Target

The target at Redton is a gold-copper porphyry deposit. The property is located in northern BC's Golden Horseshoe, host to numerous significant porphyry deposits including Red Chris, GT Gold, Kemess, Mt Milligan and Kwanika.

Project Highlights

Redton is a porphyry copper-gold property that adjoins Kwanika Copper Corporation's (Serengeti Resources Inc. and Posco International Corporation) Kwanika property along its eastern and northern boundary. The property is road accessible in a proven porphyry belt, underlain by rocks of the Hogem Batholith within the prolific Quesnel Terrane.

The Redton North target is a coincident magnetic and IP chargeability anomaly located 2.5 km north of the Kwanika Central Zone deposit (Measured and Indicated Resource of 223.6 million tonnes grading 0.27% copper, 0.25 g/t gold and 0.87 g/t silver containing 1.32 billion pounds of Cu, 1.83 million ounces of Au and 6.27 million ounces of Ag – Serengeti news release, March 3, 2019) and is ready for drilling.

The East Swan target, 1 to 2 km east of the Kwanika Central and Southern Zones, is a zone of high conductivity and magnetic anomalies. Ground magnetic and IP surveys are being considered to define drill targets.

Property

The 3,460 ha Redton Property is located 140 km northeast of Fort St. James in north central British Columbia. It is accessible by the well-maintained, all-weather Leo Creek Forest Service Road (FSR) and Driftwood FSR.

Project History

The Redton project originated in 2005 when Geoinformatics acquired a large, 70,000 ha claim block southwest of Germansen Landing. The original claim group included the Takla Rainbow gold occurrence as well as many other MinFile occurrences. Since that time, the claim block has been reduced to its current size along the eastern boundary of the Serengeti Kwanika project.

Relatively little exploration has been carried out within the current claim block. In 2007, Geoinformatics completed a seven-line, 12.5 km induced polarization (IP) and ground magnetics survey over the Redton North target. This survey identified a coincident chargeability and magnetic anomaly along trend and 2.5 km north of the Kwanika Central Zone. It has not been drill tested.

In 2010, Geoinformatics carried out an airborne magnetic-electromagnetic-radiometric survey over the south and central part of the property, identifying a broad conductive zone and several individual conductors in the north central part of the property. This is now known as the East Swan target, located less than 2 km from the Kwanika Central Zone.

In 2011 and 2012, Kiska Metals completed geological mapping and soil sampling over a large portion of the original property, including most of the south and central portion of the current Redton claim block. A number of areas anomalous in copper, gold and molybdenum were identified.

Geological Setting

The Redton Property is located within the Quesnel Trough or Quesnellia, a Mesozoic island arc terrane juxtaposed against the ancestral North American continental margin (Nelson and Bellefontaine, 1996). The Quesnel Trough largely comprises Upper Triassic and Lower Jurassic island arc volcanic and sedimentary units of the Takla Group (Triassic) and the Chuchi Lake and Twin Creek successions (Jurassic). The Hogem intrusive suite also features prominently, comprising Late Triassic and Early Jurassic composite plutons that are presumably the intrusive equivalents of the island arc volcanic units (Nelson and Bellefontaine, 1996).

The Quesnel Trough hosts several significant porphyry copper-gold deposits, with the Redton property located NE of Mt Milligan (707 Mt @ 0.18% Cu; 0.33 g/t Au) (Terrane, 2009) and south of the Kemess South (109Mt @ 0.234%Cu; 0.712g/t Au) and Kemess North (400Mt @ 0.224% Cu; 0.409g/t Au) (Database, 2005).

Mineralization

There are no MinFile occurrences within the Redton property. However, the property is surrounded by numerous occurrences, the most important of which are the Kwanika South and Central deposits, classic copper-gold alkaline porphyry deposits. Many of the other occurrences, which occur in a northwest trend, are also copper and gold occurrences associated with the Hogem Batholith.

Terms

Pacific Ridge has the right to earn a 51% interest in the Kliyul and Redton properties 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. The agreement is subject to regulatory approval.

2020 Exploration Program

The Company is planning a surface exploration program that will focus on the Redton North and the East Swan targets. This work will include prospecting, mapping and soil sampling over both targets and an IP survey over East Swan. Drilling is planned later in the 2020 season, testing the Redton North coincident IP-mag target and any targets identified by the IP and soils surveys over East Swan.