Pacific Ridge Exploration Ltd.

Pacific Ridge Exploration Ltd.

October 05, 2010 09:00 ET

Pacific Ridge Exploration Ltd.: Trenching Defining Gold Zones at Mariposa

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 5, 2010) - Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) reports gold assays received for the first two of five trenches recently excavated on its Mariposa property located in the White Gold area of Yukon's South Klondike.

Assays from backhoe trenching are reporting broad intervals of gold mineralization within the open-ended, 1100 by 600 metre, Skookum Jim geochemical anomaly which contains gold-in-soil values reaching 1,500 ppb (parts per billion) gold.

Trench SJ-2 was excavated 590 metres in length within which the following gold zones have been identified:

    Interval (metres)   Length (metres)   Gold (grams/tonne; fire assay)
    150 -255   105   0.67
Includes   150- 200   50   0.91
Including   150- 180   30   1.25
    225- 255   30   0.76
Includes   225- 235   10   1.17

Trench SJ-2 was excavated to an approximate one metre depth with composite rock samples collected over 5-metre intervals. Sections of subcrop and rubble indicate near bedrock sources. Rock type within zones hosting gold values consists of altered and oxidized gneiss, schist and quartzite which host quartz veining, stockwork fractures and breccia with minor sulphide mineralization and hematite. The presence of widespread limonite as disseminations and fracture fills, as well as quartz stockworks and both hydrothermal and tectonic breccias provide clear evidence that brittle deformation and hydrothermal activity has affected this area.

Trench SJ-2 comprises a significant target for diamond drill testing early in the 2011 field season.

Trench SJ-1, located 200 metres west of trench SJ-2 was excavated over a 240 metre length reporting anomalous gold, averaging 3210 ppb over 5 metres from 20 to 25 metres and 492 ppb Au over 5 metres from 155 to 160 metres within altered zones exhibiting quartz veining.

Assays are pending for trenches S-J 3, 4, and 5.

One trench was completed within the Maisy May gold-in-soils anomaly, for which assays are pending.

Pacific Ridge will report trench assays and additional soil sampling results as will be received during the balance of the year. With the onset of winter conditions on-going exploration in the field will see resumption during the spring of 2011.

John S. Brock, President

Pacific Ridge's disclosure of a technical or scientific nature in this press release has been reviewed and approved by George Norman, PGeo, Pacific Ridge's Exploration Manager, who serves as a qualified person under the definition of National Instrument 43-101. Quality-assurance and quality-control procedures include the systematic insertion of blanks, duplicates and standards into trench sample sequence. Samples are placed in sealed bags and shipped directly to ACME Labs' preparatory laboratory in Whitehorse prior to gold fire assay fusion by ICP-ES analysis. The Mariposa property is an early-stage exploration property and does not contain any mineral resources as defined by 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 the Offering (including the anticipated closing date) and 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.
    John S. Brock
    (604) 687-4951
    Manex Resource Group
    Liana Shahinian
    Investor Relations
    (604) 641-2773