VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 14, 2016) - Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) ("Pacific Ridge" or the "Company") announces that it has optioned its Mariposa Gold project to Eureka Dome Gold Inc. ("Eureka Dome"), a private British Columbia company. Mariposa, covering the prolific Scroggie and Mariposa placer gold creeks, is a 280 km2 property located 30 km east of the Coffee Gold Project, recently acquired from Kaminak by Goldcorp for a transaction value of $521 million, and 40 km southeast of Kinross' Golden Saddle deposit, Yukon. Over $6 million has been spent at Mariposa since 2010 including soil sampling, trenching and drilling, resulting in discovery of a number of well-mineralized gold zones. Eureka Dome plans trenching, Geoprobe sampling and geophysics this year as part its planning for a follow up drill program in 2017.
Eureka Dome can earn a 51% interest in the property by making cash payments of $200,000, issuing 1,000,000 common shares and 150,000 common share purchase warrants and completing $2,450,000 in exploration in staged annual increments by December 31, 2020. Eureka Dome will then have the option to increase its interest to 70% by making additional cash payments of $200,000, issuing an additional 500,000 common shares and completing an additional $2,500,000 in exploration by December 31, 2022. In addition, Eureka Dome must be listed on the TSX Venture Exchange or the Canadian Securities Exchange by February 28, 2017.
About Pacific Ridge
Pacific Ridge is a mineral exploration company with a successful history of over 30 years.
The Company's TL Zinc project is a 6,420 hectare, road accessible zinc-lead-silver property located 80 km northeast of Vernon, British Columbia, ideally situated with nearby highways, electrical power grid and rail. The target at TL is a large Broken Hill type or SEDEX (Sedimentary Exhalative) Zn-Pb-Ag massive sulfide deposit. A large and strong airborne EM conductor is associated with zinc and associated pathfinder (Tl, Cd) and stratiform sphalerite-pyrite-pyrrhotite massive to semi massive sulphide mineralization discovered in float, outcrop and shallow drill holes.
The Company's newly acquired Poker Brown gold-silver project is road accessible and located 190 km from Reno, in Pershing County, Nevada. The target is a large, bulk tonnage, heap leachable gold deposit. Numerous gold mines and advanced projects are located within an 80 km radius of the property, including Hycroft, Rosebud, Florida Canyon (12 km east of Poker Brown, recently acquired by Rye Patch Gold Corp.), Standard, Rochester, Relief Canyon, Majuba Hill, Wilco and Trinidad.
It holds a well-located project portfolio in Yukon's White Gold District, in the same geological environment as Goldcorp's Coffee Gold Project and Kinross Gold's White Gold deposit. In addition to Mariposa, its 33 km2 Eureka Dome property, centrally located in the White Gold District, is drained by several placer gold bearing creeks. The Company's 49 km2 Gold Cap property, with yet-to-be drill tested gold soil anomalies, adjoins the Kinross White Gold deposit. Surface exploration programs have been completed on the Mariposa and Eureka Dome projects in 2016.
The Company's 100 percent owned Fyre Lake copper-gold-cobalt massive sulphide project in the Yukon's Finlayson Lake District 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 gpt gold 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 gpt gold. These estimates were prepared by D. Blanchflower, P.Geo., of Minorex Consulting Ltd., who is the qualified person for this purpose. The Company is considering a number of options for further development of the Fyre Lake project.
About Eureka Dome Gold Inc.
The company was formed to acquire quality gold properties within the White Gold District, where well defined targets have been previously identified. Mariposa is such a property as it hosts several untested targets in structurally and stratigraphically favourable horizons with anomalous gold geochemistry and adjacent placer gold operations.
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.