Monday 18th February 2019

Resource Clips

Pacific Ridge President John Brock on Yukon gold assays of 2.44 g/t over 38.9m

Pacific Ridge Exploration Ltd TSXV:PEX announced results from its Mariposa Property in the White Gold District of Yukon. Highlights include 2.44 g/t gold over 38.9 metres (including 6.44 g/t over 11.1 metres), 0.63 g/t over 45.3 metres (including 1.01 g/t over 8.3 metres) and 1.13 g/t over 19.8 metres (including 2.79 g/t over 3 metres).

President/CEO John Brock tells, “We originally called the project Klondike Kate, as it then encompassed four properties in the White Gold area held by Pacific Ridge. We still hold the four properties, but Mariposa is by far and away the furthest advanced. The Mariposa claims were staked some years ago by a geologist called Gordon Richards. He had placer mined Scroggie Creek—which runs through the central part of the claims—and it was, and continues to be a very productive placer gold creek. Richards’ experience as a hard-rock geologist led him to prospect the area surrounding the creek, and he came up with indications of hard-rock exploration potential for gold. When the White Gold area in 2009 was becoming recognized as perhaps being a new area play based on results coming from Underworld Resources, I contacted Richards—who actually used to work for me many years ago—and asked him about his property. We subsequently entered into an agreement whereby Pacific Ridge optioned the property and has the right to earn a 100% interest.

“Soil geochemical sampling for gold remains a primary tool for outlining areas of interest that should be tested by drilling. We carried out a soil sampling during the latter part of the 2009 season and throughout the 2010 season, and we were getting very well-defined gold-in-soil anomalies. There are five of them.

We’re encouraged by these results. They suggest that testing gold-in-soil anomalies is a valid way to explore—John Brock

“The Skookum Jim anomaly, to date, is the longest and strongest. It has anomalous gold that runs over a distance of about 3.5 kilometres. Last year, we were able to trench part of Skookum Jim, and we were getting decent assays in the trenches: in the order of 1.25 g/t over 30 metres. This year we’ve been concentrating mainly on the very first drilling that the Mariposa property has ever seen. So, the results that we’re starting to get now—in this news release—are the very beginning of somewhere around 20 holes that we’ve already drilled to date. We’re encouraged by these results. They suggest that testing gold-in-soil anomalies is a valid way to explore. The type of geology that we’re seeing that’s hosting gold is quite similar to the geological characteristics of Kaminak‘s Coffee Creek.

“Our drilling continues. As mentioned in the news release, we’ve expanded the original 4,000-metre program to 6,000 metres. Continuation obviously will be result-contingent, but we’re certainly very optimistic.

“We will not have a resource estimate out this year,” continues Brock. “By the end of this year—and this is ‘Brock’s guess’—we’ll probably have plus-40 holes drilled. They’ll be very widely spaced, and that’s not sufficient to get any sort of a resource estimate. An optimistic idea would be to pattern what we’re doing after Kaminak. We’re running about a year behind them. They plan to have a resource estimate by the end of this year, early next. That’s based on two seasons of drilling. I think that we too would have to have two seasons of drilling (being 2011 and 2012) before we could look at a resource estimate.

“We’re exploration people. We’re quite experienced at the exploration end of things; we’re quite capable of taking projects to a preliminary feasibility stage. But at the end of the day, we would look to be taken out. Or, alternatively, a more major entity with mining experience would take on a significant share position.

“The Yukon’s fine. I’ve been working there since about 1964, and it still enjoys a good reputation. We could go on for 15 minutes with respect to additional rules and regulations that are somewhat inhibiting, but they’re possible to manage.”

Brock concludes, “We’re very optimistic. The results that we’ve been generating are certainly indicative of good prospectivity. It looks as though, by virtue of the very few holes that we’ve released so far, we’re justified in making comparisons to the likes of the former Underworld Resources’ White Gold deposit and the Kaminak deposit. We’re producing similar sorts of results.

“I’m heading to the property myself in a few hours,” he adds. “That’s my idea of a good time on a long weekend.”

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John S. Brock

by Greg Klein and Ted Niles

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