Mr. Blaine Monaghan reports

GEOPHYSICS PROGRAM UNDERWAY AT PACIFIC RIDGE'S CHUCHI COPPER-GOLD PROJECT AND ONJO COPPER-GOLD PROJECT; FINANCING

An induced polarization (IP) survey is under way at Pacific Ridge Exploration Ltd.'s Chuchi copper-gold project and the Onjo copper-gold project. Both projects are located in the prolific Quesnel terrane in north-central British Columbia.

"Although we weren't able to drill Chuchi this year due to fires, we are pleased that we will be able to further refine targets in advance of next year's planned drill program," said Blaine Monaghan, president and chief executive officer of Pacific Ridge. "Chuchi and Onjo are located in one of B.C.'s most prospective areas for new porphyry discovery and the planned IP surveys will help to unlock their exploration potential."

2023 Chuchi and Onjo geophysics program

In late July, the company announced that it had to cancel the planned exploration program at Chuchi due to wildfires and an area restriction order in the Nation Lakes area (see news release dated July 25, 2023). However, the order has now been lifted and Pacific Ridge has resumed the planned IP survey at Chuchi, which was expanded to include the company's 100-per-cent-owned Onjo project.

A total of 37.5 line-kilometres are planned in eight IP lines at Chuchi and Onjo. This includes three IP lines (12.5 line km) at Chuchi to further extend historical IP survey coverage over the BP and Klaw zones; three IP lines (15 line km) at Chuchi South over Coho and Coho West; and two IP lines at Onjo over Chica and Gingla, which were defined during the 2022 Onjo exploration program (see news release dated Dec. 13, 2022).

About Chuchi

Chuchi is more than 16,000 hectares in size and comprises three claim blocks: Chuchi, under option from Centerra Gold Inc., and Chuchi South and Chuchi West, under option from American Copper Development Corp. Chuchi hosts several compelling exploration targets, is road accessible and is located approximately 35 km northwest of Centerra's Mount Milligan mine.

Chuchi has a long history of exploration by companies such as Noranda, BP, Rio Algom, Kiska Metals and AuRico Metals, including 8,886 metres of drilling in 48 holes, of which 39 holes targeted the main BP zone. An additional 27 holes were drilled in 1991, but the records for this drilling have been lost. Most of the drilling was shallow, less than 150 m in depth, with many of the drill holes ending in mineralization. Grades within the mineralized portion of the BP zone range from 0.21 per cent to 0.40 per cent Cu and from 0.21 gram per tonne to 0.44 g/t Au (see news release dated May 9, 2022). Pacific Ridge believes that the core of the porphyry system has yet to be identified. Chuchi also contains other targets that could represent porphyry centres.

The main porphyry copper-gold target at Chuchi South is the Coho zone, to the east of Valley fault. The Coho zone is hosted in diorite that is spatially associated with an east-west-trending fault zone and is flanked by magnetic highs that appear to be related to marginal mafic-ultramafic dikes. Of the 47 grab samples collected in 2020 from Chuchi South, mainly in the Coho zone, gold ranged from 0.005 to 16.15 g/t (average 1.41 g/t), and copper assayed from 0.04 per cent to 10.2 per cent (average 0.87 per cent). Of the 162 grab samples collected in 2021, gold varied from 0.005 to 7.67 g/t (average 0.33 g/t), and copper assayed from 10 parts per million to 16.35 per cent (average 0.58 per cent) (see news release dated March 6, 2023). The area of anomalous to high-grade mineralization at Coho measures approximately 450 m by 350 m.

One interpretation is that the Coho zone, 4.5 km to the south of BP zone, could be the offset eastern portion of BP zone mineralization along the Valley fault. Alternatively, 2-D and 3-D inversion results from the 2022 ZTEM (Z-axis tipper electromagnetic) survey flown by Pacific Ridge over Chuchi and Chuchi South (see Pacific Ridge press release dated Dec. 1, 2022) suggest a west-dipping, stock-shaped intrusion or intrusive complex underlies the Coho zone aeromagnetic and surface geochemical anomaly.

About Onjo

Accessible via a network of forestry roads, Onjo is over 14,600 hectares in size and adjoins the western boundary of Centerra Gold's Mount Milligan mine, an alkalic porphyry copper-gold system. Onjo hosts skarn and alkalic porphyry copper-gold mineralization associated with monzonitic phases of the Witch Lake intrusions cutting Takla volcanic rocks, similar to the mineralization and host rocks at the Mount Milligan mine. The style of copper-gold mineralization returned in historical drilling, combined with the presence of nearby skarn occurrences, leads Pacific Ridge to believe that past operators encountered the upper or peripheral levels of a tilted alkalic porphyry system and that Onjo has the potential to host an alkalic porphyry copper-gold deposit at depth.

Financing

Pacific Ridge plans to issue up to 3.5 million units in a non-brokered private placement at a price of 18 cents per unit for gross proceeds of up to $630,000. Proceeds from this financing will be used for general working capital.

Each unit will comprise one common share of the company and one common share purchase warrant, with each warrant exercisable to purchase one additional common share at an exercise price of 27 cents for a period of 24 months. The company may pay finder's fees of 6 per cent cash on a portion of the private placement. The private placement and payment of finder's fees are subject to TSX Venture Exchange acceptance.

About Pacific Ridge Exploration Ltd.

Pacific Ridge's goal is to become British Columbia's leading copper-gold exploration company. Pacific Ridge's flagship asset is its 100-per-cent-owned Kliyul copper-gold project, located in the Quesnel terrane 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.