Mr. Blaine Monaghan reports

PACIFIC RIDGE INTERSECTS 113.0 M OF 0.48% COPPER EQUIVALENT OR 0.71 G/T GOLD EQUIVALENT WITHIN 485.7 M OF 0.27% COPPER EQUIVALENT OR 0.40 G/T GOLD EQUIVALENT AT THE KLIYUL COPPER-GOLD PROJECT

Pacific Ridge Exploration Ltd. has released results from diamond drill holes KLI-23-059 to KLI-23-062 from this year's exploration program at the Kliyul copper-gold porphyry project. Drill hole KLI-23-062 returned 113 metres of 0.48 per cent copper equivalent (CuEq) or 0.71 g/t gold equivalent (AuEq) (0.22 per cent copper, 0.36 g/t gold and 1.65 g/t silver) within 485.7 m of 0.27 per cent CuEq or 0.40 g/t AuEq (0.15 per cent copper, 0.17 g/t gold and 0.89 g/t silver). Kliyul is located in the prolific Quesnel terrane in north-central British Columbia close to existing infrastructure.

Pacific Ridge completed a total of 19 diamond drill holes (KLI-23-051 to KLI-23-069) totalling 10,284 metres at Kliyul this year, the largest ever exploration program at the project. The company announced drill results for holes KLI-23-051 to KLI-23-054 in August with drill hole KLI-23-054 returning 305.5 m of 0.59 per cent CuEq or 0.87 g/t AuEq (0.23 per cent copper, 0.51 g/t gold and 1.22 g/t silver) (see news release dated Aug. 23, 2023). Pacific Ridge announced drill results for holes KLI-23-055 to KLI-23-059 in October with drill hole KLI-23-058 returning 103.5 m of 0.63 per cent CuEq or 0.93 g/t AuEq (0.18 per cent copper, 0.66 g/t gold and 0.93 g/t silver) within 388.5 m of 0.42 per cent CuEq or 0.62 g/t AuEq (0.18 per cent copper, 0.35 g/t gold and 1.05 g/t silver) (see news release dated Oct. 10, 2023). Results for the remaining seven drill holes will be released once they are received and compiled.

Highlights:

• Drill hole KLI-23-062 returned 113 m of 0.48 per cent CuEq or 0.71 g/t AuEq (0.22 per cent copper, 0.36 g/t gold and 1.65 g/t silver) within 485.7 m of 0.27 per cent CuEq or 0.40 g/t AuEq (0.15 per cent copper, 0.17 g/t gold and 0.89 g/t silver).
• Drill hole KLI-23-062 is the westernmost drill hole to be completed entirely within the Kliyul Main zone (KMZ). It was drilled vertically to test a gap between KMZ and KMZ West near the intersection of the northwest-trending Lui fault and east-northeast-trending Valley fault and extended porphyry copper-gold mineralization 100 m to the northwest and southwest of the nearest drill holes.
• Drill hole KLI-23-060 returned 61 m of 0.40 per cent CuEq or 0.60 g/t AuEq (0.18 per cent copper, 0.32 g/t gold and 1.67 g/t silver) within 100 m of 0.35 per cent CuEq or 0.51 g/t AuEq (0.16 per cent copper, 0.26 g/t gold and 1.38 g/t silver).
• Drill hole KLI-23-060 was one of three holes, and the westernmost hole, drilled in an east-west fence in KMZ North. KLI-23-060 tested an undrilled area more than 100 m away from any previous drilling and extended porphyry copper-gold mineralization approximately 130 m west of KLI-23-058, which returned 103.5 m of 0.63 per cent CuEq or 0.94 g/t AuEq (0.18 per cent copper, 0.66 g/t gold and 0.93 g/t silver) within 388.5 m of 0.42 per cent CuEq or 0.62 g/t AuEq (0.18 per cent copper, 0.35 g/t gold and 1.05 g/t silver) (see Pacific Ridge news release dated Oct. 10, 2023).
• Drill hole KLI-23-060 provides further evidence that KMZ mineralization extends across the Valley fault. KLI-23-060 is 125 m north of the previous northernmost KMZ drill hole KLI-21-036, which returned 291.7 m of 0.79 per cent CuEq or 1.18 g/t AuEq (0.28 per cent copper, 0.74 g/t gold and 2.04 g/t silver) within 437 m of 0.64 per cent CuEq or 0.95 g/t AuEq (0.22 per cent copper, 0.60 g/t gold and 1.62 g/t Ag) (see news release dated Dec. 1, 2021).
• Drilling to date has expanded the known extents of KMZ mineralization to 630 m east-west, up to 600 m north-south and up to 600 m vertical depth. KMZ remains open in every direction.

