Pacific Ridge Exploration Ltd has entered into an agreement with AuRico Metals Inc., a wholly owned subsidiary of Centerra Gold Inc., to acquire up to a 75% interest in the Chuchi porphyry copper-gold project, located in the prolific Quesnel Trough, north-central British Columbia.
Dr. Gerry Carlson, Executive Chairman of Pacific Ridge, comments:
“We are extremely pleased to add Chuchi to our robust and growing portfolio of porphyry copper-gold projects located in B.C.
“The project hosts a large, well-mineralised gold-rich porphyry copper system, where many of the historical drill holes bottomed in mineralisation; and is located in a proven alkalic porphyry belt with excellent infrastructure. With the acquisition of Chuchi, Pacific Ridge is one step closer to achieving its goal of becoming B.C.’s leading copper-gold exploration company.”
Over 6100 ha. in size, the road accessible Chuchi is located 90 km north of Fort St. James and 35 km northwest of Centerra’s Mount Milligan mine. The project is in the Quesnel terrane and is underlain by lower Jurassic volcanic and sedimentary rocks of the Takla Group (Chuchi Lake succession). Porphyry copper-gold mineralisation at the BP and Rio Algom Zones is associated with a cluster of early Jurassic monzodiorite to syenite porphyry intrusions, dated at 188.5 Ma ± 2.5 Ma. The main BP Zone is defined by 4 km x 3 km halo of outer propylitic alteration surrounding a central 1.5 km x 1.5 km area of copper-gold mineralisation, which is open to depth and potentially to the east across the north-south trending Valley Fault.
Chuchi has a long history of exploration by companies such as Noranda, BP, Rio Algom, Kiska Metals and AuRico, including 8886 m of drilling in 48 holes, of which 39 holes have targeted the main BP Zone. An additional 27 holes were drilled in 1991, but the records for this drilling have been lost. Most of the drilling was shallow, less than 150 m in depth, with many of the drill holes ending in mineralisation. Grades within the mineralised portion of the BP Zone range from 0.21% to 0.4% Cu and from 0.21 g/t to 0.44 g/t Au. Pacific Ridge believes that the core of the porphyry system has yet to be identified. The project also contains other targets that could represent porphyry centres.
Pacific Ridge is planning an airborne ZTEM resistivity survey and a surface exploration program consisting of mapping, sampling, and core re-logging this summer, with the objective of defining drill targets for the 2023 field season.
Read the article online at: https://www.globalminingreview.com/mining/11052022/pacific-ridge-acquires-chuchi-porphyry-copper-gold-project/