Pacific Ridge Exploration Ltd. is pleased to provide an update on its 100% owned Mariposa gold project and its Fyre Lake Cu-Au-Co massive sulphide project, under option to Merah Resources Ltd..
Mariposa
Pacific Ridge has exercised its option with the underlying vendors and now owns a 100% interest in its Mariposa Project, subject to a 2% NSR royalty, half of which can be purchased by the Company for $1,000,000.
Mariposa has seen over $6 million in exploration expenditures since 2010. At the Skookum Main Zone, 14 of 18 drill holes intersected gold mineralization, with the best hole encountering 2.44 grams per tonne ("gpt") gold over 39 m. Subsequent interpretation of surface sampling and detailed geophysical studies suggest that the structure containing this intersection is open along strike in both directions. In addition, deep soil sampling at Skookum West, located 1.5 km to the west of Skookum Main, encountered two significantly anomalous values of 3.5 gpt gold and 7.2 gpt gold (from a total of 47 samples, ranging from 3 ppb to 7.2 gpt), indicating the potential for a new high grade gold discovery. In addition to the Skookum Main and Skookum West zones, four other high priority targets (Big Alex, Maisy Mae, Hackly and Alberta Creek) have been defined by gold and multi-element soil geochemical anomalies within the Mariposa Fault Zone. For complete Mariposa Project details please see http://www.pacificridgeexploration.com/s/mariposa.asp.
Fyre Lake
Merah has recently reported the results of a check assay program on quartered drill core from Pacific Ridge's 1996 and 1997 drill programs on the Kona deposit. The check assays show good agreement with the previous Pacific Ridge results, with an average 2.7% increase in Cu, 12% increase in Co and 0.1% increase in Au. Complete details of the check assay program are provided in Merah's news release of November 19, 2014 (see http://www.pacificridgeexploration.com/s/fyre_lake.asp). Highlights of the check assay program include:
- 17.7 m @ 2.1 % Cu, 0.15 % Co, 0.48 g/t Au (96-033)
- 18.7 m @ 2.2 % Cu, 0.10% Co, 0.46 g/t Au (96-043)
- 31.3 m @ 2.3% Cu, 0.07% Co, 0.51g/t Au (96-065)
- Including 7m @ 6.0% Cu, 0.05% Co, 0.68g/t Au
- 19.5 m @ 2.1% Cu, 0.15% Co, 0.52g/t Au (97-101)
- 9.7 m @ 2.9% Cu, 0.12% Co, 0.87g/t Au (97-102)
Based on the known project geology and prior drill results, coupled with Merah's recently completed airborne VTEM geophysical survey, Merah believes there is excellent potential to increase the size of the Kona resource as well as to discovery additional mineralized zones. Outside targets include a 4 km long VTEM anomaly located northeast of Kona and a 3 km-long VTEM anomaly lying west of Kona, both anomalies based on magnetic and conductive electromagnetic trends.
Merah can earn an initial 51% interest in Fyre Lake by making payments in cash and shares valued at $1.3 million over three years and completing $3.5 million in exploration. Merah can then increase its interest to 70% by completing an additional $3 million in exploration expenditures by January 10, 2018. If Merah completes a 70% earn-in, Pacific Ridge will then have the option of retaining a 30% participating joint venture interest or reducing to a 20% interest, carried to a feasibility study.
Source: http://www.pacificridgeexploration.com/