Pacific Ridge Exploration Ltd. ("Pacific Ridge") has now completed initial data compilation of historic exploration within the Baker Uranium Project. Prior airborne geophysics, surface sampling and drill hole assay results indicate potential for high-grade uranium mineralization within the project area.
The Baker Project located in southwestern Nunavut covers approximately 510,000 acres (206,400 ha) of land prospective for uranium occurrences along a 60 kilometre length of the southern boundary of the Baker Lake Basin. The ground was acquired through federally issued Prospecting Permits and establishes a coherent land package.
The Baker Lake Basin is one of four Proterozoic Age basins within the Canadian Shield that are host to uranium deposits, including the Athabasca, Thelon and Great Bear basins.
Highlights of the Baker Project include the following:
Prior explorers completed airborne radiometric surveys in 1969 and 1974 that defined a trend of uranium targets along the 60 kilometre length of the southern boundary area of the Baker Lake Basin. Intermittent follow-up exploration programs by New Continental Oil, Pan Ocean, Cominco and Noranda during the period 1969 thru 1981 outlined 'in place' as well as glacial boulders containing uranium mineralization. No significant uranium exploration has been reported in the area since the early 1980s.
Radiometric anomalies were followed by ground surveys and limited drilling programs as further described below. Additional regional targets that did not see ground follow-up will form part of Pacific Ridge's 2006 exploration program
The 694 Zone, originally discovered and explored by New Continental Oil Co. (Assessment Reports 19889 & 60760), consists of three parallel north trending structural zones positioned in the Achaean footwall to the recently eroded Baker Lake basin sediments. The eastern zone, traced by ground radiometric surveys, with values exceeding 100 counts per second, is open beyond 450 metres in length. Three shallow holes along a 120 metre length of the northern end of the 694 Zone reported uranium values as tabled below.
694 Historic Drill Hole Assays
Hole Intercept Interval Assay Assay (m) (m) (% U3O8) (lbs/T U3O8) T-1 63.1-64.6 1.5 0.37 8.1 and 79.1-80.5 1.4 0.87 19.1 T-4 91.4-92.9 1.5 0.31 6.8 T-5 120.7-123.1 2.4 1.68 37.0
The western zone, located 200 metres west of the eastern zone, was traced for 200 metres on surface and tested by two shallow holes with intercepts assaying less than 0.1% U3O8 over 1.0 metre.
The central zone, defined by radiometric anomalies and surface prospecting with select grabs assaying to 3.4% U3O8, was not drill tested. The central zone structure also hosted sections of massive pitchblende up to 0.2 metre-thick that provides an immediate drill target for high-grade uranium mineralization.
Elsewhere, exposed mineralization is reported as disseminated to massive pitchblende within a fracture system varying in thickness of 0.3 to 3.7 metres. This fault-controlled mineralization occurs in the Achaean basement approximately 1.0 kilometre south of the present Baker Lake basin's southern boundary.
Located 16 kilometres to the northeast of the 694 Zone and within the Baker Lake basin sandstone formation, the 741 Zone was discovered by surface prospecting and tested with 17 drill holes by a Cominco/Pan Ocean joint venture in 1975 and 11 holes in 1976. The joint venture intersected uranium mineralization in 6 holes with the highlight being hole KZ-10 which reported 3 intersections along a 120 metre length separated by barren intervals, as follows:
Hole Intercept Interval Assay Assay (m) (m) (% U3O8) (lbs/T U3O8) KZ-10 23.5-40.9 17.4 0.15 3.3 KZ-10 76.5-90.1 13.6 0.35 7.7 KZ-10 105.8-111.2 5.4 0.84 18.5
B119 Prospect As follow-up to an airborne radiometric anomaly located within the basin sediments near the basement unconformity and approximately 12 kilometres northeast of the 694 Zone, Pan Ocean discovered 'unconformity-style' uranium mineralization in 1980. Pan Ocean reported completion of 22 drill holes averaging 120 metres deep to the basement rocks. Uranium mineralization was intersected in several widespread holes with the following values in drill holes 80-9 and 80-16, as reported by Pan Ocean.
