Vancouver, B.C. -- September 27, 2011 -- Pacific Ridge Exploration Ltd. (TSXV: PEX) (the "Company") has successfully completed its 2011 exploration program on its properties in the Yukon's White Gold District. The 2011 exploration activity was focused on the Mariposa Property, which included 6,000 metres of diamond drilling in 41 holes, grid-based soil sampling, ground and airborne geophysics, and geological reconnaissance work. The results of 10 of the 18 Phase 1 holes drilled in the Skookum Main target are included in this release. As shown in the summary table below, gold values were intersected in 9 of these 10 holes. The results received to date warrant continued drilling in 2012.
The Company also explored its other holdings in the district during the 2011 season. On the Eureka Dome Property, geochemical and airborne geophysical surveys were carried out, and geological reconnaissance was conducted on the Gold Cap Property.
Mariposa
This year's 6,000 metre drilling program was designed as a widely-spaced preliminary drill test of 5 exploration targets defined by combinations of gold-in-soil anomalies, magnetic and electromagnetic geophysical signatures, float samples with anomalous gold content, and trenching results. The drill program was executed in 2 phases, with Phase 1 drilling testing targets at the Skookum Main (9 holes), Skookum West (3 holes), Maisy May (4 holes), Gertie (3 holes) and Hackly Gold (2 holes), followed by an additional 9 drill holes at Skookum Main. Phase 2 drill holes tested additional targets at Skookum West (10 holes), which were generated from this year's soil and rock sample results.
Skookum Main
At Skookum Main, a total of 18 holes were drilled (3,005 metres) within an open-ended, northeast-trending 800 metre by 500 metre corridor. Skookum Main contains anomalous gold-in-soil results ranging to over 1,500 parts-per-billion (ppb), float samples grading to 8.1 grams per tonne (g/t) gold, and trench assays grading to 1.3 g/t gold over 30 metres. This widespread gold anomalism coincides with converging NE and NNE trending structures as interpreted from the airborne geophysical survey.
Assays received to date for the 10 of 18 holes drilled are reported below. In summary, 9 of these 10 holes reported gold intersections of which 8 contained multiple gold bearing intervals. Hole 11MP-01, for which an upper intercept of 2.44 g/t gold over 38.9 metres was previously reported, also intersected 2.59 g/t gold over 9.6 metres, including 6.51 g/t gold over 3.2 metres at depth. The previously reported results indicated gold within both surface trenches and upper, oxidized sections of rock drilled. The deeper intercepts reported below, for drill holes 11MP-01 and 11MP-08, have confirmed that gold also occurs within unoxidized sections at depth. Anomalous gold values are typically associated with potassium feldspar flooding and veinlets, as well as quartz breccias and pyrite as disseminations and/or stringers. Grade potential to depth is demonstrated by individual assays ranging to 9.24 g/t gold. Elevated gold values are commonly associated with increased pyrite content.
Drill hole 11MP-27 tested the Skookum Main anomaly to its greatest vertical depth (180m) and encountered similar mineralization. Core samples sent for rush assay service from this hole confirmed the association of gold with this style of mineralization, with an intercept of 1.03 g/t gold over 14.7 metres.
At Skookum Main, the drilling results to date have confirmed the presence of gold within the original Skookum Jim soil anomaly, both over a broad area and to depth. The complete drill results will be compiled to further assess the controls on the distribution of gold mineralization. The results to date warrant continued drilling in 2012 to test continuity and extent of gold zones intersected in this year's program.
Skookum West
At Skookum West, 14 holes (1,672 metres) were drilled within an area of anomalous gold-in-soil results, float samples ranging in grade to 19.9 g/t gold and geophysical signatures suggesting the presence of favourable geologic structures. The results of drilling in this area will be reported when all assays are received.
Maisy May, Gertie and Hackly Gold
At Maisy May, 4 holes were drilled (774 metres) to test a broad multi-element soil geochemical anomaly with elevated gold, silver, antimony, and mercury values. The drill results identified minor, narrow sections with anomalous (>100 ppb) gold, to a high of 2.2 g/t gold for an individual sample in hole 11MP-16. The holes intersected a section of variably oxidized, quartz-sericite-chlorite +/-pyrite schist, which may be an older, pre-existing alteration zone unrelated to the soil anomaly. The source of the soil anomaly has not yet been determined.
No significant results were returned from 3 holes (774 metres) drilled at Gertie, and 2 holes (300 metres) drilled at Hackly Gold. The first 2 holes, 11MP-17 and -18, in the Gertie area were abandoned due to poor ground conditions and failed to reach the target depth. On-going exploration in 2012 in these areas will require more detailed field evaluations and trenching prior to additional drilling.
Eureka Dome
A program of soil sampling along topographic ridges, spurs and contours was completed over the entire property. Also, an airborne magnetic/radiometric survey was conducted over the southern part of the claim block. The results from these surveys are pending. The property is located 40 kilometres north of Mariposa and is flanked by claims held by Smash Minerals to the southwest, Golden Predator to the west and Taku Gold to the east and north. Smash Minerals has been actively exploring the area south of the property boundary with trenching and drilling.
Gold Cap
A preliminary site visit was conducted to assess selected gold-in-soil trends that were defined from 2009-2010 sampling. The results of this work is pending. The property lies on the northeastern flank of Kinross's White Gold project. It is comprised of the Gold Cap claim group, which is 100% held by the Company and the Polar Stewart claim group, which is held under option to earn 100% from Ryanwood.
Pacific Ridge currently has approximately $2.4 million in its treasury.
The technical information contained within this News Release has been reviewed and approved by Janice Fingler, P.Geo, Vice President Exploration of Pacific Ridge Exploration, and Qualified Person as defined by National Instrument 43-101 policy.
On behalf of the Board of Directors,
John S. Brock, President and CEO
Pacific Ridge Exploration Ltd.
For further information, contact:
Corporate Information
John S. Brock
President and CEO
(604) 687-4951
(604) 688-4670 (FAX)
www.pacificridgeexploration.com
Investor Inquiries
G2 Consultants Corporation
(604) 742-9990 or NA Toll-Free: (866) 742-9990
info@g2consultants.com
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.
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.