Mr. Blaine Monaghan reports

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

Drilling is under way at Pacific Ridge Exploration Ltd.'s RDP copper-gold project, located in north-central British Columbia, 40 kilometres west of the company's flagship Kliyul copper-gold project. Antofagasta Minerals SA, a wholly owned subsidiary of Antofagasta PLC, can earn a 75-per-cent interest in RDP by spending $10-million on exploration over eight years and delivering a preliminary economic assessment report (see news release dated Feb. 8, 2022). Pacific Ridge is the operator and is supporting the RDP exploration program from the Kliyul camp.

2023 RDP exploration program update

The company has completed one drill hole (RDP-23-07) of the planned 1,800-metre diamond drill program so far. RDP-23-07 is a 300-metre eastern stepout from drill hole RDP-22-005, which intersected 107.2 metres of 1.45 per cent copper equivalent (0.63 per cent copper, 1.10 grams per tonne gold and 2.91 grams per tonne silver) within 497.2 metres of 0.68 per cent copper equivalent (0.37 per cent copper, 0.40 gram per tonne gold and 1.6 grams per tonne silver) at the Day target in 2022.

The surface geochemical grid sampling (rocks and soils) and induced polarization (IP) geophysical survey program is complete and focused on the Bird and Porcupine targets; an IP geophysical survey was also completed over Day. In total, 45 rock samples were collected over an 800-metre-by-600-metre area at Porcupine; 345 soil samples were collected at 50-metre spacing in 12 lines (100-metre line spacing) at Bird and Porcupine; five IP survey lines (9.2 line kilometres) were completed over Bird and Porcupine; and three IP survey lines (4.4 line kilometres) were completed over Day.

About RDP

Located 40 kilometres west of the company's flagship Kliyul project, RDP is greater than 10,000 hectares in size and lies within the Stikine terrane, which is host to numerous significant porphyry deposits in Northern British Columbia, including Kemess, Red Chris, Kerr-Sulphurets and Galore Creek. The eastern margin of Stikine terrane in this part of north-central British Columbia has been underexplored historically and has seen increased exploration activity since its coverage in the 2017 Geoscience British Columbia Search phase III airborne magnetic and radiometric survey.

RDP contains several porphyry copper-gold targets (Roy, Day, Porcupine and Bird) that have been explored intermittently since the early 1970s, including prospecting and mapping, various geochemical surveys, ground and airborne geophysical surveys, trenching, and a limited amount of drilling. The project is underlain by lower Hazelton group volcanic and sedimentary rocks (Lower Jurassic) of andesitic and dacitic composition and the Gyr rhyolite porphyry; and by late Triassic to early Jurassic plutonic rocks, including the Fir gabbro and Roy plutonic suite with porphyritic plugs, sills and stocks of monzodiorite composition.

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), 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 British Columbia projects are located in the traditional, ancestral and unceded territories of the Gitxsan Nation, the McLeod Lake Indian Band, Nak'azdli Whut'en, the Takla Nation and the Tsay Keh Dene Nation.

The technical information contained within this news release has been reviewed and approved by Dr. Gerald G. Carlson, PhD, PEng, executive chairman of Pacific Ridge and qualified person as defined by National Instrument 43-101 policy.

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