last 40 m of the hole encountered an increase
in the volume of porphyry-style epidote and anhydrite veins and could indicate proximity to another zone
of higher grade mineralization.
Pacific Ridge's first drill hole at Kliyul, KLI-21-036 (see Pacific Ridge news release dated December 1,
2021), intersected 437.0 m of 0.61% CuEq or 0.96 g/t AuEq, the longest and highest-grade interval ever
returned from Kliyul.
Table 1
Hole KLI-21-037 assay results summary
CuEq and AuEq Calculated without Ag
From(m)
To(m)
Width(m)
Cu(%)
Au(gpt)
CuEq(%)
AuEq(gpt)
12.3
579.0
566.7
0.20
0.44
0.48
0.76
12.3
329.0
316.7
0.30
0.70
0.75
1.17
62.0
73.0
11.0
0.42
1.22
1.20
1.88
90.0
122.0
32.0
0.52
0.88
1.08
1.70
146.0
161.0
15.0
0.39
1.19
1.16
1.81
238.8
288.1
49.4
0.66
1.50
1.62
2.53
243.9
268.0
24.1
1.09
2.21
2.50
3.92
*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 oz per tonne.
Recovery is assumed to be 100% - there has not yet been metallurgical testing on Kliyul mineralization.
Click on the link below for complete assay results from hole KLI-21-037.
https://pacificridgeexploration.com/site/assets/files/5866/kli-21-037_cu-au_assays.pdf
Figure 1
Location of Kliyul
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5460/112094_fb0fbf0d24a1298b_001full.jpg
.
Figure 2
Plan view of 2021 drill hole collars and traces projected to surface, selected historical drill
highlights projected to surface (see Table 2), and the IP chargeability inversion (interpreted as a guide
to mineralization).
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5460/112094_fb0fbf0d24a1298b_002full.jpg
.
Figure 3
Cross-section of 2021 drill holes, selected historical drill intercepts (see Table 2), and the IP
chargeability inversion.
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/5460/112094_fb0fbf0d24a1298b_003full.jpg
.
Figure 4
Cross-section of 2021 drill holes, selected historical drill intercepts (see Table 2), and DCIP resistivity
inversion
To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/5460/112094_fb0fbf0d24a1298b_004full.jpg
.
About the Kliyul Project
Over 60 sq-km in size, Kliyul is located 50 km southeast of Centerra Gold Inc's Kemess mine and 5 km
from the Omineca mining road in one of the most geochemically anomalous areas for copper and gold 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 strike length. 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 (drill holes KL-5 to KL-93-5). Deeper drilling in 2006 and
2015 encountered a porphyry copper-gold system (drill holes KL06-30 to KL-15-35).
See Table 2 for
selected historical drill results.
The Project displays classic porphyry copper-gold deposit 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.
QA/QC
Pacific Ridge's 2021 exploration program was managed by Equity Exploration Consultants Ltd. of
Vancouver, B.C. The drill contractor was Atlas Drilling Ltd. of Kamloops, B.C. Drill core was crushed and
pulverized and analyzed for 48 elements using a four-acid dissolution followed by ICP-MS (ME-MS61),
with a 30 g sample analyzed for gold by fire assay and atomic absorption finish (Au-AA23). Half-core HQ
(63.5 mm) or NQ (47.6 mm) sawed samples from continuous intervals throughout drill hole KLI-21-036
were sealed on site and shipped to ALS Minerals preparation lab in Kamloops, BC. Fire assay and
multielement analyses were completed at ALS Minerals analytical laboratory in North Vancouver. Blanks,
duplicates and commercially certified reference materials were inserted blind into the assay lab sample
preparation stream.
Table 2 -
Selected historical drill results
Ref
Hole
From (m)
To (m)
Width (m)
Cu (%)
Au (gpt)
CuEq (%)
AuEq (gpt)
A
KL-5
10.8
68.3
57.5
0.32
0.99
0.95
1.49
B
KL-6
30.1
78.9
48.8
0.31
1.33
1.16
1.82
C
KL-7
20.0
71.0
51.0
0.17
1.19
0.93
1.46
D
KL-93-4
46.0
102.0
56.0
0.34
0.89
0.91
1.42
E
KL-93-5
16.0
76.0
60.0
0.26
1.34
1.11
1.75
F
KL-06-30
22.0
239.8
217.8
0.23
0.52
0.56
0.88
G
KL-06-31
346.0
378.0
32.0
0.21
0.62
0.61
0.95
P
KL-15-33
32.5
194.9
162.4
0.20
0.26
0.37
0.57
H
KL-15-34
37.5
90.0
52.5
0.24
0.17
0.35
0.55
I
KL-15-34
123.0
368.0
245.0
0.18
0.53
0.52
0.81
J
Incl.
280.6
301.0
20.4
0.39
2.55
2.02
3.16
K
KL-15-34
426.0
465.7
39.7
0.20
0.66
0.62
0.97
L
KL-15-35
331.0
380.0
49.0
0.16
0.22
0.30
0.47
M
KL-15-35
399.5
462.8
63.3
0.26
0.28
0.44
0.69
N
Incl.
414.0
433.5
19.5
0.43
0.56
0.79
1.23
O
KL-15-35
474.7
502.0
27.3
0.11
0.18
0.22
0.35
Q
KLI-21-036
12.0
449.0
437.0
0.22
0.60
0.61
0.96
Incl.
12.0
33.0
21.0
0.34
1.30
1.17
1.84
Incl.
294.0
435.0
141.0
0.36
1.11
1.07
1.68
R
KLI-21-037
12.3
579.0
566.7
0.20
0.44
0.48
0.76
Incl.
12.3
329.0
316.7
0.30
0.70
0.75
1.17
Incl.
243.9
268.0
24.1
1.09
2.21
2.50
3.92
*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 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 and the Redton copper-gold project, both 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. 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/112094