Pacific Ridge Exploration Ltd.
TSX VENTURE : PEX

Pacific Ridge Exploration Ltd.

November 16, 2010 09:30 ET

Pacific Ridge Exploration Ltd.: Mariposa's Skookum Jim Anomaly Extends Over 3.5 Kilometres, Trench Results, New Prospecting Discovery and Drill Targets Defined

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2010) - Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) reports that additional exploration results from the Mariposa Property have expanded the overall extent of the previously reported Skookum Jim gold-in-soil anomaly. Results from more detailed geochemical sampling, mapping and trenching suggest gold mineralization may be hosted by northerly trending structures within the broad northeasterly trending Skookum Jim anomaly.

The 967-claim, 190 kilometer square Mariposa Property, located in the Yukon's South Klondike-White Gold camp, lies approximately 12 kilometres northeast of the northeast border of the Kaminak Coffee Gold Project.

The results of 2010 grid based soil sampling to the southwest of the original 1100 by 600 metre Skookum Jim gold anomaly has now expanded this target to a 3,500 metre length. Anomalous gold-in-soil values within this Skookum Jim extension range up to 358 ppb over a 300 metre wide area.

The entire Skookum Jim anomaly remains open to the north, where to-date, permafrost conditions has inhibited soil sampling. However, stream sediment silt samples obtained from creeks draining the north flank of the anomaly returned anomalous gold values ranging up to 323 ppb gold. In addition, a recent prospecting discovery within this previously unexplored area encountered significant float (loose rock) occurrences of highly oxidized and silicified rock which appear similar to that of gold bearing rock samples from the Skookum Jim trenches. A rock sample collected from subcrop located 500 metres north of the trenches returned 2.3 g/t gold ("grams per tonne gold") along with highly anomalous molybdenum to 517 ppm, barium to 4185 ppm and elevated arsenic values.

Five north-trending trenches, excavated within the original 1100 by 600 metre Skookum Jim anomaly yielded anomalous gold values from rock intervals and detailed soil samples collected from the floor of the trenches. As previously reported, the best rock assays were obtained from Trench SJ-2, where an interval returned 1.25 g/t gold over 30 metres, within a broader interval of 0.67 g/t gold over 105 metres. Selected rock samples within Trench SJ-2 returned up to 3.54 g/t gold, and up to 521 ppm molybdenum.

Trenches SJ-1 and SJ-2 are spaced 200 metres apart. Midway between these trenches, a grab sample of silicified and highly oxidized subcrop returned a significant assay of 8.1 g/t gold.

Trench Line Interval Length (metres) Gold (grams/tonne)
         
SJ 1 500E 20-25 5 3.21
    155-160 5 0.49
         
SJ 2 700E 150-255 105 0.67
  Includes 150-180 30 1.25
  and 225-235 10 1.17

Shallow backhoe excavation of trenches SJ-3, SJ-4 and SJ -5 , resulted in samples comprising a lesser amount of subcrop as was sampled in trench SJ-2.

SJ 3 800E 40-45 5 0.37
         
SJ 4 900E 105-130 25 0.25
         
SJ 5 400E 25-30 5 0.60
    160-165 5 0.42

Spatial relationships between higher grade gold values both in soils and trench rock samples suggest that gold may be preferentially hosted within northerly trending structures that intersect the overall northeast trend of the Skookum Jim gold anomaly. Within which geochemical halo, host rocks are comprised of oxidized pyrite, silica-rich brittle fractured quartzite, quartz biotite gneiss/schist and pegmatitic granitoid lithologies.

The emerging geological setting of the Skookum Jim target exhibits several similarities to the Kaminak Coffee Creek discoveries where gold occurrences are proximal to anomalous gold-in-soils, well altered rocks with an abundance of silica, oxidized pyrite (limonite) and major northerly trending geologic structures.

These recently received exploration results from the Mariposa property further confirm the prospectivity of the Skookum Jim as a priority diamond drilling target within the overall Pacific Ridge Mariposa 2011 diamond drilling program.

John S. Brock, President

Pacific Ridge's disclosure of a technical or scientific nature has been reviewed by George Norman, P.Geo., Exploration Manager of Pacific Ridge and a Qualified Person under the definition of National Instrument 43-101.

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, exploration activities and events or developments that Pacific Ridge Exploration Ltd.(the "Company") expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding future exploration plans and expenditures. Although, the Company 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 and 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 others, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of the Company and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company'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 on the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

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.

Contact Information

  • Pacific Ridge Exploration Ltd. - Corporate Information
    John S. Brock
    President
    (604) 687-4951
    (604) 688-4670 (FAX)
    www.pacificridgeexploration.com
    or
    Manex Resource Group - Investor Relations
    Liana Shahinian
    Director of Investor Relations
    (604) 641-2773