Pacific Ridge Exploration Ltd. ("Pacific"), operator of the Baker Basin Uranium Project in Nunavut has completed all prepatory work, mobilized all equipment and is now collaring the first drill hole of the 2007 season. Pacific and project partner Kaminak Gold Corporation ("Kaminak") plan a $3 million exploration program at the Baker Basin Uranium Project in 2007. A 3,000 metre Phase 1 drilling program has now been initiated. Five deep holes are planned on each of the Lucky-7 and KZ Zones to test for "structurally controlled unconformity-style" uranium mineralization. Upon completion of geophysical surveys, initial drilling of two additional new discoveries, the 7-one and Niner zones, will follow.
Initial drill testing in 2007 will focus to the Lucky-7 Zone, a prospecting discovery made during 2006, where Pacific intersected near surface structurally controlled uranium mineralization grading to 0.32% U3O8 over 3.4 metres. Drill holes at the Lucky-7 Zone are being collared to intersect the mineralized structure at depth near the basin unconformity.
The Lucky-7 Zone hosts uranium mineralization within altered and bleached Kazan sandstone associated with a northerly-trending structure. The Kazan sandstone is the major unit comprising the Baker basin in-filling sediment that rests on a conglomerate at the basin floor. Pacific completed a radiometric survey over an area measuring approximately 2 kilometres by 2 kilometres that has defined a northerly-trending radiometric anomaly measuring 500 metres in length and 100 to 200 metres in width contoured with peak values to 240 cps. The surface exposure of the Lucky-7 Zone was chip sampled across its width and yielded 0.27% U3O8 over 3.9 metres. A saw cut channel several metres away yielded 0.19% U3O8 over 3.1 metres. The average grade of 23 mineralized frost-heaved boulders assayed to 0.32% U3O8. Three angled drill holes were completed from a single set-up during 2006. The first two holes returned intercepts of 0.14% U3O8 over 1.6 metres and 0.32% U3O8over 3.4 metres. The third hole was the deepest hole at Lucky-7; however, worsening drill conditions at depth forced this hole to be shut down before the target was reached. No significant uranium assays were obtained despite strong alteration at the bottom of the hole.
Pacific and Kaminak
Under the terms of the option agreement, Pacific has the right to earn an initial 51% interest by December 31, 2008 by making specified exploration expenditures and staged unit payments to Kaminak. Pacific has the right to increase its interest to 60% by making additional specified exploration expenditures prior to December 31, 2010. Thereafter, Pacific and Kaminak will form a joint venture in accordance with their interest then held. Underlying interests are held by Hunter Exploration Group, and Shear Minerals Ltd./Stornoway Diamond Corporation. The option agreement with Pacific pertains to all commodities other than diamonds.
Pacific's disclosure of a technical or scientific nature has been reviewed by Wayne J. Roberts, P.Geo, Vice-President Exploration for Pacific, a Qualified Person under the definition of National Instrument 43-101.
"Wayne J. Roberts"
Wayne J. Roberts
Vice President Exploration
For further information, contact:
Pacific Ridge Exploration Ltd.
John S. Brock
Tel: (604) 604.641.2759
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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, exploitation activities and events or developments that Pacific Ridge Exploration Ltd. ("Pacific Ridge") expects to occur, are forward-looking statements. 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 in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. 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.