Posted in | Gold | Mining Business

Pacific Ridge Exploration Acquires RC Gold Project in Clear Creek District

Pacific Ridge Exploration Ltd. announces that it has acquired the newly road accessible RC Gold project, located in the Clear Creek district in the heart of the Yukon's Tintina Gold Belt, mid-way between Victoria Gold's Eagle Gold project and Golden Predator's Brewery Creek project.

RC Gold lies at the headwaters of Clear Creek, one of the Yukon's prolific placer gold creeks, and it adjoins StrikePoint Gold's Mahtin Project on the east and Victoria Gold's Clear Creek project on the west.

"This acquisition reflects the Company's strategic focus on high quality, early stage gold and base metals projects. The Yukon is a favourable mining jurisdiction that is seeing renewed interest from juniors and majors alike, where the Company's board and management have a long history of exploration, discovery and development. Our Company is well positioned within this new wave of Yukon activity" stated Gerry Carlson, President of Pacific Ridge.

The target at RC Gold is an Intrusion Related Gold deposit such as Eagle Gold, Brewery Creek, Red Mountain and Fort Knox in Alaska. The RC Gold project is underexplored relative to its neighbours and overlies favourable geology and stream geochemistry. The property also straddles the Big Creek Stock, a Tombstone Suite Intrusion that returned 115 ppb Au from a grab sample taken during a cursory prospect of the area in late 2016. Reconnaissance soil sampling on the property has produced gold values ranging up to 913 ppb (from 42 samples collected).

Pacific Ridge plans a program of detailed mapping, prospecting and soil sampling to define targets for drill testing.

Acquisition Terms

The RC Gold project comprises claim groups from two separate vendors.

The Company has the right to acquire a 100% interest in the RC claims by paying $300,000, issuing 1,500,000 shares and completing $1,870,000 in exploration over 5.5 years. An additional $125,000 is payable and 500,000 shares issuable upon completion of a feasibility study and an additional $125,000 is payable and 500,000 shares issuable upon a production decision. The property is subject to a 2% NSR, half of which can be purchased for $2,000,000.

The Company has the right to acquire a 100% interest in the BEE and BOP claims by paying $100,000, issuing 500,000 shares and completing $630,000 in exploration over 5.5 years. An additional $125,000 is payable and 500,000 shares issuable upon completion of a feasibility study and an additional $125,000 is payable and 500,000 shares issuable upon a production decision. The property is subject to a 2% NSR, half of which can be purchased for $2,000,000.

Both agreements are subject to regulatory approval.

Source: http://www.pacificridgeexploration.com/

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