VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2012) - 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. |
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