VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 8, 2016) – Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) (“Pacific Ridge” or the “Company”) reports that it has received the results from a gravity survey over its TL Zinc Project. All three lines surveyed revealed positive residual anomalies in the range of 0.5 to over 1 milligal that show a good correlation with an underlying conductor as defined by the Fugro HELITEM survey flown over the property in 2012. The target at TL is a large Broken Hill type or SEDEX (Sedimentary Exhalative) Zn-Pb-Ag massive sulfide deposit.
Gerry Carlson, President of Pacific Ridge stated: “We are very pleased to note the spatial correspondence between the gravity anomalies and the electrical conductor. These mutually supportive geophysical signatures, in combination with favourable geology and strategically located surface showings, provide an increased measure of confidence that a significant metallic sulphide body occurs at depths of 300 m or less.” A compilation map showing the gravity results relative to the HELITEM conductor can be viewed at www.pacificridgeexploration.com under Projects/TL Zinc.
The gravity survey and initial processing of the data was carried out by SJ Geophysics Ltd. of Delta, BC. Further processing of the gravity data was completed for the Company by Dr. Fred Cook of Salt Spring Imaging, Ltd.
About the TL Property
TL is a 6,420 hectare, road accessible zinc-lead-silver project located 80 km northeast of Vernon, British Columbia. The airborne magnetic-electromagnetic HELITEM survey defined a strong conductive layer, 4 km in length and approximately 100 to over 200 m wide that appears to be conformable within the flat-lying stratigraphy and could reflect massive sulphide mineralization. Mineralized float and outcrop samples comprise massive to semi-massive sulphide, containing sphalerite, pyrite and pyrrhotite. Of 56 grab samples collected, 40 assayed +1% Zn with a range of 1.08% to 18.87% and an average of 4.96% Zn.
Trenching, outside the main target area, encountered a zone of 7.16% Zn over 4 m. Drilling below the trenches (6 shallow holes, 490 m) encountered a 10 to 13 m thick sulphide mineralized zone with zinc values ranging from less than 1% to 5%. Mineralization in trenches and drilling is believed to be a peripheral mineralized horizon stratigraphically above or distal to the main exploration target. The property is ideally situated with nearby highways, electrical power grid and rail.
The Company has made application for its drill permit and, once received, is planning for a 2,000 m drill test of the TL Zinc target.
About Pacific Ridge
Pacific Ridge is a mineral exploration company with a successful history of over 30 years. It holds a well-located project portfolio in Yukon’s White Gold District, in the same geological environment as Goldcorp’s Coffee Gold Project and Kinross Gold’s White Gold deposit. The Company’s 280 km2Mariposa gold project covers the prolific Scroggie and Mariposa placer gold creeks located east of the Coffee Gold Project. Over $6 million has been spent at Mariposa since 2010 including soil sampling, trenching and drilling, resulting in discovery of a number of well-mineralized gold zones. The 33 km2Eureka Dome property, centrally located in the White Gold District, is drained by several placer gold bearing creeks. Geochemical anomalies suggest the presence of a high level epithermal style gold system. The Company’s 49 km2Gold Cap property, with yet-to-be drill tested gold soil anomalies, adjoins the Kinross White Gold deposit. Surface exploration programs have been completed on the Mariposa and Eureka Dome projects in 2016.
The Company’s 100 percent owned Fyre Lake copper-gold-cobalt massive sulphide project in the Yukon’s Finlayson Lake District has been defined by 115 holes totaling over 23,200 metres of diamond drilling. A NI 43-101 compliant mineral resource estimate of the Kona Deposit reported in 2006 includes an indicated mineral resource of 3.571 million tonnes grading 1.57% copper, 0.10% cobalt and 0.61 gpt gold at a 1% copper cut-off grade. In addition, an inferred mineral resource, at the same cut-off grade, includes 5.361 million tonnes grading 1.48% copper, 0.08% cobalt and 0.53 gpt gold. These estimates were prepared by D. Blanchflower, P.Geo., of Minorex Consulting Ltd., who is the qualified person for this purpose. The Company is considering a number of options for further development of the Fyre Lake project.
The Company’s newly acquired Poker Brown gold-silver project is road accessible and located 190 km from Reno, in Pershing County, 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, including Hycroft, Rosebud, Florida Canyon (12 km east of Poker Brown, recently acquired by Rye Patch Gold Corp.), Standard, Rochester, Relief Canyon, Majuba Hill, Wilco and Trinidad.
On behalf of the Board of Directors,
Gerald G. Carlson, President & CEO
Pacific Ridge Exploration Ltd.
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 placements 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, the timing and receipt of regulatory and governmental approvals for the transactions described herein, 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 transactions and 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.