Copper Ridge Options Out Scheelite Dome Gold Property
Vancouver, BC, February 20, 2007 - Copper Ridge Explorations Inc. ("Copper Ridge") announces that it has reached agreement with Riverside Resources Inc. ("Riverside") whereby Riverside will have the right to earn up to a 65% interest in Copper Ridge's 100 percent owned Scheelite Dome Gold Property. The agreement requires a drill program for the 2007 field season with a minimum expenditure of $250,000.
The Scheelite Dome Property covers approximately 10,300 hectares and is located within the Tintina Gold Province, approximately 35 km by road northwest of the town of Mayo, Yukon. Scheelite Dome is recognized as one of the largest intrusion-related gold systems in the Yukon, based on:
- The presence of a large mineralized alteration pattern adjacent to an intrusion;
- Multiple controls for mineralization; and
- Significant drill and trench results.
It occurs in a geological setting that is similar to that of Sumitomo and Teck Cominco's Pogo deposit in Alaska (7 million tonnes of 16.12 gpt gold) and NovaGold and Barrick Gold's Donlin Creek deposit (215 million tonnes of 2.4 gpt gold).
The main target at Scheelite Dome is a 10 km long gold-arsenic-bismuth-antimony soil anomaly coincident with gold mineralization in contact metamorphic rocks adjacent to a 90 million year old granitic intrusion. Gold mineralization occurs in veins, stockworks, replacement zones and skarn. Creeks draining the mineralized area are among the most prolific gold placer creeks in the Mayo mining district. Historical exploration on the property has included airborne geophysics, geological mapping, grid soil sampling, IP and magnetometer surveys, trenching, 1,052 m of reverse circulation drilling in 13 holes and 2,610 m of core drilling in 20 holes. Drill highlights include 6.4 m @ 7.09 gpt gold; 1.7 m @ 24.4 gpt gold; 7.7 m @ 3.67 gpt gold; 4.6 m @ 3.66 gpt gold; 5.9 m @ 2.46 gpt gold. Grab samples in excess of 100 gpt gold have been obtained from the Tom Zone. Please see Copper Ridge's web site -- www.copper-ridge.com -- for project details.
"We are pleased to have Riverside and its strong technical team as our partner at Scheelite Dome." said Gerry Carlson, Copper Ridge President and CEO. "This agreement will allow us to sharpen our focus on our other high priority targets; the Lucky Joe and Copper Ace projects, as well as our Ironman and Yukon Olympic IOCG, Borealis uranium and Willoughby high grade gold projects."
Riverside's 2007 exploration program will focus on the newly discovered Toby Zone, an area of strongly anomalous gold, arsenic, bismuth and antimony in soils. Mechanical trenching in 2006 encountered large areas of intense alteration in the metasediments surrounding discrete 1 to 3 m wide zones of quartz-arsenopyrite-bismuthinite veining. Assay values range from 0.002 to 14.9 gpt gold. Highlights include 4.2 gpt gold over 2 m and 8.1 gpt gold over 1 m in continuous chip samples. The 2007 field work will be preceded by a compilation of all the extensive historical property files and the preparation of digital maps and computer models to assist in prioritizing drill targets.
According to the terms of the agreement, Riverside can earn a 51% interest in the Scheelite Dome property by completing $1.8 million in exploration expenditures, issuing 300,000 shares and paying $25,000 to Copper Ridge over four years. Riverside can then increase its interest to 65% by spending an additional $2.0 million and issuing an additional 300,000 shares within an additional three years. Riverside is a private company that is applying for a listing on the TSV Venture Exchange through an Initial Public Offering. The agreement is subject to regulatory approval.
Copper Ridge's exploration philosophy focuses on maximizing the potential for success in a high-risk business. With grass roots mineral exploration, where the entry cost is low but the potential reward can be very high, success will be contingent on exploration skill and on carefully managed risk. Our management team brings tenacity, technical skill and experience, all crucial ingredients for discovery. By exploring a broad array of projects, focusing on the right commodities, in areas of high mineral potential and in mining-friendly jurisdictions and by sharing the risks on some projects with joint venture partners, Copper Ridge is exposing its shareholders to a greater chance for discovery. Copper Ridge is well financed for the proposed 2007 field program on its Yukon and British Columbia properties.
Gerald G. Carlson, President & CEO
Copper Ridge Explorations Inc.
Suite 500 -- 625 Howe Street
Vancouver, B.C. V6C 2T6
Phone: 604-688-0833; 1-888-278-2288
This release was prepared by management of the Company who takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.