Pacific Ridge Drills New Yukon Gold Discovery: First Hole Intersects 2.44 Grams Per Tonne Gold Over 38.9 Metres At Mariposa in White Gold District
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/28/11 -- Pacific Ridge Exploration Ltd. (TSX VENTURE: PEX) (the 'Company') reports that its first diamond drill hole has intersected 2.44 grams/tonne (g/t) gold over a 38.9 metre interval that includes 6.44 g/t gold over an 11.1 metre interval at its Mariposa Property in the Yukon's White Gold District.
The initial objective of the Phase 1 drilling program is to test five gold-in-soil anomalies coincident with geophysical signatures indicating geological structures prospective for hosting gold mineralization. These exploration targets are contained within an approximate 21 square kilometre area within the overall 262 square kilometre Mariposa Property.
Currently, approximately 3300 metres have been drilled in 21 holes which have tested the Skookum Jim (12 holes), Maisy May (4 holes), Gertie (3 holes) and Hackly (2 holes) targets. Holes have been drilled to lengths ranging between 76 and 238 metres. Based on early exploration results, the Company has increased its initial 4,000 metre drilling program to 6,000 metres. This expanded program will continue to focus on untested gold anomalies within the Skookum Jim target.
Within the open-ended 3.5 kilometre-long Skookum Jim target, a total of 12 drill holes have been completed to date. The initial 9 drill holes of the program have tested a 500 metre long corridor of an area now referred to as 'Skookum Main'. In 2010, gold-in-soil and trench results first detected gold anomalism along this part of the larger Skookum Jim trend. Approximately 1.5 kilometres to the west along this trend, another 3 widely spaced holes have been drilled in an area now referred to as 'Skookum West'.
The following assay results have been received from partial intervals within 3 of 9 drill holes completed in the Skookum Main area. The lengths indicated are drilled intervals and do not necessarily represent true widths of mineralized sections. Additional drilling is warranted to assess the geometry of the intercepted structures.
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Weighted grade
Drill hole Azimuth Dip From (m) To (m) Interval (m) (g/t gold)
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11MP-01 180 -50 29.1 68.0 38.9 2.44
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Contains 29.1 40.2 11.1 6.44
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Including 32.9 35.0 2.1 26.58
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Hole 11MP-01 was drilled under an interval in trench SJ-2 which returned 1.25 g/t gold over 30 metres. Additional results are pending for core samples from downhole lengths of 68 metres to end-of-hole at 237 metres.
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Weighted grade
Drill hole Azimuth Dip From (m) To (m) Interval (m) (g/t gold)
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11MP-05 180 -50 3.1 22.9 19.8 1.13
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Including 19.9 22.9 3.0 2.79
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and 22.9 70.5 no significant assays
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Hole 11MP-05 was located 80 metres south of Hole 11MP-01 and was drilled under another interval in trench SJ-2 which returned 1.17 g/t gold over 10 metres. Additional results are pending for core samples from downhole lengths 70.5 metres to end-of-hole at 192 metres.
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Drill Weighted grade
hole Azimuth Dip From (m) To (m) Interval (m) (g/t gold)
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11MP-06 180 -65 3.7 49.0 45.3 0.63
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Includes 5.6 13.9 8.3 1.01
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and 22.3 25.8 3.5 1.55
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Drill hole 11MP-06 was drilled from the same location as 11MP-05 to undercut Hole 5. Additional results are pending from core samples from downhole depths of 61.6 metres to end-of-hole at 148 metres.
The geological setting for anomalous gold intercepts in the above reported drill holes (11MP-01, 05, and 06) appears to be within a 75 metre wide (drilled section), steeply dipping corridor of strongly limonitic fractures and breccias with local quartz veining. This brittle deformation cuts a diffuse contact zone between granodiorite and quartz-biotite gneiss, which have both been variably altered and cut by local pegmatite and quartz-feldspar /- pyrite veinlets. The extent of this geologically favorable corridor is yet to be defined by both surface work and diamond drilling.
In summary, the Company is encouraged by drilling results received to date, that being based on partial analytical results from only 3 of 21 holes drilled. These results confirm the gold potential of the Mariposa Property. On-going results will be reported as received as the Mariposa drilling program continues.
Sampling methods and analytical procedures
Drill core is cut or split in half, with one half of each sample forwarded for analysis, and the remaining half archived on site. As part of the quality assurance-quality control ('QAQC') program, a series of certified reference standard material, blank material and core duplicate samples are inserted into each batch. Samples are sent directly by air charter to the preparation facility of Inspectorate Exploration & Mining Services in Whitehorse, YT ('Inspectorate'), where they are crushed and pulverized to 85% passing 200 mesh. Coarse reject material from each sample remain stored with Inspectorate in Whitehorse, while the pulps were couriered to Inspectorate's laboratory in Richmond, BC, Canada, which is ISO 9001:2008 certified.
Determinations for gold were completed on a 30g subsample subjected to fire assay, followed by an atomic absorption ('AA') finish. Results are reported as ppb (parts per billion). Sample results exceeding 10,000 ppb gold are subjected to fire assay followed by a gravimetric finish. Results are reported as grams per tonne gold. An additional 30 elements were determined by sample digestion in an aqua regia solution and analysis by ICP-MS and ICP-ES. Mercury determinations were completed by cold vapour fusion.
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.
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.
Contacts:
Pacific Ridge Exploration Ltd. - Corporate Information
John S. Brock
President and CEO
(604) 687-4951
(604) 688-4670 (FAX)
www.pacificridgeexploration.com
G2 Consultants Corporation
Investor Inquiries
(604) 742-9990 or NA Toll-Free: (866) 742-9990
info@g2consultants.com