TSX-V: KRX
NR 11-01
www.copper-ridge.com
VANCOUVER, March 28 /PRNewswire-FirstCall/ - Copper Ridge
Explorations Inc. (TSXV:KRX) (the "Company") is pleased to announce
that it has entered into agreements with Strategic Metals Ltd.
(TSXV: SMD) ("Strategic") whereby it can earn 100% interests in the
Bolt and Four Corners properties
located in the Finlayson mining district, Yukon. The Company is also pleased to announce
it recently completed staking an additional 129 quartz mining
claims to cover untested geophysical targets to the southwest of
the original Bolt claim group and has recently acquired, by
staking, 100% interests in the Francis Lake, AWB and REC claim
groups.
"The new acquisitions are part of the plan to focus Copper Ridge
on base metal properties with precious metal credits in the
Yukon," said Chairman William M. Sheriff. "Bolt has one of the
strongest soil copper anomalies identified to date in the Finlayson
area and offers an excellent initial target for the 2011
season."
Exploration Plans
The Company plans to complete a program of detailed mapping and
further geochemical surveying on the Bolt and Four Corners properties in order to select
specific targets to be tested for drilling later the 2011 season or
early in the 2012 season. The Company is currently compiling all of
the historic data on the newly staked properties in order to plan
exploration programs for the 2011 season. Based on the results of
these programs, the Company anticipates drilling at least one of
the new properties late in the 2011 season or early in the 2012
season.
Bolt Property
The Bolt property consists of 69 quartz mining claims located
140 km southeast of Ross River and
10 km northeast of the Wolverine Mine. The property is situated in
rolling terrain 5 km south of the Robert Campbell Highway. Based on
the lithologies mapped in the area, the Bolt property has potential
to host a Cyprus-type Volcanic
Massive Sulphide (VMS) deposit, similar to the Ice deposit located
82 km to the northwest which contains a resource of 4,561,863
tonnes grading 1.48% copper (the Company cautions that the Ice
deposit has a historical resource and should not be relied
upon).
Work on the Bolt property by Cominco Ltd. in the mid 1990's and
by Strategic in 2009 and 2010 focused on a strong copper soil
anomaly associated with an iron-rich "kill zone" (a kill zone can
occur when natural ground water flow leaches enough metals from the
underlying rock to kill the surrounding vegetation). The copper
anomaly covers a 1,000 by 500 m area that trends approximately
north-northwest sub-parallel to stratigraphy. Anomalous, values
within the anomaly range from 500 to 10,605 ppm copper, 50 to 401
ppm cobalt and 100 to 667 ppm zinc. One of two drill holes
completed by Cominco in 1998 returned 3.1% copper over 3.0 m from a
fault zone within strongly altered volcanic rocks. Strategic
drilled 5 short holes to test the volcanic stratigraphy down-dip
from the soil anomaly in 2010. All of the holes intersected
significantly altered volcanic rocks, but none intersected primary
or secondary copper mineralization sufficient to explain the
magnitude of the copper soil anomaly.
Four Corners Property
The Four Corners Property consists of 141 contiguous quartz
mining claims located 115 km northwest of Watson Lake. The claims cover volcanic
stratigraphy that is permissive for both Kuroko and Besshi style
copper VMS mineralization. Recent soil sampling by Strategic has
defined a discontinuous 2,500 by 300 m copper anomaly in the
central and eastern parts of the property. A VTEM airborne
geophysical survey commissioned by Strategic in 2005 identified a
strong conductor down-dip from the highest copper values contained
within the soil anomaly. This anomaly is under cover and has not
yet been tested by drilling.
Transaction Terms
As consideration for the grant of the Bolt option, the Company
is paying $15,000 and issuing 50,000
common shares. To exercise the Bolt option and earn a 100% interest
in the Bolt property, the Company will pay an additional
$440,000 and issue up to an
additional 950,000 common shares, in stages over a 6 year period,
with value caps of $2.00 and
$2.50 per share, respectively, on the
third and fourth year share issuances of 150,000 shares each. Of
the payments and issuances required to exercise the Bolt option,
$15,000 and 100,000 shares are firm
commitments.
As consideration for the grant of the Four Corners option, the Company is paying
$15,000 and issuing 50,000 common
shares. To exercise the Four
Corners option and earn a 100% interest in the Four Corners property, the Company will pay an
additional $305,000 and issue up to
an additional 750,000 common shares, in stages over a 6 year
period, with value caps of $2.00 and
$2.50 per share, respectively, on the
third and fourth year share issuances of 150,000 shares each. Of
the payments and issuances required to exercise the Four Corners option, $15,000 and 100,000 shares are firm
commitments.
Both the Bolt and the Four
Corners properties will be subject to a 2% NSR royalty in
favour of Strategic. The agreements are subject to several
conditions precedent, including regulatory approval.
Francis Lake, AWB and REC Claim Groups
The Francis Lake claim group consists of two non-contiguous
claim groups located 155 km north of Watson Lake. The larger claim group covers the
historic Matt Berry lead-zinc-silver VMS deposit, which Yukon
Minfile Report 105H 021 states to host a mineralized area
containing 533,434 tonnes grading 6.1% lead, 4.6% zinc and 102.86
g/t silver (the Company cautions that this is a historic estimate
and should not be relied upon). Geophysical and geochemical work by
previous operators has demonstrated that potential exists to
discover additional zones of VMS mineralization along strike within
the same sedimentary and volcanic rocks that host the Matt Berry
deposit.
The AWB claim group, located 44 km northeast of Faro, Yukon
consists of 116 quartz mining claims staked to cover anomalous
regional silt geochemistry results and known skarn style
mineralization at the historic Union mineral occurrence. Grab
sampling from the occurrence by previous operators returned values
ranging from 0.02 to 3.5 % copper, from 0.09 to 5.5 % zinc and from
less than detection to 149 g/t silver.
The REC claim group, 65 km east of Pelly Crossing, consists of 320 quartz mining
claims staked to cover 3 separate Yukon Minfile showings of zinc,
lead and silver mineralization which collectively made up the
historic Dromedary property. Work on the Dromedary property in the
1980's and 1990's included mapping, geochemical surveys,
geophysical surveys and diamond drilling and was successful in
discovering several zones of significant zinc-lead-silver
mineralization over a 7.5 km trend of sedimentary rocks. No work is
recorded to have been completed on the property since 1998.
Duke Island
In order to focus efforts on the newly acquired Yukon properties, the Company has terminated
its option on the Duke Island project acquired from Quaterra
Resources Inc.
The technical content of this news release has been reviewed and
approved by J. Greg Dawson, P.Geo.,
the Company's President and a Qualified Person as defined by
National Instrument 43-101.
About Copper Ridge Explorations Inc.
Copper Ridge specializes in identifying, acquiring and
developing quality precious metal enriched copper, lead and zinc
mineral deposits in Yukon, Canada.
Copper Ridge has a committed management team with extensive
experience in the Yukon and a
proven track record of building shareholder value in the junior
equity market.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events. Such forward-looking information can include without
limitation statements based on current expectations involving a
number of risks and uncertainties and are not guarantees of future
performance. There are numerous risks and uncertainties that could
cause actual results and Copper Ridge's plans and objectives to
differ materially from those expressed in the forward-looking
information. Actual results and future events could differ
materially from those anticipated in such information. These and
all subsequent written and oral forward-looking information are
based on estimates and opinions of management on the dates they are
made and are expressly qualified in their entirety by this notice.
Except as required by law, Copper Ridge assumes no obligation to
update forward-looking information should circumstances or
management's estimates or opinions change.
SOURCE Copper Ridge Explorations Inc.