Pacific Ridge Exploration (PEX.V) is a copper-gold exploration company focused in the Canadian Province of British Columbia. The company’s goal is to become BC’s leading copper-gold explorer. The company has many assets in the Province:
Today, Pacific Ridge announced the remaining results from its now completed 2022 drilling program at the RDP copper-gold project. Pacific Ridge completed 1,860m of drilling in six holes. The drill program was funded by Antofagasta Minerals S.A. a subsidiary of Antofagasta PLC, who can earn a 75% interest in the Project by spending $10,000,000 on exploration over eight years and delivering a preliminary economic assessment report. Last drilled in 2011, this was the Company’s first ever drill program at the Project.
The RDP project is located 40km west of Pacific Ridge’s flagship Kliyul project. RDP is greater than 10,000 hectares in size and lies within Stikine Terrane, which hosts numerous significant porphyry deposits in northern British Columbia, including Kemess, Red Chris, Kerr-Sulphurets and Galore Creek. The Project is also in a similar geological environment to NorthWest Copper’s East Niv discovery, which adjoins RDP to the north.
Pacific Ridge intersected high-grade copper-gold mineralization in every drill hole at RDP’s Day Zone which includes 59.4m of 1.68% copper equivalent.
Here are highlights of the drill program:
- Hole RDP-22-005 intersected 107.2 m of 1.45% CuEq (0.63% Cu, 1.10 g/t Au, and 2.91 g/t Ag) within 497.2 m of 0.68% CuEq (0.37% Cu, 0.40 g/t Au, and 1.6 g/t Ag), from surface (previously reported, see news release dated October 25, 2022, for further information).
- Hole RDP-22-003 intersected 59.4 m of 1.68% CuEq (0.78% Cu, 1.2 g/t Au, and 2.99 g/t Ag) from surface.
- Hole RDP-22-001 intersected 51.5 m of 1.01% CuEq (0.51% Cu, 0.65 g/t Au and 2.59 g/t Ag) from surface.
- The Day Zone mineralization remains open to the east, north, west, and at depth, and may be associated with a late-mineral bounding fault on its south or southwest side.
“We are extremely pleased with the results from our first ever drill program at RDP, especially drill hole RDP-22-005, which returned one of B.C.’s best copper intercepts last year,” said Blaine Monaghan, President & CEO of Pacific Ridge. “Future drilling at RDP will be focused on expanding the mineralized footprint at the Day Zone, which remains open in almost every direction.”
With gold and silver having a great start in 2023, investors are excited to see if the junior space will follow. So far so good.
Pacific Ridge has bounced at a major support zone at $0.225. As you can see from the chart, the stock has bounced from this support before. Bounces which have taken the stock up to $0.425 resistance. That would be the targets going forward with this bounce.
The bounce is also accompanied with a range break which I have marked with a black line at $0.255.
