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VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 7, 2011) – Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) (the “Company”) reports that exploration at the Mariposa Property, located within the Yukon’s White Gold District, has seen completion of 34 drill holes for a total of 5350 metres drilled so far this season. Receipt of assay results has seen delays due to high volume and continuous sample submittals, as a result of increased exploration activity in the Yukon.
The objective of the 2011 drilling program is planned around completion of approximately 6,000 metres of diamond core drilling to test 5 gold exploration targets located within an approximate 26 square kilometer area of the overall 262 square kilometer Mariposa Property.
The following exploration targets currently defined within the Mariposa Property have seen preliminary drilling: Skookum Main-18 holes, Skookum West-7 holes, Hackly-2 holes, Gertie-3 holes and Maisy-May-4 holes. The Big Alex target will be drill-tested next season.
Drilling is currently focused on the Skookum West area of the 3.5 km long Skookum Jim gold-in-soil trend where recent surface exploration has generated new drill targets over a 2 square kilometer area. This area lies approximately 1.5 kilometres to the southwest of the Skookum Main area, where this year’s drilling has reported results of up to 2.44 g/t gold over 38.9 metres.
The Skookum Jim trend is centered along an east-northeast trending plateau which coincides with a structural corridor that is clearly defined by disruptions and offsets of linear airborne magnetic features. The Skookum Main area lies to the north of the most prominent of these structural breaks, whereas the Skookum West straddles this break, at a location where an array of northwest, northeast and north-south trending structures appear to be cross-cutting the main east-northeast trending structure. Elsewhere in the White Gold district, similar structural settings are of key importance for the hosting of gold mineralization. It is also notable that north trending structures in the Skookum West area are parallel to the prolific placer gold drainage of Scroggie Creek that flows to the north, through the western part of the Mariposa Property.
In 2010, widely spaced soil sampling along 100 metre lines at Skookum West first detected gold-in-soil anomalism of up to 512 ppb (parts per billion) gold, with locally elevated molybdenum values. During 2011, infill soil sampling at 25 metre stations further defined strong gold anomalism over a minimum 1500 metre by 800 metre area. Gold-in-soil results ranging from 20 ppb to a peak of 514 ppb appear to coincide with linear magnetic lows and/or flank magnetic highs. These features, interpreted as reflecting brittle structures and underlying mafic rock types, provide a geologic setting with potential to host gold mineralization.
Detailed prospecting and rock sampling of surface float has returned significant results within the Skookum West gold-in-soil anomaly. Of a total of 117 rock samples from a 2 square kilometer area, 27 returned results greater than 0.5 g/t gold, to a high of 19.98 g/t gold. The averaged grade of these results is 3.3 g/t gold. Again, as seen elsewhere in the White Gold camp, these elevated gold assays are hosted in well-silicified rocks cut by limonitic fracture nets and hematite-specularite alteration along with minor disseminated pyrite.
Some of the anomalous gold results were obtained from rock samples in areas with no indicated gold-in-soil response, but along structures interpreted from magnetic surveys. This suggests that the prospectivity of the Skookum West area may cover a larger area than indicated by the soil geochemical results. On-going diamond drilling is therefore testing a combination of targets in the Skookum West area that include structural trends and soil and rock geochemical signatures.
It is contemplated that the drilling season will come to a close in mid-September with approximately 40 holes completed.
The technical information contained within this News Release has been reviewed and approved by Janice Fingler, P.Geo, Vice President Exploration of Pacific Ridge Exploration, and Qualified Person as defined by National Instrument 43-101 policy.
John S. Brock, President and CEO
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 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 placements 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, the timing and receipt of regulatory and governmental approvals for the transactions described herein, 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 transactions and 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.
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.
