M&A

Pacific Ridge jumps on Centerra properties

Shares in junior Pacific Ridge Exploration (TSXV: PEX) jumped as the junior announced plans to earn up to 75% of two copper-gold projects owned by Centerra Gold in British Columbia.

Staff reporter
 Pacific Ridge is adding to its portfolio by earning up to 75% of Kliyul and Redton in BC

Pacific Ridge is adding to its portfolio by earning up to 75% of Kliyul and Redton in BC

The Kliyul and Redton properties are held by Centerra subsidiary Aurico Metals.

Pacific Ridge said it had the right to earn a 51% interest in the properties by paying C$100,000, issuing 2 million shares and spending $3.5 million on exploration by December 31, 2023.

It could increase its interest to 75% by paying a further $60,000, issuing 1.5 million shares and spending $3.5 million more on exploration by December 31, 2025.

"We are excited about the discovery potential of these very well-located projects, within a prolific mineral and mining belt," president Gerry Carlson said.

He said Kliyul had "promising gold-copper intersections" from historical drilling, including 60m at 0.26% copper and 1.34g/t gold from 16m, and 245m at 0.18% copper and 0.53g/t gold from 123m.

Redton adjoins Kwanika Copper's eponymous project and Pacific Ridge said the Redton North target was ready for drilling.

The junior reported having $850,000 in cash this month.

It also has the Spius property in BC and four exploration projects in the Yukon.

Pacific Ridge's shares have ranged from 3-6c over the past year and leapt 28.6% or 1c on Friday to 4.5c, to capitalise it at $1.4 million (US$1 million).

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