Pacific Ridge Options the Spius Porphyry Copper Project – Investing News Network

Pacific Ridge Exploration (TSXV:PEX) has announced that it has been granted an option to earn a 100 percent interest in the road accessible Spius porphyry copper project, located 40 km southwest of Merritt, British Columbia.

As quoted in the press release:

Exploration in the past few years at the Spius property has included prospecting and soil sampling. The soil sampling has defined an anomalous zone, outside the area of previous drilling (done in the 60s and 70s) of approximately 500 m by 1,000 m, with copper values ranging from 500 to 5,320 grams per tonne (g/t), open to the south. Two recently collected float samples of porphyry style mineralization with disseminated chalcopyrite and bornite assayed 2.53 percent copper and 1.43 percent copper. This anomalous area occurs within an IP chargeability low area, surrounded on three sides by a chargeability high, where the historical exploration was focused. The company believes that the original gossan area and IP anomaly are the pyritic halo to a potential core copper zone, as reflected by the soil copper anomaly and mineralized float. This area has not been tested by trenching or drilling. A 1969 assessment report noted that hole 2, of a 5-hole drill program, ended in 8 feet (191 to 199 ft.) of 0.4 percent copper. This hole is located on the inner edge of the interpreted pyrite halo and on the edge of the copper soil anomaly.

As quoted in the press release:

President and chief executive officer of Pacific Ridge Exploration Gerry Carlson said “this is an extremely strong copper soil anomaly which, combined with the recently discovered high grade float samples and the size of the historic IP anomaly, suggests the potential for discovery of a significant porphyry deposit at Spius.”

Pacific Ridge plans an IP survey to update and expand the earlier survey, additional soil sampling and geological mapping. The results of this work will be used to define targets for a drill program.

Click here to view the full Pacific Ridge Exploration (TSXV:PEX) press release.

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