RDP

  • The RDP copper-gold project is currently under option to Antofagasta Minerals S.A. (“Antofagasta”), a wholly-owned subsidiary of Antofagasta PLC (ANTO: LSE). Antofagasta has an option to acquire a 75% interest in RDP by spending $10,000,000 on exploration over eight years and delivering a NI 43-101 compliant preliminary economic assessment report (the “Report”).

    About RDP

    Located 40 km west of the Company’s flagship Kliyul project, RDP is over 10,000 hectares in size (see Figures 1 and  2) and lies within the Stikine Terrane, which is host to numerous significant porphyry deposits in northern British Columbia, including Kemess, Red Chris, Kerr- Sulphurets and Galore Creek. The Project is also in a similar geological environment to NorthWest Copper’s East Niv discovery, which adjoins RDP to the north.

    The Project is underlain by prospective Hazelton Group volcanic and sedimentary rocks of the Stikine Terrane intruded by the lower Jurassic Roy plutonic suite including plugs, sills, and stocks of porphyritic dacite to monzodiorite composition, the Fir gabbro, and the Gyr rhyolite porphyry. RDP contains several recognized porphyry copper-gold targets (Roy, Day, and Porcupine) that have been intermittently explored since the early 1970’s, including prospecting and mapping, various geochemical surveys, ground and airborne geophysical surveys, trenching and a limited amount of drilling. In 2021, Pacific Ridge completed a property-wide compilation, reprocessing of multispectral and radiometric data, and mapping and sampling program to define targets for drill testing in the upcoming field season.

    Roy Target

    The Roy showing was discovered in 1973. Mineralization at the Roy showing consists of a quartz-magnetite-chalcopyrite stringer stockwork within a monzonite intrusive. Trench sampling in 1990 encountered 0.121% Cu and 0.55 g/t Au over 62 m within an 80 m trench1. Only a single hole has been documented at Roy, drilled in 2011, and it encountered 0.11% Cu and 0.64 g/t Au over 122.95 m in hole EQ-0012.

    Day Target

    The Day showing was discovered at about the same time as the nearby Sustut Copper deposit. Mineralization includes pyrite, magnetite, chalcopyrite, minor molybdenite, and traces of bornite as disseminations and fracture fillings in diorite and adjacent altered volcaniclastic rocks. Historical drilling includes 2,472 m in 19 drill holes. Drill highlights include 0.67% Cu and 0.93 g/t Au over 58.8 m in hole D-74-13 and 0.54% Cu and 0.69 g/t Au over 57 m in hole C-92-14.

    Porcupine Target

    Discovered in 1972, the Porcupine target was explored as a stratabound massive sulphide target. Float samples assayed as high as 17.2% Cu and 0.19% Cu with 7.98 g/t Au5. Four holes drilled in 1972 encountered sporadic results. A more recent evaluation of the alteration and soil geochemistry at Porcupine suggests the potential for porphyry style mineralization.

    Figure 1

    RDP location, the Quesnel Trough, north-central British Columbia

    Figure 2

    RDP claim map

    Agreement Terms

    Antofagasta can earn a 75% interest in RDP by making cash payments in an aggregate amount of $1,350,000, plus a success payment of $800,000 upon exercise of the option, and spending $10,000,000 on exploration over eight years, with a firm commitment to spend $1,000,000 in year one, and delivering the Report. During the option period, Antofagasta will fund all exploration and Pacific Ridge will be the initial operator.

    Once Antofagasta has earned its 75% interest, Pacific Ridge and Antofagasta will form a 25:75 joint venture. If either party’s interest in the joint venture falls below 10%, that party’s interest will be converted to a 2% NSR, half of which can be purchased by the other party for $4,500,000.

     

    1 Fox, M., 1991, B.C. Government Assessment Report No. 21359.

    2 Equitas Resources Corp. News Release – December 15, 2011

    3 Aussant,C.H., 1997, B.C. Government Assessment Report No. 25122

    4 Skeena Resources Ltd. News Release - July 28, 1992.

    5 2011 Technical Report on the Day Property for Equitas Resources Corp.

     

     

     

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