Our loyal readers may well remember when I was on my recent trip to Alaska to pick up a truck that I mentioned stopping at the Golden Arrow property in Nevada, just east of Fallon.
Pacific Ridge (symbol: PEX-V) is in the midst of a $700,000 Canadian drill program on the Golden Arrow project. They intend to drill about 30,000 feet this year in two phases. Phase I has been underway for the last couple of weeks and other than the contractor dropping the drill down the hole, it has been fruitful.
At the same time Pacific Ridge geologists were starting the drilling, they had another team conducting a massive geochemical survey of the property. When the results of the Phase I drilling and the geochem survey are compared, they intend to lay out entirely new drill targets for Phase II.
Prior drilling at Golden Arrow has revealed massive low grade structures (1.7 grams per tonne gold over 357 feet) and a few high grade structures (58.3 grams per tonne over 15 feet).
Pacific Ridge has the right to earn up to an 80% interest in the Golden Arrow property from Nevada Sunrise, LLC.
Pacific Ridge stock is selling for about $.15 Canadian and they have 36,000,000 shares fully diluted so their market cap is about $5.4 million Canadian. A successful drill program would make that pretty cheap and results from the drilling will be released in the next week.
This is neither
a buy nor sell recommendation. Pacific Ridge is an advertiser
and we have both shares and warrants from a private placement
done earlier this year.
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