Pacific Ridge Secures Drill Contractor for 5,000 Metre Diamond Drill Program


Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) ("Pacific Ridge" or the "Company") is pleased to announce that it has hired Dorado Drilling Ltd., based in Vernon, B.C., as its diamond drill contractor for the planned 5,000 metre drill campaign at the Company's Kliyul copper-gold porphyry project ("Kliyul" or "Project"), located in the prolific Quesnel Trough in Northwest B.C. (see Figure 1).


"We are very pleased to have secured our preferred drill contractor for the 2022 diamond drill program at Kliyul," said Blaine Monaghan, President and CEO of Pacific Ridge. "The 2022 drill program will be much larger than our successful 2021 drill program, 5,000 m versus 1,544 m, and will look to expand the Kliyul Main Zone ("KMZ") along strike and at depth. We also plan on testing the highly prospective Kliyul East and Kliyul West targets, which have been drilled before. Adjacent to KMZ, Pacific Ridge identified these targets in a 2020 geophysical survey."


Highlights of the 2021 Diamond Drill Program:

  • Completed 1,544 m in three diamond drill holes in the Company's first ever drill program at Kliyul.

  • Every diamond drill hole ("DDH") returned significant copper-gold mineralization (see Table 1 for 2021 Kliyul assay results).

  • DDH KLI-21-037 returned 566.7 m of 0.48% copper equivalent (CuEq) or 0.76 g/t (grams per tonne) gold equivalent (AuEq), comprising 0.20% Cu and 0.44 g/t Au, including 316.7 m of 0.75% CuEq or 1.17 g/t AuEq, comprising 0.30% Cu and 0.70 g/t Au, starting at surface.

  • Successfully extended mineralization at KMZ to the west and at depth.

  • Mineralization at KMZ remains open in all directions, and to depth.

2022 Kliyul Exploration Plans


Pacific Ridge is planning to drill a minimum of 5,000 m at Kliyul in 2022 and anticipates that drilling will be underway by late June, early July. The focus of the drill campaign will be on expanding KMZ along strike and at depth. The Company also plans to test the Kliyul East and Kliyul West targets (see Figures 2-5), which have never been drill tested. Both targets have high chargeability and moderate to high resistivity geophysical signatures, similar to KMZ. While the Kliyul West target is concealed under till cover, at Kliyul East there is outcropping porphyry-style alteration and encouraging geochemical pathfinders were encountered in surface sampling. In addition to drilling KMZ, Kliyul East and Kliyul West, an IP geophysical survey, possibly followed by drilling, is planned at Bap Ridge. Bap Ridge is one of five interpreted porphyry centres that occur along a 4 km northwest-striking mineralized trend (see Figure 6). Pacific Ridge is also planning an airborne magnetic survey to help refine the understanding of the structure, geology and alteration over this highly prospective trend.







About the Kliyul Project


Over 60 sq-km in size, Kliyul is located within the prolific Quesnel Trough in British Columbia, 50 km southeast of Centerra Gold Inc's 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 northwest striking trend (see Figure 5). 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 (holes KL-5 to KL93-5). Deeper drilling in 2006 and 2015 encountered a porphyry copper-gold mineralization (holes KL06-30 to KLI15-035). See Table 2 for selected historical drill results.


The Project displays classic porphyry copper-gold deposit style 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 has the right to earn a 51% interest in the Kliyul and Redton projects from AuRico Metals Inc., a wholly owned subsidiary of Centerra Gold Inc., 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.


*CuEq = ((Cu%) x $Cu x 22.0462) + (Au(g/t) x $Au x 0.032151)) / ($Cu x 22.0462) **AuEq = ((Cu%) x $Cu x 22.0462) + (Au(g/t) x $Au x 0.032151)) / ($Au x 0.032151) Commodity prices: $Cu = US$4.00/lb and $Au = US$1,750/oz. Factors: 22.0462 = Cu% to lbs per tonne, and 0.032151 = Au g/t to troy oz per tonne. Recovery is assumed to be 100% - there has not yet been metallurgical testing on Kliyul mineralization.


About Pacific Ridge


Our goal is to become one of the leading copper-gold exploration companies in British Columbia. Pacific Ridge's flagship project is the Kliyul copper-gold project, located in the Quesnel Trough, approximately 50 km southeast of Centerra Gold Inc's Kemess mine. In addition to Kliyul, the Company's project portfolio includes the RDP copper-gold project (optioned to Antofagasta Minerals S.A.), the Onjo copper-gold project, and the Redton copper-gold project, all located in British Columbia. Pacific Ridge will continue to search for projects that offer discovery opportunity in our regions of expertise.