Pacific Ridge Exploration has acquired an option to earn a 100% stake in the TL zinc project, located 80km northeast of Vernon in British Columbia, Canada.
The 6,420ha, road accessible zinc-lead-silver (Zn-Pb-Ag) project TL has a target of a Broken Hill type or sedimentary exhalative (SEDEX) Zn-Pb-Ag massive sulfide deposit.
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The property, which has access to nearby highways, rail, and an electrical power grid, is a recent discovery in an overburden-covered area made by sampling coniferous tree needles and bark.
A total of 56 grab samples were collected at the property and 40 of them assayed +1% Zn with a range of 1.08% to 18.87%.
Pacific Ridge proposes to perform a gravity geophysical survey over the electromagnetic conductor in a bid to define targets for drilling.
In case the conductor is caused by massive sulphides, this is expected to be reflected in the gravity survey due to the high density of massive sulphide mineralisation.
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By GlobalDataThe company can earn the interest in the property by making payments totaling $350,000 and completing $3.3m in exploration for a period of five years.
The agreement is subject to regulatory approval.
Pacific Ridge holds a project portfolio in Yukon's White Gold District and its 280km² Mariposa gold project covers the prolific Scroggie and Mariposa placer gold creeks located east of the Coffee Gold Project.
