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Mining Explorers 2012: Pacific Ridge Exploration Ltd.

 

Last updated 11/11/2012 at Noon



PEX: TSX

President and CEO: John S. Brock, B.Sc.

Vice President, Exploration: Janice Fingler, M.Sc., P.Geo.

Chief Financial Officer: Lei Wang, CGA

Pacific Ridge Exploration Ltd. directed the majority of its 2012 field work to the Mariposa Gold Project located in the White Gold district of Yukon Territory.

A 2012 phrase 1 exploration program, budgeted at C$2.1 million for up to 2,500 meters of drilling commenced in early June and diamond drilling at Mariposa began during the second week of July.

The exploration was concentrated mainly within the Skookum Main zone, where 18 holes were drilled in 2011, of which 14 intersected gold values.

The best drill intersection contained 2.44 grams per metric ton gold over 38.9 meters.

During preparation for a second year of drilling at Skookum Main, additional drill target enhancement and definition included trenching, pitting, and magnetic surveys have been carried out.

The 2012 drilling includes fill-in holes to define continuity of gold mineralization, as well as step-out holes to test potential extensions of the three-square-kilometer (1.2 square miles) Skookum Main gold zone.

Drilling also is planned to test a one-kilometer-long gold-in-soil anomaly at the Big Alex zone located west of Skookum Main and the Alberta Creek target, which is comprised of open-ended gold-in-soil anomalies discovered last season.

Additional soil sampling and magnetic surveys carried out this year have been directed to further definition of potential drill targets.

Cash and short-term deposits: C$2.93 million (June 30, 2012)

Working capital: C$2.84 million (June 30, 2012)

Market capitalization: C$4.9 million (Sept. 17, 2012)

1100-1199 West Hastings St.

Vancouver, B.C. Canada V6E 3T5

Tel: 604-687-4951 • Fax: 604-688-4670

http://www.pacificridgeexploration.com

 

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