Pacific Ridge Exploration Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 25, 2017) - Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) ("Pacific Ridge" or the "Company") is providing an update on its exploration plans for the 2017 field season.
OGI Zinc Project
The target is a sediment hosted Zn-Pb-Ag massive sulphide deposit within Yukon's Selwyn Basin. The planned 2017 field program will focus on the 1,000 m long polymetallic soil anomaly, with values ranging from 500 to 5,780 parts per million Zn, and open in two directions. The work will include geological mapping, prospecting, detailed soil sampling, ground geophysical surveys and hand trenching, with the objective of defining drill targets. The program is expected to be completed by mid-July.
TL Zinc - Drilling Postponed
The proposed early summer drill program at the TL Zinc property has been suspended. Allegations of third party interests in the 16 TL Claims under option to Pacific Ridge have been made and, to allow time to resolve the issue, the Optionor and Pacific Ridge have agreed to extend the Option terms by one year. Once the issue is resolved, the Company plans to resume the drill program, targeting coincident gravity and electromagnetic anomalies on the western side of the property associated with known zinc mineralization defined by trenching and shallow drill holes from 2011 and 2012.
Eureka Dome and Gold Cap Projects
The Company plans detailed soil sampling and prospecting programs at its Gold Cap and Eureka Dome gold properties, in the heart of the White Gold district, south of Dawson, Yukon. Gold Cap is 8 km northeast of the Golden Saddle deposit, recently acquired by White Gold Corp. from Kinross Gold. Work will focus on detailed sampling and mapping in the vicinity of known gold anomalies on the property.
The Company is continuing to pursue new project opportunities with a focus on advanced exploration gold and base metals projects in western North America.
About Pacific Ridge
Pacific Ridge is a mineral exploration company with a successful history of over 30 years.
The Company's Fyre Lake Cu-Au-Co massive sulphide deposit is under option to BMC Minerals (No. 1) Ltd. ("BMC"). BMC has been granted two options effective as of the Closing (January 16, 2017); the first, a one year option whereby, to maintain and exercise the option, in addition to the $375,000 in payments already made, it must pay the Company $2,200,000 one year after Closing, or the second, a two-year option whereby, to maintain and exercise the option, it must pay the Company $300,000 one year after Closing and $2,420,000 two years after Closing. In addition, BMC has agreed to make a bonus payment of $1,000,000 if and when BMC's Kudz Ze Kayah property has reached commercial production for one year.
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.
The newly acquired OGI Zinc prospect is a SEDEX style, stratabound Zn-Pb-Ag target within Yukon's Selwyn Basin. A strong soil anomaly, with values ranging from 500 to 5,780 parts per million Zn, is 1,000 m long and over 500 m wide and is also enriched in Ag, Pb, Ba, Mo, Ni, V, As and P. The bedrock source of the anomaly is so far unexplained.
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 in 2016) and Kinross Gold's White Gold deposit.
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 exercise of options 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, 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.
Contact
Pacific Ridge Exploration Ltd.
Gerald G. Carlson
President & CEO
(604) 687-4951
www.pacificridgeexploration.com