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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 24, 2016) - Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) ("Pacific Ridge" or the "Company") reports that the Company begins 2016 with a healthy treasury and its portfolio of Yukon gold and base metal projects in good standing. Exploration plans for 2016 include a surface evaluation of its Eureka Dome property. Eureka Dome is road accessible, at the southern end of Yukon's Klondike Gold District and in the heart of the White Gold District. The property is drained by several placer gold bearing creeks including Eureka Creek and Black Hills Creek. In 2010 and 2011, the Company completed a preliminary evaluation of the property, including prospecting and reconnaissance ridge and spur soil sampling. That program identified several areas anomalous in gold and pathfinder elements and hydrothermal alteration. Our 2016 program will initially include prospecting and grid soil sampling followed by high resolution geophysical surveys. The objective of the program is to define targets for drill testing.
The Company is also continuing an active program of new project evaluations with a focus on gold and copper in western and northern Canada.
Other Pacific Ridge Projects (see also http://www.pacificridgeexploration.com)
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. 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. The Company is currently waiting to hear of MinQuest's 2016 plans for the property.
The Company's 280 km2Mariposa gold project covers the prolific Scroggie and Mariposa placer gold creeks located east of the Coffee Gold Project. Mariposa has seen a $6 million program of soil sampling, trenching and drilling carried out over the past five years that resulted in discovery of a number of well-mineralized gold zones. In addition the Company's 49 km2Gold Cap property, with yet-to-be drill tested gold soil anomalies, adjoins the Kinross White Gold deposit.
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.
Pacific Ridge Exploration Ltd.
Gerald G. Carlson
President & CEO