IN CASE YOU MISSED IT 2018-04-30 10:14 ET - News Release
Dr. Gerald Carlson reports
PACIFIC RIDGE OPTIONS THE SPIUS PORPHYRY COPPER PROJECT, BC
Pacific Ridge Exploration Ltd. has been granted an option to earn a 100-per-cent interest in the Spius porphyry copper project located 40 kilometres southwest of Merritt, B.C.
The Spius property was explored for its porphyry potential in the 1960s and early 1970s. Exploration focused on a gossan area where work included an IP (induced polarization) survey, trenching, and 27 percussion and core drill holes. The drilling was shallow, with none of the drill holes exceeding 100 metres. Most of the records from this early exploration work have been lost, including the drill logs.
Exploration in the past few years has included prospecting and soil sampling. The soil sampling has defined an anomalous zone, outside the area of the previous drilling, of approximately 500 metres by 1,000 metres, with copper values ranging from 500 parts per million (ppm) to 5,320 ppm, and open to the south. Two recently collected float samples of porphyry style mineralization with disseminated chalcopyrite and bornite assayed 2.53 per cent Cu and 1.43 per cent Cu. This anomalous area occurs within an IP chargeability low area, surrounded on three sides by a chargeability high, where the historical exploration was focused. The company believes that the original gossan area and IP anomaly are the pyritic halo to a potential core copper zone, as reflected by the soil copper anomaly and mineralized float. This area has not been tested by trenching or drilling. A 1969 assessment report noted that hole No. 2 (of a five-hole drill program) ended in eight feet of 0.4 per cent Cu. This hole is located on the inner edge of the interpreted pyrite halo and on the edge of the copper soil anomaly.
Gerry Carlson, president and chief executive officer, commented, "This is an extremely strong copper soil anomaly, and when combined with the recently discovered high-grade float samples and the size of the historic IP anomaly, suggests the potential for discovery of a significant porphyry deposit at Spius."
Pacific Ridge plans an IP survey to update and expand the earlier survey, additional soil sampling and geological mapping. The results of this work will be used to define targets for a drill program.
The terms of the agreement allow Pacific Ridge to earn a 100-per-cent interest in the Spius property by making a payment of $210,000, issuing one million shares and completing $800,000 in exploration by Dec. 31, 2020. The agreement is subject to a 1-per-cent NSR (net smelter returns) royalty to the property vendor, half of which can be purchased for $1.5-million, as well as an underlying 2-per-cent NSR, of which the company has the right to buy down half for $1.5-million. In addition, bonus payments are payable upon certain advanced development mileposts. The underlying vendors of the Spius property include KGE Management Ltd., a company controlled by Mr. Carlson. The agreement is subject to regulatory approval.
About Pacific Ridge Exploration Ltd.
Pacific Ridge has assembled a portfolio of highly prospective gold and base metal projects located in the Yukon, where its board and management team have a record of success. Its holdings include the Mariposa, Eureka Dome and Gold Cap gold exploration projects in the Klondike-White gold district, RC Gold in the Tintina gold belt, and Fyre Lake in the Finlayson district.
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