Business
Baker Lake Uranium Project
Baker Lake Uranium Project.
About this update from Pacific Ridge Exploration Ltd.
[{"type":"text","content":"\n\n\n\n\nTSX Venture Symbol: PEX\nOTC:BB: PFREF\n\nVANCOUVER, Jan. 26 /CNW/ - Pacific Ridge Exploration Ltd. is pleased to\nannounce it has entered into an option agreement to acquire up to a 60%\ninterest in Kaminak Gold Corporation's Baker Uranium Project located near\nBaker Lake, Nunavut.\nThis approximate 350,000 acre property is located within a highly\nfavourable geological environment for the discovery of uranium and gold\nmineralization. The property is host to at least 20 known uranium prospects\nthat occur along 75 kilometres of a geological unconformity.\n\nPacific Ridge Program\n---------------------\nPacific Ridge proposes to complete a compilation of historical\nexploration data, followed by airborne radiometric surveys and ground \nfollow-up, all of which will be used to prioritize drill targets for a diamond\ndrilling program.\n\nPrevious Exploration\n--------------------\nThe property's uranium potential was recognized when Pan Ocean Oil Ltd.\nexplored the area from the late 1960s until 1976. Shortly thereafter, Noranda\nLtd. undertook a program between 1978 and 1984. These companies conducted\nprospecting, mapping, geophysics and diamond drilling, resulting in the\ndiscovery of 20 individual uranium prospects along the trace of the\nunconformity.\nThe uranium mineral occurrences and prospects share many geological\nsimilarities with the Beaverlodge Uranium District, located on the north rim\nof the Athabasca Basin, Saskatchewan. The overall geological setting of the\nBaker Lake Uranium Project also suggests a favourable environment for the\ndiscovery of iron-oxide-copper-gold deposits (IOCG). These criteria include\ndiatreme breccia hosted Cu-Au-U mineralization, presence of continental\nalkaline volcanic rocks, and pervasive hematite alteration zones.\n\nThe Agreement\n-------------\nUnder the terms of the option agreement, Pacific Ridge has the right to\nearn an initial 51% interest by December 31, 2008 by making exploration\nexpenditures totaling $2.0 million dollars and staged payments totaling\n400,000 Units, with each Unit consisting of one common share and one 12-month\nshare purchase warrant with an exercise price set in accordance with market at\nthe time of issuance of the Unit. Pacific Ridge will have the right to\nincrease its interest to 60% by spending an additional $1.0 million prior to\nDecembe...