Pacific Ridge Exploration Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 15, 2017) - Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) ("Pacific Ridge" or the "Company") is providing an update on drilling plans for its Poker Brown gold project, Nevada and its TL Zinc project, British Columbia.
Poker Brown - Drill Program Plans
The Company is planning a four hole, 1,000 m RC drill program to take place in late March or early April at its road accessible Poker Brown gold project, located near Lovelock, Nevada. The target is two recently defined IP chargeability anomalies that underlie the main area of historical surface workings and gold showings on the property, including vein, breccia and stockwork mineralization, and the area of most intense alteration on the property (see News Release dated November 10, 2016). The chargeability anomalies are interpreted to be caused by disseminated pyrite mineralization, which is associated with the gold and silver mineralization at Poker Brown. The planned drill program is fully permitted.
TL Zinc - Plans for Resumed Drilling
The TL Zinc drill program was suspended in December, 2016, due to severe winter weather conditions after the completion of two holes (see News Release dated December 19, 2016). Both holes intersected several zones of graphitic schist with disseminated sulphide mineralization that appear to be the cause of the eastern portion of the large HELITEM electromagnetic anomaly. Anomalous zinc values are associated with the graphitic intervals.
The Company plans to resume drilling after snow has left the property, in late May or June. The target will be coincident gravity and electromagnetic anomalies on the western side of the property associated with the known zinc mineralization defined by trenching and shallow drill holes from 2011 and 2012. Of 56 grab samples of float and bedrock collected in this area to date, 40 have assayed +1% Zn with a range of 1.08% to 18.87% and an average of 4.96% Zn. Trenching in the initial discovery area identified semi-massive to massive sulfide over an open-ended zone 10 to 35 m wide and 50 m long. Channel sampling in this zone returned zinc values up to 7.18% over 4 m. Drilling under the trenches in 2012 encountered a 10 to 13 m thick sulphide zone with zinc values ranging from less than 1% to 5%.
About Pacific Ridge
Pacific Ridge is a mineral exploration company with a successful history of over 30 years. The Company is fully funded for the planned drill programs announced above.
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, in order 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, in order 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 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
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.
Pacific Ridge Exploration Ltd.
Gerald G. Carlson
President & CEO