TSX-V: KRX
www.copper-ridge.com
VANCOUVER, April 18 /PRNewswire-FirstCall/ - Copper Ridge
Explorations Inc. (TSX-V:KRX) (the "Company") is pleased to
announce its acquisition of an unencumbered 100% interest in the
Marg Property, which hosts the Marg polymetallic volcanic
associated massive sulphide (VMS) deposit accessible via a 45 km
winter road from Keno, Yukon.
The Marg Deposit contains an Indicated Resource of 1.72 million
tonnes of 1.97 % copper, 4.59 % zinc, 2.4 % lead, 59.72 g/t silver
and 0.95 g/t gold, and an Inferred Resource of 4.8 million tonnes
of 1.81 % copper, 4.64 % zinc, 2.28 % lead, 54.47 g/t silver and
0.77 g/t gold both at a cut off of 1.0% Cu.(1)
"The acquisition of the Marg Deposit continues the Company's
strategy of acquiring quality precious metal enriched base metal
resources in the Yukon," said
Chairman William M. Sheriff. "The
Marg contains an identified resource that is larger and higher
grade than the global average for this type of occurrence, with
significant potential for expansion through additional
exploration."
The Marg Property
The Marg Property consists of 402 quartz claims covering
approximately 8,400 ha located in central Yukon, 15 km south of ATAC Resources Ltd.'s
(ATC:TSX.V) Rackla (RAU) project.
Exploration on the Marg Property since 1965 has included 29,103
m of diamond drilling in 103 holes, as well as geological mapping,
geochemical and geophysical surveying, and bulldozer trenching. A
resource estimate was prepared in 2007 by Archer Cathro and
Associates (1981) Ltd and Giroux Consultants Ltd.(2) subsequent to
which two additional drilling programs were completed. The results
of these two programs - consisting of 2,395 m in 7 holes in 2007
and 3,674 m in 10 holes in 2008 - were included in an updated
resource estimate prepared by Scott Wilson Roscoe Postle Associates
Inc. and dated June 30, 2008.(3)
The Marg Property covers a 15 km long belt of Devonian to
Mississippian felsic metavolcanic and metasedimentary rocks that
are favourable for the development of polymetallic VMS deposits.
Exploration outside the immediate area of the Marg Deposit is only
at an early stage and, based on the results of preliminary surveys
by previous operators, provides the potential for expanding the
Marg resource and discovering additional VMS occurrences on the
Property.
2011 Work Plan
The Company plans to initially focus on compiling and evaluating
all of the previous work on the Property, including metallurgical
and economic scoping studies that were initiated but not completed
by the previous operator. The results of this work will be used to
plan exploration programs late in 2011 and in 2012 that would be
targeted to expand and upgrade the Marg resource, and to discover
additional areas of mineralization on the Property.
The Company has commissioned Burgoyne Geological Inc. and Giroux
Consultants Ltd. to complete an updated Technical Report and
Resource Estimate on the Marg Property. It is anticipated that this
report will be filed on SEDAR in the next 45 days.
Transaction Terms
As consideration for the Marg Property, the Company is paying
$1,400,000, consisting of a
non-refundable deposit of $100,000, a
payment of $550,000 on closing, and
three payments of $250,000 each
sixth, twelve and eighteen months from the agreement date. As
security for the future payments, the Company will grant the vendor
on closing a limited recourse security interest in the Marg
Property. Closing of the transaction is anticipated to occur on or
before April 30, 2011, on
satisfaction of certain conditions precedent.
The technical contents of this release have been reviewed and
approved by J. Greg Dawson, P.Geo,
President of Copper Ridge Explorations 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.
The Company currently controls the Marg, Clear Lake and Francis
Lake massive sulfide deposits along with certain other key
properties. 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.
(1) Yukon Gold Corporation, Inc. News Release dated August 7, 2007
(2) Geology, Geochemistry, Geophysics, Diamond Drilling and Resource
Estimation at the Marg Project, July 9, 2007, Archer Cathro &
Associates (1981) Limited & Giroux Consultants Ltd.
(3) Yukon Gold Corporation, Inc. News Release dated July 9, 2008.
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.