Pacific Ridge Exploration (PEX.V) has completed the ZTEM airborne geophysical surveys at the Chuchi and Onjo copper-gold porphyry projects in British Columbia. Those two projects are in close proximity to Centerra Gold’s (CG.TO, CGAU) only producing mine at this moment, the Mt Milligan copper-gold mine. A ZTEM survey has been effective in outlining hydrothermal mineralization and alteration systems associated with porphyry deposits.
A total of almost 1,400 line kilometers were completed on both projects in a 52/48 split between Chuchi and Onjo and the company will continue to work towards finetuning the drill targets.
While those two projects still need to be drilled, drills are currently turning at both the Kliyul flagship project as well as the RDP project where Antofagasta (ANTO.L) is completing an initial 1,500 meter drill program as part of its earn-in commitments on the property. At Kliyul, the company should be getting close to wrapping up the 6,000 meter drill program. In an interim update published about two weeks ago, Pacific confirmed it had already completed in excess of 65% of the drill program as the company is using two drill rigs.
The share price of Pacific Ridge has been jojo’ing the past week or so as the company’s April placement is now free trading. As a reminder, Pacific Ridge issued 19.15 million charity flow-through units at C$0.328 and 5 million common share units at C$0.23 resulting in a total of C$7.4M raised.
Disclosure: The author has a long position in Pacific Ridge Exploration. Pacific Ridge is a sponsor of the website. Please read our disclaimer.
