Dec 9, 2021
Canadian companies are interesting because they are much like cats; they seem to have nine lives. I worked with Pacific Ridge (PEX-V) eighteen years ago when they were under totally different management drilling a gold project in Nevada that never went anywhere. The company pretty much faded away for many years but it’s back with a giant copper hit in British Columbia.
While the name of the company has been around for a long time, essentially the company is brand new starting to move forward in early 2020 when they entered into an earn-in with Aurico Metals on the Kliyul-Redton projects.
PEX can earn 51% of the two properties by paying Aurico $100,000 and issuing two million shares and spending $3.5 million in exploration. They can earn an additional 24% in the projects by paying Aurico an additional $60,000 in cash, issuing 1.5 million shares and spending $3.5 million more for exploration. Kliyul has an underlying 2% NSR while Redton has a 2.5% NSR that can be reduced to 1% for $2 million.
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