Centerra may earn stake in Pacific Ridge’s Yukon project
JOHANNESBURG (miningweekly.com) – TSX-listed Centerra Gold, which currently focuses on Central Asia, may be earning a stake in a gold project in north-west Canada, Pacific Ridge Exploration reported on Thursday.
Pacific Ridge said it had entered into an agreement to option an interest in its road-accessible King Solomon project, in Yukon’s Klondike gold district. Centerra had the option to earn a 70% interest in the project by paying $665 000 to Pacific Ridge and by completing a minimum of $4.5-million in exploration work on the project by the end of 2017.
Centerra's exploration plans are expected to initially include geological mapping, additional soil sampling, ground geophysical surveying and a RAB (rotary air blast) drilling programme.
Last year, Pacific Ridge conducted a surface exploration programme that included the collection of 481 soil samples, followed by high-resolution induced polarization-resistivity surveys and close-spaced GeoProbe regolith sampling over the key soil and geophysical anomalies. The survey defined a number of linear structural zones that correlate with the gold-in-soil geochemical anomalies. The regolith sampling, which used the GeoProbe track-mounted mechanical sampler, penetrated to depths of up to 3 m, and sampled rock fragments just above bedrock. Analytical results obtained by the GeoProbe sampling programme include values in the range of 0.1 g/t to 2.8 g/t gold within the King Zone and 2.1 g/t to 74.5 g/t silver within the King Zone SE.
The King Solomon project consists of 372 claims held under option from Yukon prospector Shawn Ryan and Wildwood Exploration, as well as 40 adjacent claims held under option from 39242 Yukon. The property covers 7 500 ha.
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