Pacific Ridge Announces the Temporary Suspension of Drilling at the TL Zinc Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 19, 2016) - Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) ("Pacific Ridge" or the "Company") reports that due to severe winter weather conditions, it has suspended drilling at its TL Zinc Project. Prior to suspension, it completed two holes for a total of 611 m at the eastern end of the main HELITEM electromagnetic conductor. Both holes intersected several zones of graphitic schist with disseminated sulphide mineralization that appear to be the cause of the electromagnetic anomaly. A one milligal gravity anomaly at the first hole drilled was not explained by anything seen in the drill hole. Multi-element analyses for both holes are pending.
Gerry Carlson, President of Pacific Ridge stated: "We are encouraged that these intersections suggest we are exploring within a restricted basin that would be favourable for the accumulation of sedimentary exhalative (SEDEX) type mineralization. We will utilize the multi-element data to assist us in vectoring towards more base metal enriched portions of the basin. We plan to return in the spring to continue the drill program in the western portion of the property testing targets where gravity and EM anomalies are in closer proximity to known zinc mineralization."
About the TL Property
TL is a 6,420 hectare zinc-lead-silver project located in south central British Columbia. An airborne magnetic-electromagnetic HELITEM survey defined a strong conductive layer, 4 km in length and approximately 100 to over 200 m wide that appears to be conformable within the flat-lying stratigraphy. Mineralized float and outcrop samples consisting of massive to semi-massive sulphide containing sphalerite, pyrite and pyrrhotite have been located to the west of the current drill program, where the conductor projects to surface. Of 56 grab samples collected, 40 assayed +1% Zn with a range of 1.08% to 18.87% and an average of 4.96% Zn. A small amount of trenching and drilling was completed in this area in 2012. Trenching encountered a zone of 7.16% Zn over 4 m. Drilling below the trenches (6 shallow holes, 490 m total) encountered a 10 to 13 m thick sulphide mineralized zone with zinc values ranging from less than 1% to 5%. Mineralization in trenches and drilling is believed to be a peripheral mineralized horizon stratigraphically above or distal to the main exploration target. The property is ideally situated with nearby highways, electrical power grid and rail.
About Pacific Ridge
Pacific Ridge is a mineral exploration company with a successful history of over 30 years.
The Company's TL Zinc project is a 6,420 hectare, road accessible zinc-lead-silver property located 80 km northeast of Vernon, British Columbia, ideally situated with nearby highways, electrical power grid and rail. The target at TL is a large Broken Hill type or SEDEX (Sedimentary Exhalative) Zn-Pb-Ag massive sulfide deposit.
The Company's Poker Brown gold-silver project is located 190 km from Reno, Nevada. The target is a large, bulk tonnage, heap leachable gold deposit. Numerous gold mines and advanced projects are located within an 80 km radius of the property. Drill testing of Poker Brown is planned for early spring 2017.
The Company holds a well-located project portfolio in Yukon's White Gold District, including Mariposa, Eureka Dome and Gold Cap, in the same geological environment as Goldcorp's Coffee Gold Project (acquired from Kaminak Gold earlier in 2016) and Kinross Gold's White Gold deposit.
The Company's 100 percent owned Fyre Lake copper-gold-cobalt massive sulphide project in the Yukon's Finlayson Lake District has been defined by 115 holes totaling over 23,200 metres of diamond drilling. The Company is considering its options for further development of the Fyre Lake project.
On behalf of the Board of Directors,
Gerald G. Carlson, President & CEO
Pacific Ridge Exploration Ltd.
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 placements 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, the timing and receipt of regulatory and governmental approvals for the transactions described herein, 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 transactions and 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.
Contact
Pacific Ridge Exploration Ltd.
Gerald G. Carlson
President & CEO
(604) 484-7104
www.pacificridgeexploration.com