Pacific Ridge Exploration Ltd. is pleased to announce that Merah Resources Limited has commenced a field exploration program on the Company's Fyre Lake copper, gold and cobalt massive sulphide deposit, located in Yukon's Finlayson Lake District, Yukon.
Merah can earn up to a 70% interest in Fyre Lake by paying $650,000 and issuing shares with a value of $650,000 to Pacific Ridge and completing a minimum of $6.5 million in exploration over four years. 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 positive feasibility study (see News Release dated July 16, 2014).
The current field work program includes a helicopter borne VTEM electromagnetic and magnetic survey being flown under contract to Geotech Ltd. of Aurora, Ontario. The survey is designed to detect extensions to the known Kona Zone mineralization as well as other possible massive sulphide zones within the Property. It is planned that the survey results will help to guide Merah's program of in-fill and step-out drilling proposed for Fyre Lake in 2015.
In addition, Merah is sampling and re-assaying select samples from the Company's 1996-97 drill program. Once this sampling has been completed, Merah will commence a re-estimation of the Kona Zone mineral resource.
Source: http://www.pacificridgeexploration.com/