Pacific Ridge Reports Results From 2012 Mariposa Exploration
October 16 2012 - 12:07PM
Marketwired Canada
Pacific Ridge Exploration Ltd. (the "Company") (TSX VENTURE:PEX) reports that
the Company has successfully completed its 2012 exploration program on the
Mariposa Gold property. Located within the White Gold District of the Yukon's
South Klondike, the property saw a four-month $1.9 million program that included
2,450 metres of diamond drilling completed in 14 holes, approximately 1850
metres of excavation in 16 trenches, collection of 3,500 soil and silt samples,
ground magnetic surveys and prospecting for gold-bearing float. With
encouragement from this year's exploration, Pacific Ridge plans to continue
exploration work on the property in 2013.
Highlights
-- Eight out of eleven holes drilled this year within the Skookum Main Zone
intersected gold mineralization.
-- Continued drilling within the Skookum Main zone will be guided by
additional information from geologic modeling that has now confirmed a
structural control on gold mineralization hosted within favorable gold-
hosting rocks.
-- The first-ever drilling within the Big Alex zone intersected gold in all
three holes drilled.
-- Prospecting in the area of the Hackly zone led to discovery of high
grade gold-in-float.
-- Assay results are pending for the 12-trench program at the Skookum West
zone that tested bedrock under gold-bearing float locations with grab
samples returning up to 20 g/t gold.
-- Encouraging exploration results reported by third parties on properties
located proximal to the Pacific Ridge's Polar-Stewart and Gold Cap
Properties suggest additional exploration potential on these Pacific
Ridge holdings.
-- A full 2012 exploration report with recommendations for 2013 is expected
by year-end.
-- As at October 12, Pacific Ridge's cash working capital was approximately
$850,000.
Skookum Main
The 2012 drilling program within the Skookum Main zone was designed to further
establish the structural and stratigraphic relationships with gold
mineralization discovered during the 2011 drilling program. This year's drilling
program confirmed structure-related gold mineralization within favourable
gold-hosting rocks, mostly granodiorite, usually found in association with
evidence of hydrothermal alteration. This open-ended, structurally-bounded,
northeasterly-trending mineralized corridor now measures between 60 to 80 metres
in width and consists of east-northeast dipping stratigraphy with demonstrated
potential for both near-surface and at-depth gold mineralization.
Now that the gold mineralization system of the Skookum Main zone is well
understood, exploration priority will be placed on drill-testing open-ended
strike and depth extensions of higher grade gold zones, such as the intersection
of 2.4 g/t gold over 38 metres that was encountered in the 2011 drilling
program.
Through the 2011 and 2012 drilling programs, the overall Skookum Main zone has
seen 29 holes drilled, 22 of which have intersected significant gold values. The
following assays have been selected from drill holes located within the Skookum
Main Corridor.
-- 11MP-01 2.4 g/t over 38.9 metres, and 6.5 g/t over 3.2 metres
-- 11MP-05 1.1 g/t over 19.8 metres
-- 11MP-06 0.6 g/t over 45.3 metres
-- 11MP-08 1.7 g/t over 12 metres
-- 11MP-27 2.0 g/t over 4.7 metres
-- 12MP-3A 0.6 g/t over 26.1 metres, and 3.7 g/t over 3.7 metres
-- 12MP-06 6.5 g/t over 1.3 metres
-- 12MP-10 1.1 g/t over 19 metres
A complete table of 2012 drill hole assays is appended to this news release.
Skookum West
The Skookum West zone is defined by a 1.5 kilometre-long gold-in-soils anomaly.
Prospecting during the last three exploration seasons (2010 to 2012) revealed
numerous locations where gold-bearing float samples have assays ranging from 0.5
g/t to 19.9 g/t gold. The wide-spaced drill-testing of some of these float
locations in 2011 had not explained the significance of the widespread gold
anomaly contained in both rocks and soils. This year's trenching program exposed
bedrock sources for sampling in 12 locations indicated by anomalous
gold-in-float samples. This trenching program was completed in early October
with approximately 198 composite rock samples, 198 soil samples and 19 grab
samples collected from the trenches and now awaiting gold and multi-element
analysis. Results will be reported when all are received.
Big Alex
Big Alex is located in the northwestern part of the Mariposa claims and saw the
first-ever holes drilled this season. Two target areas straddle Scroggie Creek,
and comprise anomalous gold-in-soils, gold-in-float and gold-in-outcrop. To the
northwest, across Scroggie Creek, a single hole drilled to test the coincidence
of gold-in-soil anomaly with lineament interpretion from geophysics signature
returned gold mineralization up to 4.1 g/t over 1.8 meters.
