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2010 Mining Explorers: Copper Ridge Explorations Ltd.

 

Last updated 10/31/2010 at Noon



KRX: TSX-V

President and CEO: J. Greg Dawson, M.Sc., PGeo.

Non-Executive Chairman: William M. Sheriff

Chief Financial Officer: Justin Blanchet, CA

Operating under the philosophy that it will maximize the chance for success in a high-risk business by concentrating on the right commodities in mining-friendly jurisdictions with high mineral potential, Copper Ridge Explorations Ltd. owns or has the option to acquire an interest in nine mineral properties in Alaska, Yukon and British Columbia. The junior also holds a royalty interest in the Gold (Scheelite) Dome property in the Yukon, Willoughby project in B.C., Ogopogo property in Alaska and Quitovac property in Mexico - four properties it sold to Golden Predator Royalty & Development Corp.

Copper Ridge's two key properties are the Duke Island copper-nickel-platinum-palladium project in Southeast Alaska and the Clear Lake lead-zinc-silver project in the Yukon Territory.

Optioning Duke Island from Quaterra Resources Inc. in September 2009, Copper Ridge completed its first round of drilling on the prospect in 2010, spending C$750,000.

Based on exploration work completed by Quaterra between 2001 and 2006 - including geological mapping, soil and rock sampling, ground and airborne geophysical surveys and 1,820 meters of core drilling in 11 holes - Copper Ridge targeted a prospective basal contact with this year's 1,537-meter drill program.

The drilling discovered that what appeared to be the basal contact, based on the geophysics, was sedimentary rock with a high-sulfide and graphite content.

The best results of the five-hole program was 0.294 percent copper and .075 percent nickel over 4.9 meters and 0.148 percent copper and .039 percent nickel over 13.4 meters in hole DK10-08.

Outcrop samples collected at Duke Island by Quaterra have returned values up to 2.8 percent copper, up to 0.25 percent nickel and in excess of 1 part per million platinum group elements.

Copper Ridge said it "will evaluate the drill results and its revised interpretation of its geological model before determining its future course of action with regard to the property."

Clear Lake, which is located 225 kilometers, or 140 miles, north of Whitehorse, is a shale-hosted SEDEX deposit. SRK Consulting recently completed an NI 43-101-compliant inferred resource for Clear Lake of 7.65 million metric tons grading 7.6 percent zinc, 1.08 percent lead and 22 grams per metric ton silver.

A 235-line-kilometer versatile time domain electromagnetic survey flown over the property has identified four targets that have similarities to the Clear Lake deposit. The junior is seeking a joint venture partner or buyer for this project.

Two other Copper Ridge properties, Yukon Olympic and Lucky Joe, were drilled by joint venture partners in 2010.

REC Minerals Corp. spent C$550,000 to drill 1,194 meters in five holes at the Yukon Olympic iron ore-copper-gold property, located about 130 kilometers, or 80 miles, north of Dawson City.

REC said the presence of chalcopyrite associated with disseminated pyrite and local hematite mineralization hosted in brecciated rocks indicate the proximity of an IOCG system.

Taipan Resources Inc. drilled three holes at the Lucky Joe copper-gold project located about 40 kilometers, or 25 miles, northeast of Kinross Gold Corp.'s recently acquired White Gold project.

Taipan's 387-meter program targeted the southern portion of the 7-kilometer-long Ryan's Creek trend.

A 13-hole program conducted at the Ryan Creek trend by Copper Ridge in 2009 encountered 7.3 meters of 0.905 percent copper and 0.5 g/t gold in hole LJ07-19, 26.6 meters of 0.152 percent copper in hole LJ07-18 and 15.3 meters of 0.176 percent copper in hole LJ07-22.

The company also conducted a soil sampling program at its Borealis uranium-gold prospect in Yukon.

In May Copper Ridge completed a 484-line-kilometer ZTEM airborne geophysical survey at its Babine copper-gold project in B.C. and is currently seeking a partner for this prospect.

Cash and short-term deposits: C$2.25 million (at April 30, 2010)

Working capital: C$2.17 million (at April 30, 2010)

Market capitalization: C$2.42 million (at Sept. 12, 2010)

625 Howe St., Suite 500 • Vancouver, B.C. Canada V6C 2T6

Tel: 604-688-0833 • Fax: 604-688-0835

http://www.copper-ridge.com

 

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