Business
Exploration plans for 2006
Exploration plans for 2006.
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. 9 /CNW/ - Pacific Ridge plans to drill its 100% owned\nFyre Lake copper, cobalt and gold massive sulphide property in the Yukon and\nis pleased to report that Newmont Canada Limited (\"Newmont\"), a subsidiary of\nNewmont Mining Corporation (NYSE & ASX:NEM; TSX:NMC), plans drilling on the\nPacific Ridge-Kaminak Gold Corporation's Matrix Gold Project in Nunavut.\n\nFyre Lake Property\n\nThe Kona massive sulphide deposit forms part of Pacific Ridge's Fyre Lake\nproperty located in the Finlayson Lake area of southeast Yukon. With renewed\nexploration interest in the Yukon, increased metals prices and improved\ninfrastructure in the Finlayson Lake area, the partially defined Kona deposit,\nwarrants continued drilling.\nSince Pacific Ridge last worked on the Fyre Lake Project in 1996 and\n1997, metal prices have seen significant increases in particular; copper from\n$0.80/pound to $2.00/pound and gold from $288/ounce to an 18-year high of over\n$500/ounce.\nThe Kona copper-cobalt-gold massive sulphide deposit, defined by Pacific\nRidge's $6 million drilling program of 115 holes, consists of open-ended zones\nof massive sulphide mineralization, with mineralized thicknesses varying from\n8 to 40 metres over a length of 1,500 metres and a width of 250 metres. Based\non a NI 43-101 compliant report prepared by Minorex Consulting Ltd. in August\n2002, the Kona deposit is calculated to contain 15.4 million tonnes within\nwhich 8.2 million tonnes grades 2.1% copper (378 million pounds), 0.11% cobalt\n(20 million pounds), and 0.73 grams per tonne gold (175,000 ounces), utilizing\na 1.0% copper cut-off. Metallurgical studies indicate metal recoveries of 90%\nfor copper and 70% for gold and cobalt.\nThe ultimate dimensions and tonnage of the Kona Deposit, which remains\n\"open\" to depth, will be determined with additional drilling. Copper and gold\ngrades appear to be improving with depth, where drill hole 97-100 intersected\n5.7 metres of 3.23% copper, 2.3 g/t gold and 0.14% cobalt.\nOver and above drilling to determine the ultimate size of the Kona,\nsignificant exploration potential remains with adjacent geophysical anomalies,\nsuggesting potential for additional massive sulphide mineralization, also\nbeing the subject of drill testing during the summer of 2006.\nIn ad...