NOT FOR DISSEMINATION IN THE UNITED STATES
Pacific Ridge Exploration Ltd. ("Pacific Ridge") is advancing uranium targets to the drilling stage, and outlining surface mineralization with grades reaching 17.7% U3O8 on its Nunavut Baker Lake Basin project.
To date, Pacific Ridge's exploration program has included grid-controlled ground radiometric surveys, prospecting and surface sampling of 5 separate uranium targets within the 510,000-acre Baker Project licence holdings. Two of the 5 grid areas were established on 2 new discoveries made by the Pacific Ridge exploration crew.
Three priority drill targets have now been defined (694, KZ and Lucky-7) throughout the Baker project. Drilling will commence upon receipt of government permits which are expected within the month. Surface exploration is continuing with prospecting and ground radiometric surveys on additional exploration targets selected from approximately 20 targets across the project.
Uranium mineralization occurs both in the Paleoproterozoic Kazan sandstone infilling of the Baker Lake Basin and the underlying Archaean basement rocks. The style of uranium mineralization can be described as structurally controlled in an unconformity setting.
The 694 Zone was partially explored by historic workers with a program of pitting and 6 short drill holes to test structurally-controlled uranium mineralization within basement gneissic rocks just below the eroded basin sediments.
Surface mapping and sampling confirmed the presence of several north-south trending structures that host structurally-controlled uranium mineralization within basement gneissic rocks. Six individual mineralized structures have been mapped within a 250 metre-wide zone over a strike length of 200 metres. Grab samples of frost-heaved mineralization graded to 16.4% U3O8 and saw cut exposed bedrock channel samples yielded values assaying to 17.7% U3O8 over 0.3 metres. Overall, the sampling of outcrop and frost-heaved uranium mineralization along an approximate 200 metre length of the 694 Zone structures yielded an average grade of approximately 0.5% U3O8. Within this area, 6 historic drill holes, drilling to depths of approximately 100 metres, reported mineralized intersections grading to 1.68% U3O8 over 2.4 metres.
A nine-square-kilometre ground radiometric survey has now been completed over the 694 Zone. A radiometric anomaly centred over the exposed 694 Zone contoured at 200 total cps and reaching peak values of 15,000 total cps, measures 500 metres in length with widths reaching 300 metres.
This season, Pacific Ridge plans an initial five-hole drilling program to test the depth and strike extensions of the 694 Zone uranium mineralization.
The KZ Zone is located 15 kilometres northeast of the 694 Zone and north of the exposed unconformity of the Baker Lake Basin within the basinal Kazan sandstones. Uranium mineralization occurs in the Kazan sandstones associated with bleaching and alteration along a northerly-trending structure hosting a mafic dyke. Prior workers drilled a wide pattern of vertical holes along a length of 350 metres and width of 150 metres. Most holes that were collared near the northerly-trending structure intersected uranium values with one 100-metre hole intersecting three mineralized horizons grading 0.15% U3O8 over 17.4 metres, 0.35% U3O8 over 13.6 metres and 0.84% U3O8 over 5.4 metres.
Pacific Ridge has now completed a ground radiometric survey over an area measuring 1 kilometre in width and 2 kilometres in length that has increased the KZ target length to over 1 kilometre. Several additional radiometric anomalies with total count readings of over 200 cps have also been defined within the KZ target area and are currently being prospected.
This season, Pacific Ridge has 6 angled drill holes planned to verify historic drilling and determine the ultimate limits of the uranium mineralization. These initial holes will be drilled to the projected intersection of the mineralized structure and the basin basement, in order to confirm potential for "Athabasca Type" structural zones in an unconformity setting. The depth of the Baker Basin in the KZ area is expected to be between 220 and 250 metres.
The Lucky-7 Zone, located approximately 10 kilometres east of the KZ Zone, is a new discovery made this season by Pacific Ridge. The Lucky-7 is similar to the KZ in that uranium mineralization occurs in altered and bleached Kazan sandstone associated with a northerly-trending structure. Pacific Ridge completed a radiometric survey over an area measuring approximately 2 kilometres by 2 kilometres that has defined a northerly-trending radiometric anomaly measuring 500 metres in length and 100 to 200 metres in width contoured with peak values to 240 cps.
Within the radiometric anomaly, abundant frost-heaved blocks of mineralized altered Kazan sandstones have been located. Sampling is in progress and assays will be released when received. The abundance of surface uranium mineralization at Lucky-7 suggests opportunity for a priority drilling target.
The TK Zone, located 11 kilometres northeast of the 694 Zone, is comprised of uranium mineralization associated with an east-west structure that uplifted the basement gneissic rocks against the basin filling Kazan sandstone. A 2-kilometre-by-3-kilometre ground radiometric survey completed over the TK Zone area has defined a 1 kilometre-long anomaly. Uranium mineralization in historic drill hole KZ 44-80-09 averaged 0.125% U3O8 over a 25.9 metre intersection. Mineralization is associated with silicified breccia of Kazan sandstone and is located just above basement rocks. Prospecting and mapping are underway to define extensions to known mineralization.
Surface uranium mineralization, consisting of frost-heaved float boulders, was discovered by Pacific Ridge this season, east of the Lucky-7 Zone. A ground radiometric survey is currently underway. Uranium mineralization is hosted within altered Kazan sandstone similar to that observed at the Lucky-7.
Pacific Ridge has now defined 3 priority drill targets: 694, KZ and Lucky-7. Drilling will commence upon receipt of drilling permits expected within the month. Surface exploration is continuing with prospecting and ground radiometric surveys being carried out on additional exploration targets selected from the approximate 20 targets defined by prior explorers.
The geologic position of Pacific Ridge's Baker Basin project is advantageous in that it covers the southern shallow dipping unconformable basin contact where drill hole depths to the Basin floor are less than 300 metres.
All samples collected at the Baker Basin project are sealed in sample bags at site and forwarded to Activation Laboratories in Ancaster, Ontario for analysis. All samples are initially analyzed by a DNC technique utilizing a reactor. All high values in excess of 0.5% U3O8 are then re-analyzed by XRF and titration methods.
Wayne J. Roberts, P.Geo, Vice-President, Exploration for Pacific Ridge, a Qualified Person, has reviewed all technical data presented in this release.
About the Project
Pacific Ridge has initiated its program of community relations with the community of Baker Lake where it recently hosted a meeting with company representatives providing approximately 50 Baker Lake residents a project update, overall program review and plans for the future.
Pacific Ridge, operator of the Baker Project, has the option to make an exploration expenditure of $3.0 million and issue 400,000 Units to Kaminak Gold Corporation, thereby earning a 60% interest in the project from Kaminak. The 2006 exploration program is budgeted at $1.6 million.
"John S. Brock"
John S. Brock
For further information, contact:
Pacific Ridge Exploration Ltd.
John S. Brock
Tel: (604) 604.641.2759
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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, exploitation activities and events or developments that Pacific Ridge Exploration Ltd. ("Pacific Ridge") expects to occur, are forward-looking statements. 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 in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. 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.
Pacific Ridge's Baker Basin Uranium Project Finds 17.7% U3O8
NOT FOR DISSEMINATION IN THE UNITED STATES