A rare outcrop in the Big Alex East area consists of potassic-feldspar altered
granodiorite with dense quartz veining where a grab sample returning 3.0 g/t
gold was tested with two drill holes, 12MP-13 and 14, drilled from the same
set-up. Both of the holes intersected multiple intervals of significant gold
mineralization. The highlights include a near-surface 5.2 meters of 1.64 g/t Au
in 12MP-13 and 7.1 meters of 0.54 g/t gold in 12MP-14 which included 1.5 metres
of 1.4 g/t gold and 1.2 metres of 1.3 g/t gold.
Continued drilling is proposed for next year to define the geometry and extent
of gold mineralization in both targets.
Hackly
The partially defined Hackly gold-in-soil anomaly reaches 250 ppb gold and is
open ended for expansion. Named "Hackly" because of the hackly texture of gold
nuggets found nearby in Scroggie Creek, it may be postulated that the rough
textured nuggets have not travelled far from a lode gold source. Two holes were
drilled into the Hackly soils anomaly in 2011, with disappointing results. This
year, prospecting led to discovery of near-in situ gold-bearing float
occurrences where grab samples returned 11.7 g/t and 1.65 g/t gold from an area
located approximately one kilometre north of the 2011 drilling. This float
discovery will be followed up with trenching and drilling in 2013, contingent
upon the success of the trenching program.
Local Exploration Activity
Comstock Metals Ltd recently reported encouraging trenching and drilling results
from their QV property located 5 kilometres northwest of Pacific Ridge's Gold
Cap property, with additional results pending. Comstock recently acquired a
second property, the Walhalla, which is tied on to the eastern boundary of
Pacific Ridge's Mariposa claims. Comstock reports plans to follow up anomalous
gold geochemical results within the Walhalla claims. Pacific Ridge holds an
option from Shawn Ryan on the Polar-Stewart claims, to the east of which
Goldstrike Resources have reported high grade gold assays in float on their
Lucky Strike property. The news of exploration success on properties adjacent to
Pacific Ridge holdings can be considered additional prospectivity for Pacific
Ridge.
Skookum Main Zone 2012 Drill Hole Assays
SKOOKUM MAIN
Weighted
Length From To Average
Hole ID (m) Azimuth Dip (m) (m) Interval g/t Au
12MP-01 177 270 -50 17.9 21.5 3.6 0.4
Includes 17.9 18.4 0.5 2.1
31.8 82.2 50.4 0.3
Includes 31.8 33.0 1.2 1.3
and 65.2 66.7 1.5 1.0
87.1 109.7 22.6 0.5
90.0 92.5 2.5 1.2
109.2 109.7 0.5 2.2
144.8 146.3 1.5 1.4
---------------------------------------------------------------------------
12MP-02 168 90 -50 0 168 No significant assays
---------------------------------------------------------------------------
12MP-03A 228 270 -48 32.3 39.8 7.5 1.2
Includes 36.0 37.5 1.5 2.1
135.9 162.0 26.1 0.6
Includes 154.1 162.0 7.9 1.4
203.1 206.8 3.7 3.7
---------------------------------------------------------------------------
12MP-04 186 240 -65 138.3 138.8 0.5 6.8
162.3 162.6 0.3 13.0
182.6 183.0 0.5 6.4
---------------------------------------------------------------------------
12MP-05 180 270 -50 92.6 96.0 3.4 1.4
100.0 103.4 3.4 0.7
---------------------------------------------------------------------------
12MP-06 225 270 -50 68.8 70.1 1.3 6.5
92.4 95.0 2.6 2.0
115.4 119.3 3.9 1.0
121.3 122.3 1.0 1.4
---------------------------------------------------------------------------
12MP-07 201 270 -50 0 201 No significant assays
---------------------------------------------------------------------------
12MP-08 204 270 -50 29.5 31.0 1.5 1.3
---------------------------------------------------------------------------
12MP-09 186 160 -50 79.9 80.7 0.8 1.6
---------------------------------------------------------------------------
12MP-10 198 80 -50 48.5 54.4 5.9 0.9
64.8 78.0 19.0 1.1
94.0 99.6 5.6 0.7
115.9 119.5 3.6 0.6
---------------------------------------------------------------------------
12MP-11 171 310 -50 0 171 No significant assays
---------------------------------------------------------------------------
BIG ALEX
Weighted
Length From To Average
Hole ID (m) Azimuth Dip (m) (m) Interval g/t Au
12MP-12 162 270 -45 27.9 29.4 1.8 4.1
BIG ALEX EAST
Weighted
Length From To Average
Hole ID (m) Azimuth Dip (m) (m) Interval g/t Au
12MP-13 150 325 -50 42.8 48.0 5.2 1.6
---------------------------------------------------------------------------
12MP-14 111 325 -70 37.5 39.0 1.5 1.4
46.0 47.2 1.2 1.3
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, which is SO9001: 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 Jerry Solomon, P.Geo, Pacific Ridge's Project Geologist, and a
Qualified Person as defined by National Instrument 43-101 policy. Jerry Solomon
supervised most of the 2012 exploration program.
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.
(C) 2006-2012 Pacific Ridge Exploration Ltd. All rights reserved.
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