Vancouver, British Columbia - July 31, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Pacific Ridge Exploration Ltd. (TSXV: PEX) ("Pacific Ridge" or the "Company") announces that field work is underway on its 100% owned Gold Cap project, White Gold District, Yukon. The work is being carried out by Ground Truth Exploration of Dawson and includes deep penetrating GT Probe soil sampling, geological mapping and prospecting, focusing on previously identified targets defined by anomalous gold in soils. The objective of the program is to define targets for drill testing. The property covers a geologic setting for White Gold style mineralization, similar to White Gold's Golden Saddle deposit, 6 km to the southwest (Indicated Mineral Resource of 961,000 gold ounces within 12,324,000 tonnes at 2.43 g/t gold and Inferred Mineral Resource of 282,500 gold ounces within 5,157,000 tonnes at 1.70 g/t gold - White Gold news release from March 5, 2018).
Exploration work on the Company's RC Gold project is scheduled to commence in early August. The target at RC Gold is an Intrusion Related Gold deposit similar to Dublin Gulch, Brewery Creek and Red Mountain in Yukon and Fort Knox, True North, Pogo and Donlin Creek in Alaska. The property is road accessible, at the headwaters of Clear Creek, in the heart of the Tintina Gold Belt. The 2017 program at RC Gold defined four priority targets. The planned 2018 program will include detailed mapping, sampling and an IP geophysical survey.
The Company is awaiting permits before it begins work on its Spius porphyry copper project. The initial program at Spius will include an IP geophysical survey, additional soil sampling and geological mapping. Previous exploration has focused on a gossan area and pyritic halo zone which surrounds the main copper target area. This 500 m by 1,000 m central zone is defined by copper values in soil ranging from 500 to 5,320 ppm, open to the south. Two recently collected float samples of porphyry style mineralization with disseminated chalcopyrite and bornite assayed 2.53% Cu and 1.43% Cu. The results of this initial program will be used to define targets for drill testing.
About Pacific Ridge
Pacific Ridge has assembled a portfolio of highly-prospective gold and base metal projects located in the Yukon and British Columbia, where its board and management team have a track record of success. Its holdings include the Mariposa, Eureka Dome and Gold Cap gold exploration projects in the Klondike-White Gold District, RC Gold in the Tintina Gold Belt, Fyre Lake in the Finlayson District and Spius Cu-Mo-Au porphyry and TL Zinc in southern British Columbia.
On behalf of the Board of Directors,
"Gerald G. Carlson"
Gerald G. Carlson
President & CEO
Pacific Ridge Exploration Ltd.
For further information, contact:
Pacific Ridge Exploration Ltd.
Gerald G. Carlson
President & CEO
Tel: (604) 687-4951
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 exercise of the options 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, that one of the options will be exercised, 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 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.
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