Business
Pacific Ridge Receives Final Payment for Fyre Lake
Vancouver, British Columbia--(Newsfile Corp. - March 29, 2023) - Pacific Ridge Exploration Ltd. (...
About this update from Pacific Ridge Exploration Ltd.
[{"type":"text","content":"Pacific Ridge Receives Final Payment for Fyre LakeVancouver, British Columbia--(Newsfile Corp. - March 29, 2023) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) (\"Pacific Ridge\" or the \"Company\") is pleased to announce that it has received a $400,000 cash payment from BMC Minerals Ltd. (\"BMC\") for the Company's Fyre Lake property, located in the Yukon. This was BMC's final payment to acquire a 100% interest in Fyre Lake. The Company will be paid a further $1,000,000 when BMC's Kudz Ze Kayah property has reached commercial production for one year. \"With over $7.6M in the treasury we have the financial resources to execute our 2023 exploration plans,\" said Blaine Monaghan, President & CEO of Pacific Ridge. \"This includes further expansion drilling at Kliyul, our flagship project, our first ever drill program at Chuchi, and follow up drilling at RDP. With three drill programs planned, this will be our busiest and most exciting year ever.\"2023 Exploration PlansPacific Ridge plans to drill approximately 11,000 m across three copper-gold porphyry projects this year: 7,000 m at the Kliyul copper-gold project, 2,000 m at the Chuchi copper-gold project, and 1,800 m at the RDP copper-gold project (under option to Antofagasta Minerals S.A.). The Company anticipates that drilling will be underway at Kliyul by the end of June.About Pacific RidgeOur goal is to become British Columbia's leading copper-gold exploration company. Pacific Ridge's flagship project is the Kliyul copper-gold project, located in the Quesnel Trough, approximately 50 km southeast of Centerra Gold Inc's Kemess. In addition to Kliyul, the Company's project portfolio includes the RDP copper-gold project (optioned to Antofagasta Minerals S.A.), the Chuchi copper-gold project, the Onjo copper-gold project, and the Redton copper-gold project, all located in British Columbia. Pacific Ridge would like to acknowledge that its B.C. projects are located in the traditional, ancestral and unceded territories of the Gitxsan Nation, McLeod Lake Indian Band, Nak'azdli Whut'en, Takla Nation, and Tsay Keh Dene Nation.On behalf of the Board of Directors,\"Blaine Monaghan\"Blaine MonaghanPresident & CEOPacific Ridge Exploration Ltd.Corporate Contact:Blaine MonaghanPresident & CEOTel: (604) 687-4951www.pacificridgeexploration.comhttps://www.linkedin.com/com...