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Pacific Ridge Plans $3.0 Million Exploration Program on the Mariposa Property, White Gold District
Published : March 02, 2011

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Mots clés associés :   Cobalt | Copper | Zinc |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2011) - Pacific Ridge Exploration Ltd. (News - Market indicators) (the "Company") reports that preparations are well underway for its 2011 exploration programs in the Yukon. The main focus for the Company will be advancement of the Mariposa Property, in the White Gold District. A Phase 1 budget of $3.0 million is allocated for 4000 metres of diamond drilling, geophysical surveys, deep auger soil sampling, trenching and geological mapping. Contractors have been engaged for both drilling and helicopter support, and the company's technical team has been expanded.

With only 20% of the 19,000 hectare property explored during 2010, the results of 3000 soil samples collected on the Mariposa soil grid successfully identified six gold and multi-element anomalies. The largest of these targets, the 3500m long x 650m wide 'Skookum Jim' anomaly, remains open for expansion. As previously reported, the presence of gold within this geochemical anomaly has been confirmed with grab samples of rock returning up to 8.1 g/t gold and composite rock samples from trenches returning up to 1.25 g/t gold over 30 metres. Based on both the extent and tenor of these results, the Skookum Jim anomaly is a first priority drill target. 

Integrated exploration activities will include both detailed follow-up of gold-in-soil anomalies, as well as initial exploration reconnaissance of the entire property area. Field work will begin in early May, with the expansion of existing camp facilities to accommodate up to 25 exploration personnel. A combination of airborne and ground geophysical surveys will be conducted over the 2010 Mariposa soil grid. Within the White Gold district, magnetic surveys have proven useful for identification of geological structures, as prospective settings for gold mineralization. 

Anomalous gold and multi-element results from auger soil sampling may provide direct evidence of the presence of gold, which in this unglaciated district, can be hosted in the underlying bedrock. Infill auger soil sampling is planned to more fully define the extent of the additional five geochemical anomalies within the Mariposa grid. Trenching with a heli-portable backhoe will be conducted where results warrant. As well, reconnaissance soil sampling, prospecting and geological mapping will be directed to the yet-to-be explored 15,000-hectare portion of the Mariposa property. 

Planning is also underway for exploration on Pacific Ridge's additional properties of the South Klondike-White Gold district. Airborne geophysical surveying is proposed for the Eureka Property, as well as follow-up of 2009-2010 geochemical results on the Gold Cap and Polar Stewart Properties.

With the price of copper now in the $ 4.00/lb range, the company also plans to re-evaluate its Fyre Lake Kona copper-gold massive sulphide deposit, located in the southeastern Yukon. A historical (non NI 43-101 compliant) preliminary economic assessment completed in 1997 was based on a copper price of $1.00/lb. 

The Fyre Lake Property is located in the Finlayson District, which also hosts the Kudz Ze Kayah (Teck) and Wolverine (Yukon Zinc) massive sulphide deposits. From the results of diamond drilling conducted by Pacific Ridge during 1996-1997, the Company outlined a NI 43-101 compliant mineral resource (2006) for the Kona Deposit, which remains open to expansion. In addition to this resource, there is further exploration potential on the property, where coincident magnetic and electromagnetic geophysical anomalies remain untested. 

ESTIMATED NI 43-101 COMPLIANT MINERAL RESOURCES for the KONA DEPOSIT (at a 1% copper cutoff)*
CATEGORY TONNAGE   COPPER   COBALT   GOLD
  (million tonnes ) % (percent ) % (percent ) grams/tonne
INDICATED 3.57   1.57   0.10   0.61
INFERRED 5.36   1.48   0.08   0.53
* J.D. Blanchflower, P.Geo., of Minorex Consulting Ltd. prepared the mineral resource estimate for the Kona Deposit, and is the Qualified Person for this purpose. Technical report dated January 17, 2006, is available on SEDAR.

The Company currently has 52.9 million shares issued and outstanding, which includes the recent exercise of approximately 629,143 share purchase warrants priced at $0.15. As at February 28, 2011, working capital was $ 4.8 million. 

