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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.
Pacific Ridge jumps on Centerra properties Pacific Ridge jumps on Centerra properties Pacific Ridge jumps on Centerra properties Pacific Ridge jumps on Centerra properties Pacific Ridge jumps on Centerra properties

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

Staff reporter

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).