"I'm very pleased with this batch of drill results," said Blaine Monaghan, president and chief executive officer of Pacific Ridge. "We continue to grow the known extents of KMZ mineralization and continue to prove that KMZ mineralization predates some of the mapped faults and is not constrained by these faults."

Discussion of drill holes KLI-23-059 to KLI-23-062

Drill holes KLI-23-059 to KLI-23-062 tested for northern and western extensions of KMZ and several interpreted porphyry centres, Parish Hill and Ginger South. Parish Hill is one km southeast of KMZ within the six-kilometre-long Divide Lake fault trend (northwest-southeast) and Ginger South is 1.3 km west of KMZ within the 2.5 km long Valley fault trend (east-northeast-west-southwest).

Results indicate that mineralization in KMZ extends 100 m farther west into the Lui fault-Valley fault intersection area, a junction between KMZ, KMZ West and KMZ North, and continues to the west in the KMZ North in an area without any previous drilling.

• KLI-23-062 returned 113 m of 0.48 per cent CuEq or 0.71 g/t AuEq (0.22 per cent copper, 0.36 g/t gold and 1.65 g/t silver) within 485.7 m of 0.27 per cent CuEq or 0.40 g/t AuEq (0.15 per cent copper, 0.17 g/t gold and 0.89 g/t silver). It was drilled vertically to test a gap area between KMZ and KMZ West near the intersection of the northwest-trending Lui fault and east-northeast-trending Valley fault. It extended porphyry copper-gold mineralization 100 m to the northwest and southwest of the nearest KMZ drill holes, KLI-21-037 and KLI-15-032.
• KLI-23-060 was drilled 135 m north of KLI-23-062 and returned 61 m of 0.40 per cent CuEq or 0.60 g/t AuEq (0.18 per cent copper, 0.32 g/t gold and 1.67 g/t silver) within 100 m of 0.35 per cent CuEq or 0.51 g/t AuEq (0.16 per cent copper, 0.26 g/t gold and 1.38 g/t silver). This was the westernmost of three drill holes comprising an east-west fence across the KMZ North and tested an undrilled area more than 100 m away from the closest drill hole, KLI-15-032. It extended porphyry copper-gold mineralization approximately 130 m west of KLI-23-058, which returned 103.5 m of 0.63 per cent CuEq or 0.94 g/t AuEq (0.18 per cent copper, 0.66 g/t gold and 0.93 g/t silver) within 388.5 m of 0.42 per cent CuEq or 0.62 g/t AuEq (0.18 per cent copper, 0.35 g/t gold and 1.05 g/t silver) (see Pacific Ridge news release dated Oct. 10, 2023). KLI-23-060 provides further evidence that KMZ mineralization is not constrained by the Valley fault.

Large stepouts from KMZ to the southeast, Parish Hill, and to the west, Ginger South, encountered low-grade mineralization over narrow intervals related to skarn or D-vein occurrences. Reconnaissance surface sampling at Parish Hill in advance of drilling confirmed mineralized garnet-epidote plus or minus magnetite skarn and mineralized quartz veins follow a key lithological contact in the Kliyul Creek volcano-sedimentary host rocks near the southeastern end of Lui fault.

Summary of drill holes KLI-23-059 to KLI-23-062

KLI-23-059 (azimuth 225 degrees, inclination minus 58 degrees, planned length 600 m, drilled length 607 m) was collared at the Parish Hill target, 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 vector inversion) magnetic high anomaly comes to surface here following a lithological contact between Kliyul Creek sandstone-carbonate and volcaniclastic units that was mapped in 2021. This contact has Cu-sulphide mineralized garnet-epidote plus or minus magnetite skarn locally associated. 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 tested this magnetic anomaly.

