VANCOUVER, B.C., Aug. 10, 2017 (GLOBE NEWSWIRE) -- Pacific Ridge Exploration Ltd. PEX ("Pacific Ridge" or the "Company") is pleased to announce that the Company has completed a first phase exploration program at its recently acquired RC Gold project, located in the Yukon's Tintina Gold Belt, and has extended soil geochemical coverage at its Eureka Dome gold project, located in the Yukon's White Gold District.
RC is situated at the headwaters of Clear Creek, one of the Yukon's most prolific placer gold creeks, and adjoins Strikepoint Gold's Mahtin Project on the east and Victoria Gold's Clear Creek project on the west. RC is underexplored relative to its neighbours and overlies favourable geology and stream sediment geochemistry. The target at RC Gold is an Intrusion Related Gold deposit such as Eagle Gold, Brewery Creek, Red Mountain and Fort Knox in Alaska. Exploration at RC included mapping, prospecting, and soil sampling.
Eureka Dome is in the White Gold District, approximately 55km north of White Gold's Golden Saddle deposit, and is approximately 33km2 in size. Placer gold occurrences have been reported in most creeks draining Eureka Dome. The 2017 program builds on previous exploration work conducted by Pacific Ridge by extending the soil grid through the upper reaches of placer gold-bearing Eureka Creek to discover the placer gold source. The target at Eureka Dome is a structurally controlled gold deposit such as Gold Corp's Coffee Creek deposit and White Gold Corp's White Gold deposit.
"Both RC and Eureka Dome have excellent exploration potential," said Gerry Carlson, President and CEO of Pacific Ridge. "Although RC has seen little exploration, it has the potential to deliver significant results because it is located at the headwaters of one of the Yukon's most prolific placer gold creeks. We believe that Eureka Dome also holds tremendous potential due to its proximity to significant deposits in the White Gold District and the fact that most creeks draining Eureka Dome are placer gold bearing."
Poker Brown – After a review of the results of the 2017 winter RC drill program, the Company has made the decision to terminate its option to earn an interest in the Poker Brown project.
About Pacific Ridge
Pacific Ridge has assembled a portfolio of gold and base metal projects located in the Yukon, where its board and management team have a track record of success. The Company's Chairman, Gordon Davis, co-discovered the Anvil Mine, which at one time was the largest operating open-pit lead/zinc mine in the world, Dr. Gerald Carlson, President and CEO, was the recipient of the J.C. Sproule Award for the advancement of geology and mineral exploration in the Yukon, and Bruce Youngman, director, is a board member of several Yukon-focused exploration companies, including Atac Resources Ltd.
On behalf of the Board of Directors,
"Gerald G. Carlson"
Gerald G. Carlson
President & CEO
Pacific Ridge Exploration Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The technical information contained within this News Release has been reviewed and approved by Gerald G. Carlson, Ph.D., P.Eng., President and CEO of Pacific Ridge and Qualified Person as defined by National Instrument 43-101 policy.
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 exercise of options 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, that one of the options will be exercised, 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 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.
For further information, contact: Pacific Ridge Exploration Ltd. Gerald G. Carlson President & CEO Tel: (604)687-4951 www.pacificridgeexploration.com
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