Pacific Ridge Completes Exploration Program at OGI Zinc; Work Has Begun at RC Gold
VANCOUVER, British Columbia, July24, 2017(GLOBE NEWSWIRE) -- Pacific Ridge Exploration Ltd. (TSX Venture:PEX) ("Pacific Ridge" or the "Company") is pleased to announce that it has completed phase 1 field work at its OGI Zinc project and that an exploration crew has been mobilized to the RC Gold project, both projects located in the Yukon.
Exploration work at OGI Zinc included geological mapping, soil sampling, test pitting and magnetometer and VLF electromagnetic surveys. The target at OGI Zinc is a sediment hosted Zn-Pb-Ag massive sulphide deposit in a geological setting comparable to Howards Pass and many other zinc-rich base and precious metal occurrences within Yukon's Selwyn Basin. OGI Zinc is located 50 km east of Dawson City and 7 km east of the Dempster Highway. The Company is awaiting results from rock and soil analyses and the interpretation of the geophysical surveys before planning the next phase of exploration.
While Pacific Ridge waits for exploration results from OGI Zinc, a field crew has been mobilized to the newly acquired 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 is underexplored relative to its neighbours and overlies favourable geology and stream geochemistry. The target at RC Gold is an Intrusion Related Gold deposit such as Eagle Gold, Brewery Creek, Red Mountain and Fort Knox in Alaska. Pacific Ridge plans a program of detailed mapping, prospecting and soil sampling to define targets for drill testing.
Following completion of the RC program, the Company will begin work at its Eureka Dome project, located in the White Gold District. Prior workers reported breccia float samples grading to 14 grams/tonne gold, and silt samples running to 900 ppb on immediately adjacent properties. Reconnaissance sampling by Pacific Ridge has defined a gold-mercury-molybdenum-antimony soil anomaly that requires detailed follow-up sampling.
"Our exploration season is in full swing," said Gerry Carlson, President and CEO of Pacific Ridge. "I'm excited about the work being conducted at all three properties and am confident that we will define a number of drill targets. In addition to our current property portfolio, we will look to leverage our experience in the Yukon to make additional acquisitions that will add value to the Company."
About Pacific Ridge
Pacific Ridge has assembled a portfolio of gold and base metal projects located in the Yukon, where its board and management team have a track record of success. The Company's Chairman, Gordon Davis, co-discovered the Anvil Mine, which at one time was the largest operating open-pit lead/zinc mine in the world, Dr. Gerald Carlson, President and CEO, was the recipient of the J.C. Sproule Award for the advancement of geology and mineral exploration in the Yukon, and Bruce Youngman, director, is a board member of a number of Yukon-focused exploration companies, including Atac Resources Ltd.
On behalf of the Board of Directors,
"Gerald G. Carlson"
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 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.
For further information, contact: Pacific Ridge Exploration Ltd. Gerald G. Carlson President & CEO Tel: (604)687-4951 www.pacificridgeexploration.com