Vancouver, B.C. – August 16, 2022 – Pacific Ridge Exploration Ltd. (PEX: TSX Venture; PEXZF: OTCQB) (“Pacific Ridge” or the “Company”) is pleased to announce that it has completed ZTEM airborne geophysical surveys at the Chuchi and Onjo copper-gold porphyry projects located to the west of Centerra Gold Inc.’s (“Centerra”) (TSX: CG) (NYSE: CGAU) Mount Milligan mine in northcentral B.C. (please see Figure 1).
The geophysical surveys at Chuchi and Onjo (720 line-km at Chuchi and 667 line-km at Onjo) will be followed by exploration programs including geological mapping, rock and soil sampling, and re-logging historical drill core. Pacific Ridge will further investigate existing targets and new targets, expected to be generated by the ZTEM surveys, with the ultimate goal of defining future drill targets.
“Although the Kliyul copper-gold porphyry project is our focus, we believe that both Chuchi and Onjo have the potential to host significant porphyry deposits,” said Blaine Monahan, President & CEO of Pacific Ridge. “The exploration programs at Chuchi and Onjo are fully funded and the results will help us to define targets for future drilling.”
Figure 1
Location of Chuchi and Onjo
ZTEM is a modern geophysical technique utilizing natural earth currents to image the subsurface three-dimensional distribution of apparent resistivity to depths exceeding one kilometer. ZTEM has proven to be effective in outlining the large hydrothermal mineralization and alteration systems associated with porphyry deposits that are often kilometer plus scale horizontally and vertically, and it is particularly useful in defining the structures that are often important in localizing or offsetting mineralization. This early-stage airborne remote sensing technique has never been applied to Chuchi or Onjo and will provide a new perspective that will help to guide future exploration.
Chuchi
Pacific Ridge recently acquired an option to earn up to a 75% interest in Chuchi from AuRico Metals Inc. (see news release dated May 9, 2022). Over 6,100 ha in size, Chuchi hosts a large, well-mineralized gold-rich porphyry copper system, where many of the historical drill holes bottomed in mineralization. The main BP Zone is less than two kilometers outboard of the southeastern margin of the regional Hogem batholith and is defined by a 4 km x 3 km halo of outer propylitic alteration surrounding a central 1.5 km x 1.5 km area of copper-gold mineralization, which is open to depth and potentially to the east across the north-south trending Valley Fault (see Figure 2). Grades within the mineralized portion of the BP Zone range from 0.21% to 0.40% Cu and from 0.21 g/t to 0.44 g/t Au (see Table 1).
Figure 2
Chuchi with IP Chargeability and Historical Drill Holes
Table 1
BP Zone Drill Highlights
Onjo
As announced on February 3, 2022, Pacific Ridge acquired a 100% interest in the 9,700 ha Onjo project, located 15 km west of Centerra’s Mount Milligan Mine (see Figure 3). Onjo hosts skarn and alkalic porphyry copper-gold mineralization associated with monzonitic phases of the Witch Lake intrusions cutting Takla volcanic rocks, similar to the mineralization and host rocks at Mount Milligan. The style of copper-gold mineralization returned in historical drilling, combined with the presence of nearby skarn occurrences, suggests that this is the upper levels of an alkalic porphyry system. The Company believes that Onjo has the potential to host an alkalic porphyry copper-gold deposit at depth.
Figure 3
Onjo Location
Precious Metals Summit Beaver Creek
Pacific Ridge will be attending the 2022 Precious Metals Summit Beaver Creek and is available to meet with interested investors on Tuesday, September 13th, Wednesday, September 14th, and Thursday, September 15th. To schedule a meeting, please email ir@pacificridgeexploration.com or call 1-778-678-9050.
About Pacific Ridge
Our goal is to become British Columbia’s leading copper-gold exploration company. Pacific Ridge’s flagship project is the Kliyul copper-gold project, located in the prolific 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 (optioned to Antofagasta Minerals S.A.), the Chuchi copper-gold project, the Onjo copper-gold project, and the Redton copper-gold project, all located in British Columbia.
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
Investor Contact:
G2 Consultants Corp.
Telephone: +1 778-678-9050
