Mr. Blaine Monaghan reports

DRILLING UNDERWAY AT PACIFIC RIDGE'S KLIYUL COPPER-GOLD PROJECT

Drilling is under way at Pacific Ridge Exploration Ltd.'s 100-per-cent-owned Kliyul copper-gold project, located in the prolific Quesnel trough in north-central British Columbia. Pacific Ridge plans to complete 7,000 metres of diamond drilling at Kliyul this year.

"The 7,000 m drill program at Kliyul will be focused on expanding the Kliyul Main zone and testing four nearby interpreted porphyry centres that we have never drilled before," said Blaine Monaghan, president and chief executive officer of Pacific Ridge. "The results from this year's drill program at Kliyul could be a game changer for Pacific Ridge and its shareholders."

2023 Kliyul drill program update

The first diamond drill rig is now producing drill core from KLI-23-051, the first 2023 drill hole, and the second diamond drill rig has just arrived. The second drill rig is expected to start producing drill core from KLI-23-052 shortly. The objectives of this year's drill program at Kliyul are to expand the size of the KMZ mineralized body and to test several other high-priority drill targets. Three of the first four drill holes will focus on expanding the Kliyul Main zone (KMZ) to the southeast and into adjacent fault blocks to the north and west. It is thought that the fault blocks surrounding the central KMZ block are downthrown relative to KMZ, based on alteration mineralogy, geochemical and geophysical signatures, and have good preservation potential for offset segments of high-grade Kliyul porphyry mineralization.

2023 proposed drill holes at Kliyul

Seven drill holes (KLI-23-051, KLI-23-052, KLI-23-054, KLI-23-055, KLI-23-056, KLI-23-058 and KLI-23-060) have been designed to expand the size of the KMZ mineralized body to the southeast and into adjacent fault blocks to the north, east and southwest. These targets are defined by known mineralization from previous drilling campaigns combined with modelled geophysical signatures, primarily a 3-D magnetic vector inversion (MVI) aeromagnetic-high signature with coincident resistivity- and chargeability-high anomalies.

Four drill holes (KLI-23-053, KLI-23-057, KLI-23-059 and KLI-23-061) have been designed to test several high-priority targets that lie mainly within the Divide Lake fault trend, a highly prospective six-kilometre-long northwest-trending alteration and mineralization corridor, including Ginger (1.4 km northwest of KMZ), Parish Hill (one km southeast of KMZ), M-39 (3.5 km southeast of KMZ) and Ginger South (1.2 km west of KMZ), which lies within the east-northeast Valley fault trend. These targets are interpreted porphyry centres derived from aeromagnetic data and 3-D MVI modelling, induced polarization (IP) survey inversions, geological mapping (lithology, alteration, mineralization, structure), and surface geochemical sampling.

Description of the 2023 proposed drill holes at Kliyul

KLI-23-051 (310-degree azimuth, minus-52-degree inclination, planned length 700 m) is collared in KMZ about 135 m south of KLI-22-043. It is designed to drill across the core of KMZ at a high angle to the dominant historical drilling orientation, and then drill across Valley fault into Kliyul North zone by about 550 m. This part of Kliyul North has never been drilled despite having the same geophysical signature as KMZ to the extent of data coverage.

KLI-23-052 (235-degree azimuth, minus-58-degree inclination, planned length 600 m) is collared in KMZ about 150 m east of KLI-22-043 which drilled to the west and returned 38 m of 0.65 per cent CuEq (copper equivalent) (0.45 per cent copper, 0.26 gram per tonne gold and 0.83 g/t silver) within 114 m of 0.55 per cent CuEq (0.28 per cent copper, 0.36 g/t Au and 1.52 g/t Ag). The 38 m interval, starting at 463 m, is in the Kliyul West block and has a distinctively high 1.75 Cu:Au ratio signature of mineralization compared with the entire known Kliyul mineralized body (weighted average of 0.61 Cu:Au). KLI-23-052 will provide an 80 m stepout to the southeast in KMZ and then drill across Lui fault into Kliyul West starting at about 450 m to test for an extension of the KLI-22-043 result.

KLI-23-053 (222-degree azimuth, minus-75-degree inclination, planned length 600 m) will be the first deep drill test of the Ginger target area. Results from 2022 exploration suggest there may be a northeast-tilted porphyry system with a core zone starting at about 300 m depth. There is only one historical drill hole in the area, 450 m to the southwest, that was shallow drilled (to 100 m vertical depth) and appears to have intersected postmineral granodiorite.

KLI-23-054 (000-degree azimuth, minus-55-degree inclination, planned length 450 m) will be collared in the Kliyul North zone as a 170 m stepout to the northwest of KLI-22-046, which extended mineralization 250 m north of KMZ and returned 59 m of 0.89 per cent CuEq (0.24 per cent copper, 0.87 g/t gold and 2.29 g/t silver) within 169 m of 0.55 per cent CuEq (0.20 per cent copper, 0.46 g/t Au and 1.65 g/t Ag). KLI-23-054 will test for an extension of the KLI-22-046 result, as well as test for moderately south-dipping attitude of mineralization and associated intrusions.

