Pacific Ridge Expands Yukon Gold Portfolio
VANCOUVER, British Columbia, June 13, 2017 (GLOBE NEWSWIRE) -- Pacific Ridge Exploration Ltd. (TSX Venture:PEX) ("Pacific Ridge" or the "Company") 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.
About Pacific Ridge
Pacific Ridge is a mineral exploration company with a successful history of discovery spanning over 30 years.
- Fyre Lake: Cu-Au-Co massive sulphide deposit is under option to BMC Minerals (No. 1) Ltd. (“BMC”).
- OGI Zinc: newly acquired Zn-Pb-Ag target within Yukon’s Selwyn Basin.
- White Gold Projects: Include Mariposa, Eureka Dome and Gold Cap, in the same geological environment as Goldcorp’s Coffee Gold Project and White Gold’s Golden Saddle deposit.
- TL Zinc: The target at this road-accessible southern BC property is a large Zn-Pb-Ag massive sulfide deposit.
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 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.
