Pacific Ridge Exploration (PEX.V) has finally released the long-awaited assay results of the first hole drilled on the Kliyul copper- gold porphyry project in British Columbia. This is the first time the project is actually being drilled in a while and the timing couldn’t be better with both the copper and the gold price trading at high levels.
The company highlighted hole 36 in its press release and deservedly so. That hole intersected 437 meters of 0.22% copper and 0.60 g/t gold for a 0.61% copper-equivalent grade including higher grade intervals like 141 meters of 1.07% copper-equivalent within an interval of 292 meters containing 0.75% copper-equivalent.
What makes these results even more appealing is the fact the entire 437 meter interval starts at a downhole depth of just 12 meters (which, given the angle the hole was drilled at, really means the mineralization starts within 10 meters from surface). The location of the hole is also interesting as it looks like Pacific Ridge Exploration – understandably – didn’t want to take too many risks in the maiden drill program under the new CEO. As you can see in the image at the top of this update, hole 21-036 was designed to intersect the mineralization encountered in hole 15-034 from a different angle. That hole intersected 245 meters containing 0.18% copper and 0.53 g/t gold for a copper-equivalent grade of 0.61% using $2.80 copper and $1580 gold.
Pacific Ridge Exploration is still waiting for the assay results from holes 37 and 38, which are all drilled pretty close to each other. Hole 38 will likely intersect the same zone while hole 37 will be more interesting as that hole seems to be targeting the areas close to where the higher grade mineralization in hole 36 starts. All three holes seem to be relatively low risk holes, but will provide Pacific Ridge with a sound and solid basis to design its follow-up drill programs as these three holes will provide the company with a better understanding of the mineralized footprint at Kliyul.
Disclosure: The author has no position in Pacific Ridge Exploration. Pacific Ridge is a sponsor of the website. Please read our disclaimer.
