Apr 7 2017
Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) ("Pacific Ridge" or the "Company") reports that it has completed the reverse circulation drill program as previously announced on March 24th at its Poker Brown gold-silver project, Nevada. The program included 753 m of drilling in 6 holes. These holes tested the two chargeability anomalies defined by the October, 2016 IP geophysical survey as well as targets defined by surface mineralization and historical workings. Results of the drill program will be announced as soon as all assays have been received, compiled and verified.
About Pacific Ridge
Pacific Ridge is a mineral exploration company with a successful history of over 30 years.
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 newly acquired OGI Zinc prospect is a SEDEX style, stratabound Zn-Pb-Ag target within Yukon's Selwyn Basin. A strong soil anomaly, with values ranging from 500 to 5,780 parts per million Zn, is 1,000 m long and over 500 m wide and is also enriched in Ag, Pb, Ba, Mo, Ni, V, As and P. The bedrock source of the anomaly is as yet unexplained.
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.
Source: http://www.pacificridgeexploration.com/