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Vancouver, British Columbia–(Newsfile Corp. – February 8, 2022) – Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) (“Pacific Ridge” or the “Company”) is pleased to announce that it has entered into a supplement agreement (the “Agreement”) with Antofagasta Minerals SA (“Antofagasta” ), a wholly-owned subsidiary of Antofagasta PLC (LSE: ANTO), on the RDP copper-gold project (“RDP” or the “Project”), located in north-central British Columbia (see The agreement grants Antofagasta an option to acquire a 75% interest in the project by spending $10,000,000 on exploration over eight years and delivering a NI 43-101-compliant preliminary economic assessment report ( The report “).
“We are extremely pleased to partner with Antofagasta, a recognized global leader in porphyry exploration and development, to advance RDP,” said Blaine Monaghan, President and CEO of Pacific Ridge. “With an expanded drilling program at Kliyul and Antofagasta funding a drilling program at RDP, 2022 will be an exceptionally busy year for the company.”
Located 40 km west of the company’s flagship project, Kliyul, RDP spans over 10,000 hectares (see Figure 2) and lies within the Stikine terrane, which hosts many significant porphyry deposits. in northern British Columbia, including Kemess, Red Chris, Kerr – Sulfurets and Galore Creek. The project is also in a similar geological setting to NorthWest Copper’s East Niv discovery, which adjoins RDP to the north.
The project is underlain by prospective volcanic and sedimentary rocks of the Hazelton Group of the Stikine terrane cut by the lower Jurassic Roy plutonic suite, including plugs, sills and compositional stocks of porphyritic monzodiorite dacite, the gabbro of fir and the rhyolite porphyry of Gyr. RDP contains several recognized porphyry copper-gold targets (Roy, Day and Porcupine) that have been explored intermittently since the early 1970s, including prospecting and mapping, various geochemical surveys, ground and airborne geophysical surveys, trenches and a limited amount of drilling. In 2021, Pacific Ridge completed a property-wide compilation, reprocessing of multispectral and radiometric data, and a mapping and sampling program to define targets for drill testing during the next season in the field.
The Roy showing was discovered in 1973. The Roy showing mineralization consists of a stockwork of quartz-magnetite-chalcopyrite stringers within a monzonite intrusive. Trench sampling in 1990 encountered 0.121% Cu and 0.55 g/t Au over 62 m in an 80 m trench1. Only one hole has been documented at Roy, drilled in 2011, and it intersected 0.11% Cu and 0.64 g/t Au over 122.95 m in hole EQ-0012.
Target of the day
The Day showing was discovered around the same time as the nearby Sustut copper deposit. Mineralization includes pyrite, magnetite, chalcopyrite, minor molybdenite and traces of bornite as disseminations and fracture fillings in diorite and adjacent altered volcaniclastic rocks. Historic drilling includes 2,472 m in 19 drill holes. Drilling highlights include 0.67% Cu and 0.93 g/t Au over 58.8 m in hole D-74-13 and 0.54% Cu and 0.69 g/t Au over 57 m in hole C-92-14.
Discovered in 1972, the Porcupine target was explored as a stratoid massive sulphide target. Floating samples assayed up to 17.2% Cu and 0.19% Cu with 7.98 g/t Au5. Four holes drilled in 1972 returned sporadic results. A more recent assessment of soil weathering and geochemistry at Porcupine suggests potential for porphyry-type mineralization.
Figure 1: RDP Location, Quesnel Trough, North Central British Columbia
To see an improved version of Figure 1, please visit:
Figure 2: Map of RDP claims
To see an improved version of Figure 2, please visit:
Antofagasta can acquire a 75% interest in RDP by making cash payments totaling $1,350,000, plus a success payment of $800,000 upon exercise of the option, and spending $10,000 $000 in exploration over eight years, with a firm commitment to spend $1,000,000 per year. one, and the delivery of the report. During the option period, Antofagasta will finance all exploration and Pacific Ridge will be the initial operator.
Once Antofagasta acquires its 75% interest, Pacific Ridge and Antofagasta will form a 25/75 joint venture. If either party’s stake in the joint venture falls below 10%, that party’s stake will convert to a 2% NSR, half of which can be purchased by the other party for 4 $500,000.
About Pacific Ridge
Our goal is to become one of the leading copper-gold exploration companies in British Columbia. Pacific Ridge’s flagship project is the Kliyul copper-gold project, located in the Quesnel pit, approximately 50 km southeast of Centerra Gold Inc.’s Kemess mine. In addition to Kliyul, the Company’s project portfolio includes the RDP copper-gold project, the Onjo copper-gold project and the Redton copper-gold project, all located in British Columbia. Pacific Ridge will continue to seek projects that offer discovery opportunities in our areas of expertise.
On behalf of the Board of Directors,
President and CEO
Pacific Ridge Exploration Ltd.
President and CEO
Tel: (604) 687-4951
G2 Consultants Corp.
Telephone: +1 778-678-9050
Email: [email protected]
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 in this press release has been reviewed and approved by Gerald G. Carlson, Ph.D., P.Eng., Executive Chairman of Pacific Ridge and Qualified Person as defined by National Instrument 43 policy- 101.
Forward-looking information: This press release includes certain statements that may be considered “forward-looking statements”. All statements contained in this release, other than statements of historical fact, that relate to 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 press release include statements regarding an expanded drilling program at Kliyul in 2022 and a drilling program at RDP. Although Pacific Ridge believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance, and actual results or developments may differ materially from these forward-looking statements. The forward-looking statements contained in this press release include plans for an expanded drilling program at Kliyul and a drilling program at RDP in 2022. Factors that could cause actual results to differ materially from those in the forward-looking statements include the market price, exploration success and continued availability. 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 fact that any of the options will be exercised, the ability of Pacific Ridge and other parties to meeting stock market and other regulatory requirements in a timely manner, the availability of financing for programs offered by Pacific Ridge on reasonable terms, and the ability of third-party service providers to provide services in a timely manner. Investors are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Pacific Ridge undertakes no 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.
1 Fox, M., 1991, BC Government Assessment Report No. 21359.
2 Equitas Resources Corp. Press release – December 15, 2011
3 Aussant, CH, 1997, BC Government Assessment Report No. 25122
4 Skeena Resources Ltd press release. – July 28, 1992.
5 2011 Day Property Technical Report for Equitas Resources Corp.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113063