ZTEM Survey Underway at Kliyul Copper-Gold Project; Pacific Ridge to Advance Three Copper-Gold Porphyry Projects This Summer
ZTEM Survey Underway at Kliyul Copper-Gold
Project; Pacific Ridge to Advance Three
Copper-Gold Porphyry Projects This Summer
Vancouver, British Columbia--(Newsfile Corp. - July 23, 2024) - Pacific Ridge Exploration Ltd. (TSXV:
PEX) (OTCQB: PEXZF) (FSE: PQWN) ("Pacific Ridge" or the "Company") is pleased to announce that
a helicopter-borne Z-Axis Tipper Electromagnetic ("ZTEM") geophysical survey is underway at its 100%
owned flagship Kliyul copper-gold project ("Kliyul"). In addition to the ZTEM survey at Kliyul, the Company
is also planning an induced polarization ("IP") geophysical survey at its 100% owned Redton copper-
gold project ("Redton"), and a 2,500 - 3,500 m diamond drill program at the Chuchi copper-gold project
("Chuchi") this summer. Kliyul, Redton, and Chuchi are located in the prolific Quesnel terrane in
northcentral British Columbia (see Figure 1).
"I'm very excited about the ZTEM survey underway at Kliyul,"
said Blaine Monaghan, President and
CEO of Pacific Ridge
. "Results of the 2023 drill program provided us with new vectors for targeting
higher-grade copper-gold porphyry mineralization and possibly the source intrusion at the Kliyul Main
Zone. I am confident that we will be able to increase the grade profile and the mineralized extents of
the Kliyul Main Zone if the ZTEM survey results confirm our understanding."
ZTEM Survey at Kliyul
The ZTEM survey at Kliyul will comprise 599 line-kilometres, covering approximately 85% of Kliyul, and
will include the BAP Ridge, Ginger, Ginger South, Kliyul Main Zone ("KMZ"), M-39, and Parish Hill target
areas. The ZTEM survey will also cover a portion of the mineral claims acquired in 2023 (see Figure 2).
Although Kliyul presently lacks deep view geophysics, a 3D remanent magnetic inversion model
developed by Platform Geoscience in 2020 suggests there is an underlying stock and source pluton
starting at a depth of approximately 600 m (See Figure 3). The 2024 ZTEM survey and inversion
modelling will provide Pacific Ridge with 3D geophysical coverage to over one kilometre depth. This will
enable the Company to develop a signature of porphyry copper-gold mineralization to:
Expand KMZ laterally and to depth;
Evaluate the KMZ area for a cluster or linear series of porphyry targets;
Refine other existing porphyry targets including Bap Ridge, Ginger, Ginger South, M-39, and
Parish Hill; and
Identify new porphyry targets on recently acquired mineral claims.
Figure 1
Location of Kliyul, Chuchi and Redton
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Figure 2
Kliyul 2024 ZTEM Survey Grid
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Figure 3
Schematic Interpretation of KMZ Porphyry System Based on 2023 Drilling Results and Geophysics
Showing Zoned Mineralization-Alteration and Inferred Source Intrusion Starting at ~600 m Depth
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ZTEM Survey to Support 2023 Kliyul Drill Results
A total of 10,284 m of diamond drilling was completed in 2023, the largest ever drill program at Kliyul,
and tested an area measuring 1,300 m E-W x 600 m N-S x 650 m depth. Drilling materially increased
the known extents of porphyry mineralization at KMZ to 760 m E-W x 600 m N-S x 650 m depth.
Based on the 2023 drilling results, KMZ has been modelled as a symmetrically zoned porphyry system
with a magnetite-chlorite ± biotite altered and chalcopyrite ± bornite mineralized porphyry core (~250 m
diameter) that plunges steeply to the north-northeast from KMZ into KMZ North across a central healed
fault or structural zone (see Figure 3). Mineralization (>0.4% CuEq
1
) is controlled by a steeply plunging
stem/pipe feature, as well as by gently dipping stratigraphic and permeability controls in host rock.
