Tue Sep 23, 2003
CONTINUED DRILLING AT GOLDEN ARROW; NEW TARGETS DEFINED
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With positive results in hand from Phase I drilling and a property-wide geochemical survey, Pacific Ridge Exploration Ltd. is now completing deposit modeling and drill target selection in preparation for a second phase of drilling its Golden Arrow project near Tonopah, Nevada.
The Phase II drilling program will call for approximately 25,000 feet of drilling directed to three specific targets within the 18 square kilometre Golden Arrow Property. Based on prior drilling and current geologic modeling, Pacific Ridge has set a minimum one million ounce gold exploration objective within the high-grade epithermal gold vein systems internal to the Gold Coin and the adjacent Hidden Hill zones. The Sunrise Zone, a third target, is a recently delineated large gold geochemical anomaly located 500 metres east of Gold Coin.
Gold Coin Target
The overall Gold Coin Target is 670 metres long, 300 metres wide and has been partially drill-tested to a depth of 152 metres. The Gold Coin Target holds potential for both high-grade gold veins and lower-grade bulk tonnage gold mineralization. Pacific Ridge is placing a priority on defining high-grade epithermal gold veins with a minimum average grade of 15 g/t over 1.5 metres. Recent drilling by Pacific Ridge was successful in extending known gold veins to a depth of 152 metres and confirmed open-ended high-grade epithermal vein gold mineralization over widths of 2.5 to 5 metres. One typical drilled section traced the vein to a down-dip depth of 122 metres with an average grade of 29.9 g/t gold and 98.9 g/t silver over an average width of 3.0 metres. The Phase II program will be directed to further expanding high-grade mineralization to depth.
Hidden Hill Target
The 460 metre-long by 300 metre-wide Hidden Hill Target was previously drilled to a depth of 130 metres. Pacific Ridge has yet to carry out any drilling at Hidden Hill where potential exists for expanding already defined high-grade gold veins within and below the lower-grade bulk tonnage gold zone. Pacific Ridge is placing a priority on defining high-grade gold mineralization in keeping with previous drill intercepts reporting 29.6 g/t gold over 3 metre intervals. The Phase II drilling program will test extension of vein-continuity to depth and along strike.
Sunrise Target
The recently discovered 1000 by 500-metre Sunrise Target is located 500 metres east of the Gold Coin Zone. The Sunrise Target is defined by anomalous gold-in-soil geochemical values with attendant trace element signatures centered over an area of quartz-adularia veining. The Phase II drilling program will include drilling the Sunrise Target for both its gold vein and bulk tonnage potential.
The Golden Arrow exploration program is under the supervision of Pacific Ridge's Vice-President, Exploration, Wayne J. Roberts P.Geo, a Qualified Person as defined within National Policy 43-101. Pacific Ridge has a four-year option to earn up to a 60% interest in Golden Arrow Property from Nevada Sunrise LLP.
Financing
During the next week, management will finalize Pacific Ridge's Phase II exploration program and budget requirement in the approximate amount of US $525,000; with program and funding details to be announced shortly thereafter.
"John S. Brock"
John S. Brock
President
For further information, contact Blaine Monaghan, Manager, Investor Relations at 604-687-4951 or toll free 1-800-403-2988, or email ir@badgerandco.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
