VANCOUVER – Pacific Ridge Exploration Ltd. [PEX-TSXV; PEXZF-OTC] reported assay results from the first of three diamond drill holes completed during the 2021 drilling campaign at the optioned Kliyul copper-gold porphyry project in the prolific Quesnel Trough of northwest British Columbia.
Drill hole KLI-21-036 highlights include 437.0 metres of 0.61% copper equivalent (CuEq) or 0.96 g/t gold equivalent (AuEq) comprising 0.22% copper and 0.60 g/t gold containing 53.0 metres of 0.75% CuEq or 1.17 g/t AuEq comprising 0.22% copper and 0.83 g/t gold; 291.70 metres of 0.75% CuEq or 1.18 g/t AuEq comprising 0.28% copper and 0.74 g/t gold, including 141.0 metres of 1.07% CuEq or 1.68 g/t AuEq comprising 0.36% copper and 1.11 g/t gold.
Starting at surface, this is the longest and highest-grade interval ever returned from Kliyul, far surpassing the best previous result of 245.0 metres of 0.52% CuEq or 0.81 g/t AuEq comprising 0.18% copper and 0.53 g/t gold, which was drilled by Teck Resources in 2015. Assays from the remaining two drill holes, KLI-21-037 and KLI-21-038, will be reported when available.
“The results from our first ever drill hole at Kliyul far exceeded our expectations,” said Blaine Monaghan, President and CEO of Pacific Ridge. “They are, in fact, the best drill results ever to be reported from Kliyul. Although we are still waiting for assay results from the remaining two drill holes, hole KLI-21-036 gives us the confidence to begin planning an expanded 2022 drill program at Kliyul. I would like to congratulate Dr. Gerry Carlson, Pacific Ridge’s Executive Chair, Danette Schwab, the company’s VP Exploration, and our technical committee for their fine work.”
Over 60 km2 in size, Kliyul is located 50 km southeast of Centerra Gold’s Kemess mine and 5 km from the Omineca mining road in one of the most geochemically anomalous areas for copper and gold in the prolific Quesnel Terrane. The project contains four main target areas: KMZ, Bap Ridge, Ginger, M39, and Paprika, each representing an interpreted porphyry centre over a 4 km strike length. KMZ is the most intensely explored of these, with 33 drill holes (5,524 m) drilled since 1974, most of which targeted a near-surface copper-gold magnetite zone (drill holes KL-5 to KL-93-5). Deeper drilling in 2006 and 2015 encountered a porphyry copper-gold system (drill holes KL06-30 to KL-15-35).
The project displays classic porphyry copper-gold deposit alteration and mineralization patterns. Geological interpretation, supported by a variety of geophysical surveys, including IP, magnetics and magnetotellurics, suggest the potential to significantly expand the size of the Kliyul mineralized system.
Pacific Ridge can earn a 51% interest in the Kliyul and Redton projects from Aurico Metals Inc., a wholly owned subsidiary of Centerra Gold Inc. [CG-TSX] by making cash payments totaling $100,000, issuing 2 million shares and spending $3.5 million on exploration by December 31, 2023. The company can then increase its interest to 75% by making additional payments totaling $60,000, issuing 1.5 million shares and completing an additional $3.5 million in exploration by December 31, 2025.
In addition to Kliyul, the company’s project portfolio includes the RDP copper-gold project and the Redton copper-gold project, both in BC.
In December 1 trading Pacific Ridge shares gained $0.09, or 60%, to $0.24.