- Pacific Ridge Exploration (PEX) acquired an option to earn up to a 75-per-cent interest in the Chuchi South Property
- The company acquired the option from American Copper Development Corporation (ACDX) and prospector Ronald Bilquist
- With this new acquisition, the company has more than doubled the size of Pacific Ridge’s current land position at Chuchi
- One import of this is that the company now has a larger area for its mineral exploration
- Pacific Ridge is a company whose goal is to become British Columbia’s leading copper-gold exploration company
- Pacific Ridge Exploration Ltd. was unchanged at $0.25 at 11:15 AM ET
Recently, Pacific Ridge Exploration (PEX) acquired an option to earn up to a 75-per-cent interest in the Chuchi South Property.
The company acquired the option from American Copper Development Corporation (ACDX) and prospector Ronald Bilquist.
The property adjoins Pacific Ridge’s Chuchi porphyry copper-gold project on the south and west. With this new acquisition, the company has more than doubled the size of Pacific Ridge’s current land position at Chuchi, which now stands at 6,100 hectares.
The properties host several compelling exploration targets, are accessible by road and are located approximately 35 km northwest of Centerra Gold Inc.’s Mount Milligan mine within British Columbia’s prolific Quesnel Trough.
The import of this expansion of land size is that the company now has a larger area for its mineral exploration. The land expansion has also increased the potential of the company to produce precious metals, which will have a direct positive impact on its financial side.
The company has already disclosed its plan to drill-test several targets at Chuchi and to further develop targets at Chuchi South this summer
“The acquisition of Chuchi South materially increases the size of our land position in one of B.C.’s most prospective areas for new porphyry discovery,” said Blaine Monaghan, President & CEO of Pacific Ridge Exploration Ltd.
“Based on historic drill results and the results of our 2022 exploration work at Chuchi, we believe that these properties have excellent potential for new porphyry discovery,” he added.
At the Chuchi project, porphyry copper-gold mineralization at the BP Zone is less than 2 km outboard of the southeastern margin of the regional-scale Hogem batholith and immediately west of a north-striking fault, the Valley Fault.
Pacific Ridge can acquire a 51-per-cent interest in Chuchi South by making $250,000 in payments to Bilquist and completing $4,000,000 in exploration expenditures by December 31, 2027.
The company then has the right to increase its interest to 75 per cent by issuing shares valued at $250,000 to ACDX by January 30, 2028, by making cash payments of $150,000 to ACDX, and completing an additional $4,000,000 in exploration by December 31, 2029.
In addition to Chuchi South, ACDX has granted Pacific Ridge the sole and exclusive right and option to acquire a 51-per-cent interest in the Chuchi West Property in consideration of Pacific Ridge satisfying the first option on Chuchi South.
The Chuchi West Property would then be included in the additional interest option for a 75-per-cent interest in Chuchi South and Chuchi West.
Chuchi West includes the Chent West target area where a 1,800 m x 400 m ENE-trending copper-in-soil anomaly delineated in 1991 is coincident with a 500 m diameter aeromagnetic high feature in the 2021 ZTEM total magnetic intensity (TMI) aeromagnetics.
Pacific Ridge is a company whose goal is to become British Columbia’s leading copper-gold exploration company.
Pacific Ridge Exploration Ltd. (PEX) was unchanged at $0.25 at 11:15 AM ET.