On behalf of the Board of Directors,

John S. Brock, President

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, exploitation activities and events or developments that Pacific Ridge Exploration Ltd. ("Pacific Ridge") expects to occur, are forward-looking statements. 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 in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. 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. This news release uses the terms "inferred resource", "indicated resource" and "mineral resource". Pacific Ridge Exploration Ltd. (the "Company") advises investors that although these terms are recognized and required by Canadian securities regulations (under National Instrument 43-101 "Standards of Disclosure for Mineral Projects"), the US Securities and Exchange Commission does not recognize these terms. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, "inferred resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a Preliminary Assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable. Pacific Ridge's disclosure of a technical or scientific nature in this press release has been reviewed and approved by Janice Fingler, P.Geo., Vice President Exploration of Pacific Ridge, who serves as a Qualified Person under the definition of National Instrument 43-101.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

For more information, please contact

Pacific Ridge Exploration Ltd.
John S. Brock
President and CEO
(604) 687-4951
(604) 688-4670 (FAX)
www.pacificridgeexploration.com
or
G2 Consultants Corp.
Investor Relations Inquiries
(604) 742-9990 or Toll Free 1 866 742-9990
info@g2consultants.com

Pacific Ridge Exploration Ltd

EXPLORATEUR
CODE : PEX.V
ISIN : CA6947983079
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Pacific Ridge est une société d’exploration minière de cuivre et d'or basée au Canada.

Pacific Ridge détient divers projets d'exploration en USA et au Canada.

Ses principaux projets en exploration sont BAKER BASIN, TUMBLER RIDGE, FYRE LAKE (KONA) et KLONDIKE KATE au Canada et MARIPOSA en USA.

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Financements de Pacific Ridge Exploration Ltd
11/06/2013First Closing Non-Brokered Private Placement Raises $250,000
29/04/2013.: Consolidation and Proposed Private Placement
Projets de Pacific Ridge Exploration Ltd
16/10/2012(Mariposa)Reports Results From 2012 Mariposa Exploration
05/10/2012(Mariposa).: Mariposa Exploration Program, Results Pending and Managem...
21/06/2011(Mariposa)Drilling at Mariposa Starts in White Gold District
26/05/2011(Mariposa)Mariposa Program Starts in White Gold District
02/03/2011(Mariposa)Plans $3.0 Million Exploration Program on the Mariposa Prope...
Communiqués de Presse de Pacific Ridge Exploration Ltd
19/08/2016Pacific Ridge Exploration Update
28/07/2016Pacific Ridge Grants Stock Options
17/06/2016Pacific Ridge Announces AGM Results and Exploration Plans
24/03/2016Pacific Ridge Announces Eureka Dome Gold Exploration Plans
09/09/2015Pacific Ridge Plans Mariposa Drilling Recieves Fyre Lake Opt...
02/02/2015Pacific Ridge Grants Incentive Stock Options
25/12/2014Pacific Ridge Closes Second Tranche of Private Placement
20/12/2014Pacific Ridge Announces Results of RAB Drilling on its King ...
19/12/2014Pacific Ridge Announces Results of RAB Drilling on Its King ...
26/11/2014Pacific Ridge Provides Project Update
26/11/2014Pacific Ridge Provides Project Update
20/11/2014Pacific Ridge Closes First Tranche of Private Placement
20/11/2014Pacific Ridge Closes First Tranche of Private Placement
28/10/2014Pacific Ridge Proposes $200,000 Private Placement
22/10/2014Pacific Ridge Announces Results of VTEM Survey, Fyre Lake Pr...
22/10/2014Pacific Ridge Announces Results of VTEM Survey Fyre Lake Pro...
16/10/2014Pacific Ridge Announces Commencement of RAB Drilling on its ...
16/10/2014Pacific Ridge Announces Commencement of RAB Drilling on Its ...
10/10/2014Exploration Commences on Pacific Ridge's Fyre Lake Project, ...
18/09/2014Pacific Ridge Enters Option Agreement With Centerra on King ...
16/07/2014Pacific Ridge Announces Option of Its Fyre Lake Project
18/06/2014Pacific Ridge Reports on Corporate Matters
17/06/2014Pacific Ridge Provides Update on Mariposa Gold Property
16/10/2013Accepts Offer for Baker Uranium Property
11/09/2013-Exploration Update
10/07/2013Acquires Adjoining Claims at Its King Solomon Gold Project, ...
13/05/2013Acquires King Solomon Gold Project Klondike Gold District, Y...
16/04/20132013 Annual General and Special Meeting
14/03/2013Adopts Advance Notice Policy for Director Nominations
28/01/2013.: Additional Mineral Claims Acquired at Fyre Lake-Kona Copp...
13/05/2011Grants Incentive Stock Options
13/04/2011(Mariposa)Completes Airborne Magnetic Survey at Mariposa
01/10/2007Kaminak Options Remaining Interest in the Baker Lake Uranium...
07/08/2007 and Pacific Ridge drill 0.20% U3O8 over 15.3 metres includi...
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