Pacific Ridge Exploration Ltd. announced the remaining results from the 2022 diamond drill program completed at the Kliyul copper-gold porphyry project (Kliyul or Project), located in the prolific Quesnel Trough in northcentral British Columbia. Highlights: Drill hole KLI-22-050 returned 89.0 m of 1.06% copper equivalent ("CuEq") (0.28% copper, 1.05 g/t gold, and 1.20 g/t silver) within 328.0 m of 0.67% CuEq (0.25% copper, 0.57 g/t gold, and 1.25 g/t silver); Drill hole KLI-22-046 extended mineralization 250 m north of the Kliyul Main Zone ("KMZ") and returned 59.0 m of 0.89% CuEq (0.24% copper, 0.87 g/t gold, and 2.29 g/t silver) within 169 m of 0.55% CuEq (0.20% copper, 0.46 g/t Au, and 1.65 g/t Ag); Drill hole KLI-22-049, a 300 m step out to the east of KMZ, returned 28.0 m of 0.61% CuEq (0.27% copper, 0.44 g/t gold, and 2.87 g/t silver) within 340.0 m of 0.30% CuEq (0.15% copper, 0.20 g/t Au, and 0.80 g/t Ag); 2022 drilling materially increased the size of the KMZ mineralized body to approximately 600 m (E- W) x 350 m (N-S) x 600 m vertical depth from approximately 350 m (E-W) x 150 m (N-S) x 500 m vertical depth; and Drilling also confirmed that the magnetic vector inversion (MVI) data closely correlates with mineralization; in plan, there is an approximate 38-hectare anomalous MVI. The currently defined KMZ mineralized footprint represents only 5.5 hectares, or 14.5% of the total footprint.

The 2022 program comprised 7,014.7 metres in 12 diamond drill holes, the largest ever drill program at the Project. Results of the second six drill holes (3,743.0 m) confirmed the expansion of mineralization into three zones adjacent to KMZ - to the north across Valley Fault (Kliyul North), to the east across Divide Lake Fault (East Wedge), and to the west across the Lui Fault (Kliyul West). Mineralization in each of these fault-defined zones remains open in several directions and at depth, as does KMZ mineralization to the southeast.

Understanding of structural control at Kliyul was enhanced with the new drilling results, where mineralization encountered in both East Wedge and Kliyul North appears to be spatially related to the NW-trending Divide Lake Fault. The Divide Lake Fault was previously thought to be cut-off by the Valley Fault, but there is growing evidence that it may continue into Kliyul North. If this is the case, then Divide Lake Fault crosscuts the ENE-trending Valley Fault, which was confirmed to be a syn-mineral structural zone in the first six drill holes of 2022 and both faults may be principal controlling structures that were active in the latest Triassic Period.

Extent of the Divide Lake Fault north of Valley Fault is unknown in surface mapping due to colluvial overburden. The recently acquired MVI data of the high-resolution helicopter-borne magnetic gradient survey, flown in July 2022, closely correlates with mineralization in 2022 drill holes. In plan, the MVI induced result shows an approximate 38-hectare anomalous MVI footprint that encompasses the four mineralized zones (KMZ, Kliyul North, East Wedge, and Kliyul West) and of which the currently defined KMZ represents only 5.5 hectares, or about 14.5% of the total footprint (Figure 3).

This magnetic anomaly is centered on three known faults, the parallel NW-trending Lui Fault and Divide Lake Fault (separated by about 300 m), and the ENE-trending Valley Fault, but the anomaly extends outside these faults and their intersections below about 300 m vertical depth (Figure 3). Altogether, these results suggest that the KMZ is one component of a larger mineralized system that extends to the north, east, southeast and southwest. Broad step-out drilling 600 m to the west (KLI-22- 047) and over 700 m to the east (KLI-22-048A) from the centre of KMZ along the Valley Fault Trend encountered weak fault-controlled mineralization with sericitic alteration and is interpreted to be within a high-chargeability pyrite halo, currently defining the outer boundary of the porphyry system.

These six drill holes (totaling 3,743.0 m) tested five target areas, Kliyul West, Kliyul North, KMZ, East Wedge, and Kliyul East. Drilling in Kliyul West and Kliyul East included the largest step-outs in drilling from KMZ since the mid-1990s to help determine the full extent of the Kliyul paleo-hydrothermal system along the Valley Fault Trend in terms of alteration and mineralization signature. KLI-22-045 (azimuth 030°, inclination -65°) tested the extent of mineralization beyond the Valley Fault in Kliyul North at depth compared to KLI-15-035.

The drill hole was collared in KMZ and intersected the damage zone of the Valley Fault/Divide Lake Fault intersection from 298-347 m after which drilling remained in Kliyul North until end-of-hole at 695.0 m. Significant intervals of mineralization include, 72.0 m of 0.66% CuEq or 0.91 g/t AuEq starting from 112 m (KMZ); and 141 m of 0.30% CuEq or 0.41 g/t AuEq starting from 330 m (Kliyul North).