VANCOUVER – Pacific Ridge Exploration Ltd. [PEX-TSXV; PEXZF-OTCQB] reported assay results from drill hole KLI-21-038, the third and last diamond drill hole (DDH) completed in 2021 at the Kliyul copper-gold porphyry project, located in the prolific Quesnel trough in northwestern British Columbia.
Highlights include drill hole KLI-21-036 returned 437.0 metres of 0.61% copper equivalent (CuEq), including 291.7 metres of 0.75% CuEq. Hole KLI-21-037 returned 566.7 metres of 0.48% CuEq, including 316.7 metres of 0.75% CuEq. Hole KLI-21-038 returned 507.0 metres of 0.40% CuEq, including 342.0 metres of 0.50% CuEq and 88.0 metres of 0.80% CuEq. Refer to company ress release for complete results.
“We are extremely pleased with the results from our maiden drill program at Kliyul,” said Blaine Monaghan, President and CEO. “We encountered significant copper-gold mineralization in every drill hole and materially enhanced the mineralized footprint at KMZ with a limited amount of drilling. The results from 2021 lay the foundation for a significantly expanded drill program in 2022.”The 2021 DDH program successfully extended mineralization at the Kliyul Main Zone (KMZ) to the west and to depth; mineralization at KMZ remains open to the west, south, southwest, southeast, northeast, and to depth. Every DDH returned significant copper-gold mineralization, notably better than the copper-gold mineralization returned in historic drill holes.Encountered values up to 4.0% copper and 5.8 g/t gold over select intervals, some of the highest-grade intercepts encountered in deep drilling at KMZ. The presence of bornite in KLI-21-036 and KLI-21-038 is encouraging as it commonly occurs in the core of porphyry systems and its presence can be used to vector towards the porphyry centre.
Over 60 km2 in size, Kliyul is located 50 km southeast of Centerra Gold Inc.’s [CG-TSX; CGAU-NYSE] Kemess mine and 5 km from the Omineca mining road in one of the most prospective areas for copper and gold porphyries 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-15-035). See company press release for selected historical drill results.
Pacific Ridge can earn a 51% interest in the Kliyul and Redton projects from AuRico Metals Inc., a wholly owned subsidiary of Centerra Gold, by making cash payments totaling $100,000, issuing 2.0 million shares and spending $3.5 million on exploration by December 31, 2023. The company then has the right to 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.