The last drill hole of 2023 (KLI-23-069) intersected over 170 m of quartz diorite and feldspar porphyry
intrusive phases starting at 483.0 m in KMZ North, possibly representing a central composite stock
intrusion. Drilling returned 45.0 m of 0.58% copper equivalent ("CuEq")
1
or 0.86 g/t gold equivalent
("AuEq")
2
(0.38% copper, 0.28 g/t gold, and 2.20 g/t silver) at a downhole depth of 584 m and was
terminated in mineralization at 655 m (see news release dated January 9, 2024). This is the deepest
mineralized interval encountered at Kliyul and the Company believes it provides a vector towards a
higher-grade porphyry centre (see Figure 3 and 4). In addition, a 3D Magnetic Vector Inversion (MVI)
footprint developed by Fathom Geophysics suggests that there are several untested targets, mainly in
KMZ North and KMZ West (see Figure 4).
The 2024 ZTEM survey will allow for the creation of a 3D ZTEM and Magnetic Inversion model. If the
model confirms the Company's interpretation of the KMZ porphyry system, a central causative stock
~600 m deep in KMZ North and KMZ is a suprajacent dyke and fracture array ± breccia complex, it will
greatly increase the prospectivity of the untested areas in the MVI footprint and open up the KMZ
porphyry system for significant expansion.
Figure 4
MVI (Tilt Derivative) Footprint - Yellow Star (KLI-23-069) Indicates Potential Centre of System at 600
m Depth
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About Kliyul
Owned 100% by Pacific Ridge, Kliyul is over 90 km
2
in size and is located in the prolific Quesnel terrane
close to existing infrastructure. Kliyul hosts several compelling exploration targets within a six-kilometre
long mineralized trend, including KMZ, which has been the Company's focus since 2020. Pacific Ridge
has completed more than 17,500 m of diamond drilling at KMZ and has expanded the known
mineralized extents to 760 m east-west, up to 600 m north-south, and up to 650 m vertical. KMZ remains
open in every direction and at depth. Drill highlights include drill hole KLI-21-037 which returned 316.7 m
of 0.79% CuEq
1
or 1.17 g/t AuEq
2
(0.30% copper, 0.70 g/t gold, and 2.17 g/t silver) within 566.7 m of
0.51% CuEq
1
or 0.75 g/t AuEq
2
(0.20% copper, 0.44 g/t gold, and 1.31 g/t silver) (see news release
dated January 31, 2022).
To view all Pacific Ridge's drill results from Kliyul, click on the link below.
https://pacificridgeexploration.com/site/assets/files/5969/2024-01-
12_kliyul_assay_highlights_summary.pdf
About Pacific Ridge
Our goal is to become B.C.'s leading copper-gold exploration company. Pacific Ridge's flagship asset
is its 100% owned Kliyul copper-gold project, located in the Quesnel terrane close to existing
infrastructure. In addition to Kliyul, the Company's project portfolio includes the Chuchi copper-gold
project, the RDP copper-gold project, the Onjo copper-gold project, and the Redton copper-gold project,
all located in British Columbia. The Company would like to acknowledge that its B.C. projects are
located in the traditional, ancestral and unceded territories of the Gitxsan Nation, McLeod Lake Indian
Band, Nak'azdli Whut'en, Takla Nation, and Tsay Keh Dene Nation.
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
1
CuEq = ((Cu%) x $Cu x 22.0462) + (Au(g/t) x AuR/CuR x $Au x 0.032151) + (Ag(g/t) x AgR/CuR x $Ag x 0.032151)) / ($Cu x 22.0462).
2
AuEq = ((Au(g/t) x $Au x 0.032151) + ((Cu%) x CuR/AuR x $Cu x 22.0462) + (Ag(g/t) x AgR/CuR x $Ag x 0.032151)) / ($Au x 0.032151).
Commodity prices:
$Cu = US$3.25/lb, $Au = US$1,800/oz., and Ag = US$20.00/oz.
There has been no metallurgical testing on Kliyul mineralization. The Company estimates copper recoveries (CuR) of 84%, gold recoveries (AuR)
of 70%, and silver recoveries (AgR) of 65% based on average recoveries from Kemess Underground, Mount Milligan, Red Chris.)
Factors: 22.0462 = Cu% to lbs per tonne, 0.032151 = Au g/t to troy oz per tonne, and 0.032151 = Ag g/t to troy oz per tonne
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 Danette Schwab, P.Geo., Vice President
Exploration, and a 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, which 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 ZTEM survey at Kliyul, the IP survey at Redton, and the 2,500 - 3,500 m drill program at Chuchi. 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 because 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/217384