|By Marketwired .||
|September 11, 2013 01:22 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/11/13 -- Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) ("Pacific Ridge" or the "Company") is pleased to announce that work is progressing well on its Yukon exploration programs. Exploration is underway on the road accessible KSD Gold Project, comprised of the newly acquired King Solomon and Sophie properties in the heart of the Klondike gold district and located 24 km southeast of Dawson City. A fourth year of exploration is being carried out on the company's 262 square kilometre Mariposa gold property in the White Gold District, located 12 km northeast of Kaminak's Coffee Creek project. This year's program objective of defining gold targets for future drill testing is now being achieved. At KSD, several sub-parallel structural trends have been indicated by geophysics. These trends coincide with the strongest gold anomalies as defined in previous soil geochemical surveys. Detailed sampling is now underway utilizing the new Geoprobe deep soil sampler, as described below.
Innovative Exploration Technology
Gold mineralization in the Klondike and White Gold Districts occurs within geological structures such as veins and shear zones. Traditionally, soil geochemical surveys, followed by trenching, have been used to define targets for drill testing. However, Shawn Ryan's Ground Truth Exploration Group of Dawson City is applying innovative exploration technologies to provide a more concise, cost-effective and less invasive method of drill targeting. The key components of the program include high resolution IP/resistivity surveys followed by Geoprobe, a deep penetrating, close-spaced soil and rock sampling technique.
In July, the existing King Solomon soil geochemistry grid was extended to the south over the northern half of the newly acquired Sophie claims, with the collection of 572 soil samples. The results of this survey were combined with the King Solomon data to define priority targets for the current KSD exploration program.
The second phase of this program, covering 14 lines over the King Zone and six lines over the Prince Zone, included line cutting and a detailed IP geophysical survey. The IP/resistivity data has outlined several structures, trending north-northeast, that coincide with the strongest of the gold anomalies from the prior soil geochemical survey. The largest of these structures cuts through the core of the King Zone gold soil anomaly, with a strike length of over 800 metres.
The Geoprobe survey has just been completed over these newly defined structures at KSD. Results will be reported as soon as they are in hand.
As has been previously reported, Pacific Ridge has an option to earn a 100% interest in the King Solomon property, subject to a 2% Net Smelter Return. The company also has an option to earn a 100% interest in the Sophie property, subject to a 2.5% NSR.
The IP crew has now been mobilized to the Mariposa Project. Earlier in the season, 136 soil samples were collected at Alberta Creek to further define the gold anomaly at this relatively unexplored, high priority target. The high resolution IP survey, followed by Geoprobe sampling, will target Alberta Creek, Skookum Main and Skookum West targets. Results from previous exploration at Mariposa are described on the Company's web site, www.pacificridgeexploration.com. The current exploration program will include IP/resistivity and Geoprobe surveys, thus providing a correlation between known mineralization and potential mineralized extensions that will warrant drill-testing in addition to defining new drill targets at the Skookum Zones and at Alberta Creek.
The Mariposa Property consists of 1,277 claims that are held by way of an option agreement. The Company can earn a 100% interest in the option claims, subject to a 2% NSR, by making staged cash and share payments prior to October 2014.
Pacific Ridge has closed the second tranche of its previously announced private placement by issuing 300,000 flow-through shares priced at $0.07 per share and 20,000 units priced at $0.05 per unit. Each unit is comprised of one non-flow-through share and one-half of a transferable share purchase warrant, with each whole warrant entitling the holder to purchase one additional share at a price of $0.10 for 12 months, subject to an accelerated expiry provision. All shares and warrants issued pursuant to the final tranche of the private placement are subject to a hold period expiring December 30, 2013. Proceeds from the private placement will be used for exploration activities on the Company's Yukon properties and for working capital.
About Pacific Ridge
Pacific Ridge is a mineral exploration company currently focused on the Yukon's new White Gold District, with three exploration projects that are well located in the same vicinity and in generally similar geological environments as Kinross Gold's White Gold deposit, Kaminak Gold's Coffee gold deposits and Comstock Metals' new QV gold discovery. Pacific Ridge's Mariposa gold project covers the prolific Scroggie and Mariposa placer gold creeks. To date, Mariposa has seen $6 million in soil sampling, trenching and drilling spent over the past three years resulting in discovery of a number of well mineralized gold zones. The 27 square kilometre Eureka Dome property also covers the headwaters of placer mining creeks. The 49 square kilometre Gold Cap/Polar-Stewart property adjoins the Kinross White Gold property and contains yet-to-be drilled gold soil anomalies, the strongest of which is a possible easterly extension to one of the Kinross gold-in-soil anomalies.
Pacific Ridge's Fyre Lake property, in Yukon's Finlayson Lake District, hosts a copper-gold-cobalt massive sulphide deposit with a 43-101 compliant indicated mineral resource of 3.6 million tonnes grading 1.57% copper, 0.10% cobalt and 0.61 grams gold per tonne at a 1 percent copper cut-off grade plus an inferred mineral resource, at the same cut-off grade, of 5.4 million tonnes grading 1.48% copper, 0.08% cobalt and 0.53 grams gold per tonne. This open-ended copper and gold deposit has yet to be fully defined by drilling. Joint venture participation is presently being considered for Fyre Lake.
The Company also controls a uranium exploration project in the Baker Lake area, NWT, for which joint venture participation is also being considered.
Pacific Ridge, as of September 4, 2013, moved its Vancouver office to 11th Floor, 1111 Melville Street, Vancouver, BC, V6E 3V6, telephone (604) 484-2212.
On behalf of the Board of Directors,
John S. Brock, 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., Vice President Exploration of Pacific Ridge Exploration, 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.
Pacific Ridge Exploration Ltd.
John S. Brock
President & CEO