Vancouver, British Columbia--(Newsfile Corp. - August 2, 2019) - Pacific Ridge Exploration Ltd. (TSXV: PEX) ("Pacific Ridge" or the "Company") reports results from the four-hole, 1,087 m drill program on its Spius copper porphyry prospect located 40 km southwest of Merritt, British Columbia. All holes intersected porphyry style alteration and mineralization. The highest-grade mineralization was intersected at the bottom of hole SP-19-03, drilled at the northern end of the Copper Zone, encountering 51.8 m averaging .099 % Cu (224.3 to 273 m), including 39.0 m at .113 % Cu (237-276 m). Hole SP-19-04, located 200 m south of hole 3, intersected 81.0 of 0.071 % Cu, (179 to 263 m) including 19.4 m at 0.116 % Cu (182-200 m), also at the bottom of the hole. Hole SP-19-02, drilled 700 m southwest of hole 3, intersected 25.4 m at 0.0554 % Cu and 0.0038 % Mo (140.7 to 166 m) and 20.0 m at 0.0557 % Cu and 0.0018 % Mo (250 to 270 m). All drill holes encountered porphyry-style mineralization and alteration, with variably anomalous copper and molybdenum concentrations and locally anomalous silver throughout.
The Company is encouraged that increasingly anomalous copper concentrations were encountered towards the bottom of holes 3 and 4 and believes there is excellent potential for the discovery of significant porphyry Cu-Mo mineralization at depth, and to the north relative to these two drill holes.
Mineralization is hosted within the Jurassic or later age Eagle Granodiorite, that has been intruded by at least two younger porphyritic bodies. The Eagle Granodiorite is a strongly foliated, coarse-grained biotite granodiorite. It has been intruded in the north-central part of the Copper Zone by a dacitic feldspar porphyry body. Mineralization includes disseminated and vein-hosted pyrite and chalcopyrite, with minor bornite, both in the granodiorite and the feldspar porphyry. Some of the strongest mineralization in the granodiorite is associated with narrow apophyses of feldspar porphyry, sometimes associated with coarse, pegmatitic quartz-feldspar veins. A younger barren porphyry intrudes the sequence in hole SP-19-03, post-dating the Cu-Mo mineralization. However, directly below this unit in the hole, the mineralized feldspar porphyry and the Eagle Granodiorite returned some of the most encouraging Cu concentrations of the program, ranging from 0.12 - 0.19 % Cu. Higher copper concentrations are associated with higher densities of quartz veins with K-feldspar vein selvages.
This first phase drill program at Spius has confirmed the presence of a copper porphyry mineralized system that appears to be increasing in intensity at depth, and to the north. The company will be doing a complete evaluation of the results of the current program before planning a phase 2 drill test.
About Pacific Ridge
Pacific Ridge has assembled a portfolio of highly prospective gold and base metal projects located in the Yukon and British Columbia, where its board and management team have a track record of success. Its holdings include the Mariposa, Eureka Dome and Gold Cap gold exploration projects in the Klondike-White Gold District, Fyre Lake in the Finlayson District and Spius Cu-Mo-Au porphyry in southern British Columbia.
On behalf of the Board of Directors,
"Gerald G. Carlson"
Gerald G. Carlson
President & CEO
Pacific Ridge Exploration Ltd.
For further information, contact:
Pacific Ridge Exploration Ltd.
Gerald G. Carlson
President & CEO
Tel: (604) 687-4951
www.pacificridgeexploration.com
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 within this News Release has been reviewed and approved by Gerald G. Carlson, Ph.D., P.Eng., President and CEO of Pacific Ridge and Qualified Person as defined by National Instrument 43-101 policy.
Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address 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 news release include statements regarding the exercise of the options and future exploration plans and expenditures. Although Pacific Ridge believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploration successes, and continued availability of 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, that one of the options will be exercised, the ability of Pacific Ridge and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Pacific Ridge's proposed programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Pacific Ridge does not assume any 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.
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