Hole Intercept Interval Assay Assay (m) (m) (% U3O8) (lbs/T U3O8) 80-9 95.4-121.3 25.9 0.13 2.9 including 96.3-100.2 3.9 0.44 9.7 including 96.3-107.9 11.6 0.23 5.1 80-16 151.4-152.9 1.5 0.37 8.1
Mineralization was described as being related to an electromagnetic conductor. Data compilation by Pacific Ridge indicates that additional electromagnetic conductors remain to be drill tested. Located 3 kilometres north of Lake Bissett and 10 kilometres east of 741 Zone, prospecting by Pan Ocean located a zone of anomalous angular radioactive frost-heaved boulders. Scintillometer readings ranged from 800 cps to greater than 10,000 cps. Three boulders assayed 1.20% U3O8 to 2.12% U3O8 and averaged 1.55% U3O8. All mineralized float is composed of cross-bedded sandstone. Within the general area of Bissett Lake, approximately 30 kilometres east of Zone 694, prior workers outlined a cluster of uranium occurrences within altered regolith lying on basement rocks at the unconformity. Boulder sampling yielded selected grabs to 1.6% U3O8. Several areas were drill tested with results that are currently being reviewed and compiled. Prior holes did intersect uranium mineralization with reported intersections as high as 0.48% U3O8 over 2.1 metres. In review, historic exploration has outlined attractive uranium targets and zones of uranium mineralization throughout a 60 kilometre length along the southern unconformable contact of the Baker Lake basin. Preliminary compilation by Pacific Ridge has already outlined drill targets prospective for discovery of high-grade uranium mineralization. Pacific Ridge is planning an active season of surface examination of all targets and drilling, and is in the process of applying for the appropriate work permits. Pacific Ridge will outline its exploration plans through community consultations this spring. Pacific Ridge's disclosure of a technical or scientific nature are prepared under the supervision of Wayne J. Roberts, P.Geo, Pacific Ridge's Vice-President of Exploration, who serves as the Qualified Person under the definition of National Instrument 43-101. All of the above technical information has been obtained from reports within the government records as submitted by prior exploration companies, and although it cannot be verified, it is expected to be reliable. The Agreement Under the terms of the option agreement, Pacific Ridge has the right to earn an initial 51% interest by December 31, 2008 by making exploration expenditures totaling $2.0 million and staged payments totaling 400,000 Units, with each Unit consisting of one common shares and one 12-month share purchase warrant with an exercise price set in accordance with market at the time of issuance of the Unit. Pacific Ridge will have the right to increase its interest to 60% by spending an additional $1.0 million prior to December 31, 2010. Thereafter, Pacific Ridge and Kaminak Gold Corporation will form a joint venture in accordance with their interests then held. Underlying interests are held by Hunter Exploration Group as to a 2% Net Smelter Return interest, and by Shear Minerals Ltd./Stornoway Diamond Corporation who collectively hold an 8.5% Net Profits Interest. The option agreement with Pacific Ridge pertains to all commodities other than diamonds. Overview Pacific Ridge's option to acquire an interest in the Baker Lake Uranium Project expands Pacific Ridge's portfolio of gold, copper, cobalt and zinc projects in Canada's northlands. In addition to exploration now planned at the Baker Lake Uranium Project, Pacific Ridge recently announced plans for drilling at its Fyre Lake massive sulphide deposit in Yukon and drilling by Newmont Canada at its Matrix Gold Joint Venture in Nunavut. "Wayne J. Roberts" Wayne J. Roberts Vice-President, Exploration For further information, contact: Corporate Information Pacific Ridge Exploration Ltd. John S. Brock President Tel: (604) 604.641.2759 www.pacificridgeexploration.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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, 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.