Business
2010 EXPLORATION PLANS FOR KLONDIKE GOLD PROJECTS
2010 EXPLORATION PLANS FOR KLONDIKE GOLD PROJECTS
About this update from Pacific Ridge Exploration Ltd.
[{"type":"text","content":"\n2010 EXPLORATION PLANS FOR KLONDIKE GOLD PROJECTS\n\n\n Apr. 20, 2010 (TheNewswire.ca) -- Pacific Ridge Exploration Ltd. (TSX Venture: PEX) reports that the company will commence a second year of gold exploration on its Klondike Kate project comprised of 4 properties held within the Yukon's South Klondike region. Exploration interest was first seen in the region in late 2008 after reports of Underworld Resource's White Gold discovery. Recently, Underworld accepted a takeover offer from Kinross valued at approximately C$118 million for acquisition of its 1.4 million ounce White Gold deposit. With a major gold company now in the South Klondike, coupled with 30 junior exploration companies reporting activity, additional gold discovery is anticipated. Pacific Ridge acquired its South Klondike holdings through a combination of the company's principals having prior exploration experience and historic exploration data in the region as well as contacts with Yukon prospectors.Pacific Ridge, encouraged by its 2009 exploration results and overall discovery success reported in the South Klondike plans an initial exploration expenditure of $1.3 million for its Mariposa, Gold Cap, Polar/Stewart and Eureka Dome properties.Mariposa, comprised of 246 mineral claims, covering 50 square kilometers is located 50 kilometers southeast of White Gold. Pacific Ridge holds an option to earn a 100%, interest subject to a 2% royalty, from the Tintina Syndicate. The Pacific Ridge 2009 exploration program included prospecting, historic data compilation, geologic mapping and initial soils geochemical surveys. Mariposa covers a 14-kilometer length of geological and aeromagnetic signatures bearing similarities to the White Gold and Kaminak's Coffee Creek discovery.Mariposa has seen a 100-year history of placer gold (OOTC:PGCR) mining, which in one area, has produced \"hackly\" nuggets suggesting proximity to potential lode gold sources. The property contains a 7- kilometer (open ended) zone of quartz mica schist rocks hosting sulphide mineralization with grab samples assaying to 3 grams/tonne gold. Yet to be more fully defined this season, geochemical anomalies in soils range from 20 ppb to 1300 ppb gold.The 2010 exploration program, budgeted at $1.0 million, will include expanding geochemical sampling grids to delineate the ultimate dimensions of gold anomal...