Pacific Ridge Acquires Mariposa Property in South Klondike

Pacific Ridge Exploration Ltd. has added the Mariposa gold property to its portfolio of four gold targets already held in the Yukon’s South Klondike region.

The Mariposa property, consisting of 203 mineral claims, covering approximately 50 square kilometres and located approximately 50 kilometres east of Underworld’s Whitegold discovery, lies within a regional major northwest trending structural corridor hosting gold and copper deposits.

The Mariposa claims cover a 14-kilometre length of a geological setting analogous to the Whitegold style of gold mineralization. The Mariposa vendors, who have been exploring the property for the past 10 years, have defined an open-ended seven-kilometre length of altered quartz mica schist favourable for hosting gold mineralization within the Klondike region. Initial soil sampling at the western exposed end of the host schist has defined an open-ended two-kilometre-long gold soil anomaly contoured above 20 parts per billion gold. Preliminary soil sampling by the vendor has also outlined a second open-ended gold target, measuring a square kilometre and overlying nearby intrusive rocks. There also appears to be a relationship between aeromagnetic anomalies and indications of gold mineralization. All streams draining the property are known to contain placer gold, of which Scroggie Creek has had a long history of placer gold production which continues today. The placer miners recovery of hackly gold nuggets may suggest the presence of nearby lode gold sources.

During the balance of this season, Pacific Ridge will continue with geochemical surveys at the Mariposa property to further define existing gold anomalies in preparation for next season’s plan for trenching followed by drilling.

On Pacific Ridge’s Goldcap, Stewart-Polar, Eureka and Moose properties, geochemical sampling and geological mapping are in progress.

Subject to receipt of regulatory acceptance, Pacific Ridge will make an initial payment of $20,000 and 250,000 shares. Pacific Ridge will have the option to earn 100 per cent over the next five years by making payments in the aggregate amount of $120,000 and two million shares and minimum exploration expenditures of $600,000. The vendors will also be entitled to receive an additional one million shares upon a production notice having been made plus an additional one million shares upon commencement of commercial production. The vendors will also receive a 2-per-cent net smelter royalty from production, of which 1 per cent can be bought down by Pacific Ridge for $1-million.

As previously reported, Pacific Ridge has received $320,000 from the closing of a private placement offering of flow-through and non-flow through units.

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