VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 17, 2016) - Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) ("Pacific Ridge" or the "Company") reports on the results of its Annual General Meeting held June 16, 2016. Gerald Carlson, Gordon Davis, Douglas Proctor and Bruce Youngman were re-elected to the board.
John Brock has retired from the board after an illustrious 40-year career during which he led the Company to several exploration successes, including Tillicum Mountain, Spectrum Gold, Fyre Lake, Baker Basin and, most recently, the Mariposa Gold discovery in the heart of the Yukon's White Gold district. In 2002, John was awarded the Association for Mineral Exploration's Murray Pezim award for his role as a financier who has provided a significant contribution to the British Columbia and Yukon mineral exploration and mining community. He will remain with the Company in a consulting role.
2016 Exploration Plans
The Company is planning surface exploration programs at its Mariposa and Eureka Dome projects in the White Gold district.
Mariposa, covering the prolific Scroggie and Mariposa placer gold creeks, is located 30 km east of Kaminak Gold's Coffee Project and 40 km southeast of Kinross' Golden Saddle deposit. Gold mineralization at Mariposa occurs in a geological and structural environment similar to both Coffee and Golden Saddle. The Property has seen over $6 million in exploration, including 8,636 m of core drilling in 55 holes and 655 m of rotary air blast drilling in 12 holes, focused mainly on the Skookum Zone. For 2016, the company is planning a mapping, sampling and prospecting program designed to tie together the seven key showing areas in the central part of the property, covering a 10 by 7 km area.
The road accessible Eureka Dome property, 70 km south of Dawson City, is drained by several productive placer gold creeks, including Black Hills and Eureka. Anomalous gold and related pathfinder elements have been detected in reconnaissance ridge and spur sampling programs. The 2016 program will include mapping, prospecting and grid soil sampling in the highest priority target area in order to define targets for future drill programs.
The Company's 100 percent owned Fyre Lake copper-gold-cobalt massive sulphide project in the Yukon's Finlayson Lake District is under option to MinQuest Limited, a publicly listed Australian company. The property is 25 km south of BMC Minerals' Kudz Ze Kayah deposit, currently the subject of a prefeasibility study, and 30 km southwest of Yukon Zinc's Wolverine Mine. To date, the Fyre Lake Kona Deposit has been defined by 115 holes totaling over 23,200 metres of diamond drilling. A NI 43-101 compliant mineral resource estimate of the Kona Deposit reported in 2006 includes an indicated mineral resource of 3.571 million tonnes grading 1.57% copper, 0.10% cobalt and 0.61 grams gold per tonne at a 1% copper cut-off grade. In addition, an inferred mineral resource, at the same cut-off grade, includes 5.361 million tonnes grading 1.48% copper, 0.08% cobalt and 0.53 grams gold per tonne. These estimates were prepared by D. Blanchflower, P.Geo., of Minorex Consulting Ltd., who is the qualified person for this purpose.
MinQuest has announced that it is planning a change of business and that it will be divesting of its mineral property assets. To date, the MinQuest Fyre Lake option agreement remains in good standing, with significant property payments and exploration requirements coming due within the next six months. No exploration plans have been announced for 2016.
The Company continues to evaluate new acquisition opportunities.
On behalf of the Board of Directors,
Gerald G. Carlson, 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., President and CEO of Pacific Ridge and Qualified Person as defined by National Instrument 43-101 policy.
Forward-Looking Information: 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.