VANCOUVER -- Pacific Ridge Exploration Ltd. (TSX Venture: PEX) ("Pacific Ridge") is pleased to report encouraging results from the 2013 surface exploration program carried out at its Mariposa Property, this being Pacific Ridge's fourth year of exploration at Mariposa. The 260 square kilometre Mariposa property is located in the heart of Yukon's White Gold District, 30 kilometres east-northeast of Kaminak's Coffee gold discovery and 40 kilometers southeast of the Underworld/Kinross White Gold discovery.
The 2013 program objective was to identify new targets for drill testing based on re-interpretation of the 2011 and 2012 drilling results and the deployment of high resolution IP and resistivity geophysical surveys and "Geoprobe" sampling. Geoprobe is an innovative track-mounted hydraulic hammer drill that collects a core of soil and rock fragments from surface to just above the bedrock interface, typically at depths of 2 to 3 metres. The results have led to definition of several new gold targets that are now recommended for trenching and, where warranted, drilling.
Skookum Main Zone
A Geoprobe rock sample from the Skookum Main Zone assayed 3.08 grams per tonne (gpt) Au (gold) in an area with no previously detected gold-in-soil anomaly and located 100 m west of the best drill hole result from the 2011-2012 drilling, where hole 11MP-01 intersected 6.44 gpt Au over 11.1 m (metres), within 2.44 gpt Au over 38.9 m. Several other Geoprobe samples were anomalous with values in the range of 0.1 to 0.28 gpt Au, just south of the strongly anomalous 3.08 gpt gold result. Prior to drilling, trenching is recommended over this newly recognized gold target.
Two strongly anomalous Geoprobe rock chip samples of 7.20 gpt Au and 3.49 gpt Au, found approximately 50 m apart, were collected along an interpreted west-northwest trending structure. The 3.49 gram gold value correlates with a previous sampling result of 886 ppb Au over 20 m in a nearby trench. Trenching will be required to determine the orientation and extent of this anomaly prior to drill testing.
Geoprobe sampling encountered one strongly anomalous result of 2.92 gpt Au and a number of moderately anomalous results, ranging from 0.12 to 0.91 gpt Au, generally reflecting the spatial distribution of a previously defined 400 by 750 m gold-in-soil anomaly. This anomalous result, when combined with the results of the high resolution IP survey, suggests the presence of a northwest trending gold mineralized structural zone. Trenching is recommended prior to drilling.
Several other high priority exploration targets have been defined on the property by soil geochemistry, magnetometer surveys, and, in some cases, preliminary drilling. These zones include Skookum East, Skookum North, Hackly, Maisy May and Big Alex. Further exploration is recommended on these zones, including high resolution IP and Geoprobe surveys. The Geoprobe should be particularly useful at Skookum East and North, where permafrost conditions have inhibited previous sampling programs.
Complete results of the 2013 Mariposa exploration program are available in a recent report now posted on the Company's web site.
The IP/Resistivity and Geoprobe surveys were conducted by Ground Truth Exploration of Dawson City, Yukon. All analytical work was completed by Acme Analytical Laboratories of Vancouver.
On November 1, 2013, Pacific Ridge closed the sale of its Baker Uranium Property in Nunavut, to Kivalliq Energy Corporation for a total received consideration of $275,000 comprised of; 600,000 common shares of Kivalliq at a deemed price of $0.25 per share, a $55,000 cash payment and Kivalliq's $70,000 private placement subscription to 1.4 million units. Each unit consists of one Pacific Ridge share and a one-half share purchase warrant, one whole warrant is exercisable into one common share at a price of $ 0.10 for 12 months. All shares and warrants issued pursuant to the private placement are subject to a hold period expiring March 2, 2014. The private placement is subject to TSX Venture Exchange acceptance.
About Pacific Ridge
Pacific Ridge is a mineral exploration company currently focused on the Yukon's White Gold and Klondike Gold Districts, with four exploration projects that are well located in the same vicinity and in generally similar geological environments as Kinross Gold's White Gold deposit, Kaminak Gold's Coffee gold deposits and Comstock Metals' QV gold discovery. Pacific Ridge's Mariposa gold project covers the prolific Scroggie and Mariposa placer gold creeks. Mariposa has seen $6 million in soil sampling, trenching and drilling spent over the past three years resulting in discovery of a number of well mineralized gold zones. Pacific Ridge's 78 km square King Solomon Project, located in the heart of the Klondike gold camp, lies at the headwaters of some of the Klondike's most prolific placer gold creeks, including Gold Bottom, Dominion, Sulphur and Quartz creeks. The 49 km square Gold Cap/Polar-Stewart property adjoins the Kinross White Gold property and contains yet-to-be drilled gold soil anomalies, the strongest of which is a possible easterly extension a gold-in-soil anomaly reported on the White Gold property. The 27 km square Eureka Dome property also covers the headwaters of placer gold mining creeks.
Pacific Ridge's Fyre Lake property, in Yukon's Finlayson Lake District, hosts a copper-gold-cobalt massive sulphide deposit with a NI43-101 compliant indicated mineral resource of 3.6 million tonnes grading 1.57% copper, 0.10% cobalt and 0.61 grams gold per tonne at a 1 percent copper cut-off grade plus an inferred mineral resource, at the same cut-off grade, of 5.4 million tonnes grading 1.48% copper, 0.08% cobalt and 0.53 grams gold per tonne. This open-ended copper and gold deposit has yet to be fully defined by drilling. Joint venture participation is presently being considered for Fyre Lake.
On behalf of the Board of Directors,
John S. Brock
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., Vice President Exploration of Pacific Ridge Exploration, and Qualified Person as defined by National Instrument 43-101 policy.
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 placements 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, the timing and receipt of regulatory and governmental approvals for the transactions described herein, 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 transactions and 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.