Research Note - Pacific Ridge Exploration Ltd. (PEX:TSXV, $0.29|N/R) - Remaining Kliyul Drill Results Released
The morning of January 18th, 2023, Pacific Ridge Exploration Ltd. announced the remaining 6 results from the 2022 Kliyul drill program (12 holes at 7,014.7m for the whole program).
Through step-out drilling, PEX showed that this project has a large size potential. Hole KLI-22-046 extended the known mineralization 250m to the north of the Kliyul Main Zone (KMZ). Hole KLI-22-049 extended the known mineralization 300m to the east of the KMZ. This whole program increased the size of the KMZ mineralized body from 350mx150mx500m (26km2) to 600mx350mx600m (126km2). This is a 385% increase in size.
The drilling performed during this program confirmed that the data PEX had obtained from its magnetic vector inversion (MVI) survey closely correlates with the mineralization seen in the drill results. The MVI anomaly occurs over an area of 38 hectares (Figure 3), while drilling has only been done on 5.5 hectares (only about 14.5% of the total footprint). There remains significant potential for expansion of the mineralized area.
WHY WE LIKE PEX:
• Kliyul & RDP projects both showing early signs of scale
• Yukon projects pose liquidation opportunities
• Management are proven winners
• Potential takeout target &/or partnerships