Pacific Ridge Mariposa Program Starts in White Gold District
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/25/11 -- Pacific Ridge Exploration Ltd. (TSX VENTURE: PEX)(the 'Company') reported that exploration activities for 2011 are now underway on the Pacific Ridge Mariposa Gold Property in the Yukon's White Gold District. A Phase 1 program, budgeted at $3 million, will include 4,000 metres of diamond drilling to test several significant gold-in-soil anomalies and gold values in trenches identified in 2010. Field crews have mobilized to the site and diamond drilling will commence in mid-June.
During the month of April a detailed airborne magnetometer survey was flown over the 2010 Mariposa soil grid area, to identify geologic structures with potential to host lode gold mineralization. A preliminary interpretation of results suggests that the Mariposa grid area lies within a major, 3 kilometre wide structural corridor of converging arrays of more discrete northeast, northwest and north-south trending structures.
The 3500 metre long x 600 metre wide Skookum Jim gold-in-soil anomaly is to date, the most prominent gold trend on the Mariposa property. A compilation of airborne magnetic, soil and trenching results indicate that in the trenched area of this geochemical anomaly, there is a strong spatial correlation of converging linear magnetic lows with elevated soil results ranging from 100 to 1,570 ppb gold. These geophysical and geochemical trends correspond with trench exposures of strongly fractured, brecciated and oxidized rock which returned results of up to 1.25 g/t gold over 30 metres. A strongly oxidized hematitic rock sample in the trenching area also returned 8.1 g/t gold.
In light of these encouraging results, the company has scheduled a detailed ground magnetic and electromagnetic survey in advance of diamond drilling. This geophysical survey will be conducted over priority areas of geochemical anomalism on the Mariposa grid, including the Skookum Jim, Hackly Gold and Maisy May targets, as well as selected airborne geophysical trends. Simultaneous with the geophysics,in-fill soil samples will be collected in these areas and analyzed on-site with an XRF analyzer, in advance of analysis with a commercial laboratory. This instrument can provide daily qualitative results which may detect pathfinder elements highlighting areas of interest for immediate follow-up.
In summary, the 2011 exploration program is designed to quickly evaluate and drill test exploration targets defined last season within the Mariposa soil grid area, as well as to continue exploration of the overall 190 square kilometer property through reconnaissance soil sampling that should lead to grid controlled sampling of newly defined areas of prospectivity.
On behalf of the Board of Directors,
John S. Brock, President and CEO
Pacific Ridge Exploration Ltd.
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.
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.
Contacts:
Pacific Ridge Exploration Ltd.
John S. Brock
President and CEO
(604) 687-4951
(604) 688-4670 (FAX)
www.pacificridgeexploration.com
G2 Consultants Corp.
Investor Inquiries
(604) 742-9990 Or Toll-Free: (866) 742-9990
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