Pacific Ridge poised to drill Chuchi copper gold projects in B.C.
Pacific Ridge Exploration Ltd. [TSXV-PEX, OTCQB-PEXZF] said results from a 2023 induced polarization (IP) survey has confirmed the potential for several large porphyry systems at the Chuchi and Chuchi South copper-gold projects in north central British Columbia.
The company said it will use the results of the IP survey to further refine targets for its inaugural diamond drilling program in 2024. Located in the Quesnel Trough, Chuchi covers 16,000 hectares and consists of three claim blocks. They include Chuchi, which has been optioned from Centerra Gold Inc. [TSX-CG, OTC-CAGDF], and Chuchi South and Chuchi West. The latter two have been optioned from American Copper Development Corp. [CSE-ACDX, OTCQB-ACDXF].
Pacific Ridge said Chuchi hosts several compelling exploration targets, is road accessible, and is located approximately 35 kilometres northwest of Centerra’s Mount Milligan mine. It said Chuchi has a long history of exploration by companies such as Noranda, BP, Algom, Kiska Metals and AuRico Metals, including, 8,886 metres of drilling in 48 holes, of which 39 targeted the BP Zone. Grades within the mineralized portion of the BP Zone include 0.215 to 0.40% copper and from 0.21 g/t to 0.44 g/t gold.
Most of the historical drilling was shallow, less than 150 metres deep, with many drill holes ending in mineralization. The company believes there are underexplored high-grade centres within the BP Zone that have not yet been fully delineated, and the core of the porphyry system has yet to be identified.
In addition to the BP Zone, Chuchi includes several other targets that could represent porphyry centres along the Hogem batholith margin, the company said in a press release.
“The results of the 2023 IP survey confirm the potential for several large porphyry systems and Chuchi and Chuchi South,’’ said Pacific Ridge President and CEO Blaine Monaghan. “We look forward to testing these targets in 2024. Our first ever drill program at Chuchi and Chuchi South,’’ he said.
Pacific Ridge has said it aims to be a leading copper-gold in British Columbia. The flagship Kliyul copper-gold project is located in a similar environment to other copper-gold porphyry deposits in B.C., including Centerra Gold’s Kemess and Mt. Milligan projects.
Spearheaded by a highly experienced management team, Pacific Ridge is working to test the theory that an underlying porphyry at Kliyul may be similar to the one which generated the deep high-grade Newcrest’s Red Chris porphyry further to the northeast.
Aside from Kliyul, the company’s portfolio includes the RDP, Onjo and Redton copper-gold projects, which are also located in B.C. Pacific Ridge can earn a 51% interest in Kliyul and Redton from a unit of Centerra Gold. It also has three gold projects located in the Canadian Yukon.
On Tuesday, Pacific Ridge shares were unchanged at 14.5 cents. The shares trade in a 52-week range of 34 cents and 11.5 cents.