Vancouver, B.C. – September 12, 2019 - Pacific Ridge Exploration Ltd. (TSX Venture: PEX) ("Pacific Ridge" or the "Company”) reports on a mapping and surface sampling program on its Mariposa Gold project, White Gold District, Yukon. Mariposa is a 280 km2 property covering the prolific Scroggie and Mariposa placer gold creeks, 30 km east of Newmont Goldcorp’s Coffee Gold Project. Seven samples collected from float of quartz vein and stockwork material at the Hackly Zone averaged 2.50 gpt Au and 5.67 gpt Ag, with the highest, 9.75 gpt Au and 15.7 gpt Ag from a hematite-rich sample of quartz vein. All samples were collected upslope from historical trenching, suggesting an undiscovered structurally controlled gold source. The Hackly Zone occurs immediately above a particularly productive placer mining area on Mariposa Creek, noted for pristine gold nuggets that appear to be close to their bedrock source.
Float samples, Hackly Zone
|
Number |
Type |
Au- gpt |
Ag-gpt |
|
2377900 |
grab |
0.003 |
0.05 |
|
2599201 |
0.6m chip |
2.060 |
2.60 |
|
2599202 |
0.6m chip |
1.873 |
4.70 |
|
2599203 |
0.1m chip |
0.737 |
3.80 |
|
2599204 |
0.1m chip |
1.482 |
4.90 |
|
2599205 |
0.1m chip |
9.751 |
15.70 |
|
2599206 |
grab |
1.273 |
1.00 |
|
2599207 |
0.55m chip |
2.816 |
7.00 |
The Company plans additional prospecting and trenching in the area of the new discovery prior to planning a drill test.
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, Fyre Lake in the Finlayson District and Spius Cu-Mo porphyry 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
www.pacificridgeexploration.com
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.