Pacific Ridge drills 0.48% CuEq over 566 metres of at Kliyul, British Columbia

Pacific Ridge drills 0.48% CuEq over 566 metres of at Kliyul, British Columbia
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VANCOUVER – Pacific Ridge Exploration Ltd. [PEX-TSXV; PEXZF-OTCQB] reported assay results from drill hole KLI-21-037, the second of three diamond drill holes completed during the 2021 drilling campaign at the Kliyul porphyry copper-gold project, located in the prolific Quesnel trough in northwestern British Columbia.

Drill hole KLI-21-037 highlights include 566.7 metres of 0.48% copper equivalent (CuEq) or 0.76 g/t gold equivalent (AuEq), comprising 0.20% copper and 0.44 g/t gold, including 316.7 metres of 0.75% CuEq or 1.17 g/t AuEq, comprising 0.30% copper and 0.70 g/t gold starting at surface, including 24.1 metres of 2.50% CuEq or 3.92 g/tt AuEq (1.09% copper and 2.21 g.t gold starting at 243.9 metres.

With values up to 4% copper and 5.8 g/t gold over individual assay intervals, these are some of the highest-grade core samples ever returned from a deep drill hole at the Kliyul Main Zone (KMZ). Mineralization has successfully been extended at KMZ 75 metres to the west. Mineralization at KMZ remains open to the west, south and southeast of drill hole KLI-21-037.

“We continue to be extremely pleased with the results from our first ever drill program at Kliyul,” said Blaine Monaghan, President and CEO. “Hole KLI-21-037 successfully extended mineralization to the west and the grade compares very favourably to our first hole, which was the best hole ever drilled at Kliyul. We now wait for results from drill hole KLI-21-038, a vertical hole targeted to test the interpreted centre of the porphyry system at KMZ, which was the third and last hole to be drilled during our 2021 drilling campaign.”

Pacific Ridge’s first drill hole at Kliyul, KLI-21-036, intersected 437.0 metres of 0.61% CuEq or 0.96 g/t AuEq, the longest and highest-grade interval ever returned from Kliyul.

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 five 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 36 drill holes (7,068 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). See Table 2 for selected historical drill results.

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; CGAU-NYSE], 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 increase its interest in the properties 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.

 

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