KLI-23-055 (090-degree azimuth, minus-80-degree inclination, planned length 550 m) will be collared in the Kliyul North zone from the same drill pad as KLI-22-052. This steeply inclined drill hole will test the Kliyul North zone at depth in a gap area where there is the same geophysical signature as KMZ. The nearest deep drill hole, KLI-22-044, is 100 m to the southeast and returned 23.2 m of 0.94 per cent CuEq (0.24 per cent copper, 0.94 g/t gold and 1.40 g/t silver) starting at 409 m within the Kliyul North zone.

KLI-23-056 (000-degree azimuth, minus-65-degree inclination, planned length 600 m) will be collared on the underdrilled eastern side of KMZ and drill north toward the Divide Lake fault and then into the East Wedge zone at depth. The nearest drill holes include KLI-15-033, collared 130 m to the north, which returned 69.5 m of 0.58 per cent CuEq (0.28 per cent copper, 0.39 g/t gold and 1.57 g/t silver) starting at 32.5 m; and KLI-22-049, collared 155 m to the northeast, which returned 66 m of 0.41 per cent CuEq (0.23 per cent copper, 0.24 g/t gold and 0.90 g/t silver) starting at 250 m in the East Wedge zone.

KLI-23-057 (240-degree azimuth, minus-60-degree inclination, planned length 600 m) will be collared in the Parish Hill zone, one km southeast of KMZ within a broad moderate-intensity RMI aeromagnetic anomaly that follows the Lui fault. A northwest-trending 330 by 100 m lens-shaped MVI magnetic-high anomaly comes to surface here following a lithological contact between sandstone-carbonate and volcaniclastic units that was mapped in 2021 (the SC/Vx contact). This contact has garnet-magnetite skarn associated with it and was found to be chalcopyrite-bornite mineralized farther to the west-northwest. The near-surface MVI magnetic-high anomaly dips steeply to the west and merges into a large magnetic-high anomaly after 300 m depth that could represent a porphyry deposit source of the surface skarn. Drilling will test this magnetic anomaly.

KLI-23-058 (055-degree azimuth, minus-65-degree inclination, planned length 700 m) will be collared in the Kliyul West zone stepping out 290 m southeast of KLI-22-050 within the Lui fault corridor aeromagnetic anomaly. Drilling will test the SC/Vx contact at about 400 m depth and about 150 m west of where the mineralized skarn was mapped on surface. A larger magnetic anomaly begins at about 470 m depth. It is important to note that the SC/Vx contact as mapped in 2021 parallels an interpreted east-west linkage structure at Kliyul that is at the centre of fault jog structural interpretations for the KMZ mineralized body.

KLI-23-059 (055-degree azimuth, minus-60-degree inclination, planned length 450 m) will be collared in the Ginger South target area about one km south of KLI-23-053 in the Ginger zone. The Ginger South area lies near the intersection of a western extension of the east-northeast-trending Valley fault corridor with the northwest-trending Parish Hill fault, and lidar results indicate there may be a north-south fault that extends south from the Ginger zone. This interpreted double- or triple-fault intersection is about 250 m north of the planned drill hole collar and coincides with a greater than 0.2 ppm (part per million) Au-in-soil anomaly. Drilling will test a 150 m diameter aeromagnetic-high bull's eye anomaly that is coincident with a chargeability high and could drill across the SC/Vx contact at depth.

KLI-23-060 (240-degree azimuth, minus-60-degree inclination, planned length 500 m) will be collared in the Kliyul East zone where there is no historical drilling. The nearest drill hole is KLI-22-048A, about 80 m to the north, but it was drilled mainly within the Kliyul North zone and did not adequately test Kliyul East. Drilling will test a steeply west-dipping chargeability anomaly that extends from near surface in Kliyul East to about 430 m depth in the East Wedge zone where it is coincident with an MVI magnetic-high anomaly near the Divide Lake fault.

KLI-23-061 (070-degree azimuth, minus-55-degree inclination, planned length 700 m) will be collared in the M-39 zone where there is no historical drilling. Results from 2022 exploration suggest there may be a deep-seated porphyry system with a large (500-plus m diameter) chargeability anomaly starting at about 500 m depth. There is a 300 by 100 m steeply east-dipping pipe-shaped chargeability-high feature on its western side that extends to surface near the eastern margin of the northwest-trending Kliyul Creek intrusive complex; this is coincident with an MVI magnetic-high feature. A flat-lying resistivity-high feature at 200 to 300 m depth is suggestive of an overlying lithocap. Drilling will test the near-surface chargeability-magnetic-high anomaly and follow it down plunge to depth.

About Pacific Ridge Exploration Ltd.

Pacific Ridge's goal is to become British Columbia's leading copper-gold exploration company. Pacific Ridge's flagship project is its 100-per-cent-owned Kliyul copper-gold project, located in the Quesnel trough close to existing infrastructure. In addition to Kliyul, the company's project portfolio includes the RDP copper-gold project (optioned to Antofagasta Minerals SA), the Chuchi copper-gold project, the Onjo copper-gold project and the Redton copper-gold project, all located in British Columbia. Pacific Ridge would like to acknowledge that its B.C. projects are located in the traditional, ancestral and unceded territories of the Gitxsan Nation, McLeod Lake Indian Band, Nak'azdli Whut'en, Takla Nation and Tsay Keh Dene Nation.

We seek Safe Harbor.