Pacific Ridge Exploration (TSXV: PEX) plans to increase the size of its recently announced private placement by 1 million units to 3.39 million units (priced at C$0.23 per unit) for gross proceeds of C$780,000. Each unit comprises one common share of the company and one-half of a common share purchase warrant, with each whole warrant exercisable at C$0.35 for two years.
Delphi Unternehmensberatung Aktiengesellschaft, Pacific Ridge’s second largest shareholder, intends to buy the additional 1 million units. Crescat Capital, the largest shareholder, will acquire the remaining 2.39 million units.
Proceeds from this financing will be used for additional drilling at the Kliyul copper-gold project in northcentral BC. Pacific Ridge currently has the right to earn a 51% interest in this advanced-stage project, which covers 6,000 hectares within the Quesnel trough and shares a similar geological environment to other copper-gold porphyry deposits in the region such as Kemess, Mt. Milligan, Red Chris and Newmont’s Saddle North.
The Kliyul property hosts five porphyry targets, with the Kliyul main zone (KMZ) being the most intensely explored area. The 2021 drilling campaign at KMZ returned values up to 4% copper and 5.8 g/t gold over select intervals, which were some of the highest-grade intercepts encountered in the area.
This year, Pacific Ridge plans to drill a minimum of 6,000 metres at Kliyul, focusing on expanding KMZ along strike and at depth. The program will also include the Kliyul East and Kliyul West targets, which have never been drill tested.