• Lithology consists of intercalated volcaniclastic andesite, quartz diorite (up to 13 m wide) and andesite dikes to 118.9 m. This zone is faulted, sheared and broken to about 90 m. From 118.9 to 172.2 m there is an augite-phyric pyroxenite unit with a faulted footwall contact. From 223.5 to 340 m is a zone of alternating plagioclase-phyric flows (up to 28.7 m wide) and a carbonate-volcaniclastic fragmental unit. The remainder of the drill hole is coherent andesite with feldspar porphyry dikes (up to 14 m wide) and a gabbro dike (53.7 m wide) at 520.6 m.
• Alteration is predominantly chlorite-sericite with lesser sericitic and propylitic to 50 m after which propylitic alteration intensifies to moderate. Alteration of the pyroxenite unit includes dolomite, illite, fuchsite; magnetite alteration starts at 128.1 m and biotite alteration increases after 143.5 m toward the pyroxenite footwall contact at 172.4 m. In the footwall zone chlorite-sericite again intensifies and magnetite is replaced by hematite; a shear zone at 181 to 183 m has a skarn altered appearance and Fe-carbonate. Local garnet-epidote plus or minus wollastonite plus or minus K-feldspar skarn intervals with carbonate occur from 223.5 to 275.8 m. Below the skarn zone, chlorite-sericite alteration predominates with lesser carbonate and patchy potassic (magnetite plus or minus K-feldspar) to 370.5 m, after which propylitic alteration predominates to end of hole.
• Mineralization includes disseminated chalcopyrite associated with skarn intervals. These locally occur with D-veins (quartz-pyrite-chalcopyrite) at 252 to 253.3 m and 319.6 m and with disseminated and stringer pyrite. Trace chalcopyrite and pyrrhotite is noted after 552 m to end of hole.
• The 11.9 m interval of 0.12 per cent CuEq or 0.18 g/t AuEq (0.04 per cent Cu, 0.10 g/t Au and 1.02 g/t Ag) from 181.1 m is associated with the skarn altered shear zone. It is also anomalous in tungsten (17.9 parts per million). A deeper 16.7 m interval of 0.08 per cent CuEq or 0.12 g/t AuEq (0.06 per cent Cu, 0.02 g/t Au and 0.65 g/t Ag) from 247.1 m is a skarn zone with D-veins and is also anomalous in tungsten (68.3 ppm).

KLI-23-060 (azimuth 90 degrees, inclination minus85 degrees, planned length 600 m, drilled length 617 m) was drilled in KMZ North and was the westernmost of three drill holes comprising an east-west fence across KMZ North. It tested an undrilled area over 100 m from any previous KMZ drilling.

• Lithology is mainly volcaniclastic andesite (86 per cent) with feldspar porphyry dikes (up to 64.1 m wide) to 492.9 m. From 492.9 to 544.3 m is a zone of alternating feldspar porphyry (up to 11.8 m wide) with hornblende andesite dikes (up to 26.3 m wide). From 544.3 to 613 m is volcaniclastic andesite with quartz diorite dikes (up to 9.3 m wide).
• Alteration is anhydrite-bearing inner-propylitic alternating with chlorite-sericite. Weak patchy magnetite alteration starts at 122 m. At 409.8 to 419.2 m there is a sericite cemented breccia and a shear zone from 426.5 to 437.2 m with intensified inner-propylitic and chlorite-sericite alteration; magnetite alteration becomes moderate strength to 509.5 m. From 509.5 m to end of hole local sericitic and chlorite-sericite alteration predominate.
• Mineralization includes disseminated and fracture-fill pyrite. Disseminated chalcopyrite starts with magnetite alteration at 122 m. There is an apparent zonation of vein types with intermediate-stage anhydrite plus or minus epidote plus or minus chlorite plus or minus sulphide veins more predominant from 80 to 475 m, and then early-stage quartz plus or minus sulphide veins more predominant from 475 to end of hole. There is a zone of D-veins between 576.6 and 586.9 m.
• The 61 m interval of 0.40 per cent CuEq or 0.60 g/t AuEq (0.18 per cent Cu, 0.32 g/t Au and 1.67 g/t Ag) from 191 to 252 to m is associated with disseminated pyrite and chalcopyrite, weak magnetite, and inner-propylitic alteration with anhydrite plus or minus chlorite and epidote veinlets at the lower contact and footwall zone of a feldspar porphyry dike. Interestingly, a 30-centimetre-wide D-vein (quartz-pyrite-chalcopyrite) with strong sericitic alteration at 584.3 m returned 7.96 per cent CuEq or 11.83 g/t AuEq (0.81 per cent Cu, 10.25 g/t Au and 35.5 g/t Ag) over a two m sample. Indium (0.66 ppm) and tellurium (26.8 ppm) are also anomalous with the vein.

KLI-23-061 (azimuth 055 degrees, inclination minus 57 degrees, planned length 450 m, drilled length 299 m) was collared at the Ginger South target approximately one km south of KLI-23-055, which tested the Ginger target, and 1.3 km west of KMZ. Ginger South lies near the intersection of the east-northeast-trending Valley fault corridor with the northwest-trending Parish Hill fault. This interpreted fault intersection is about 250 m north of the planned drill hole collar and coincides with a greater than 0.2 ppm Au-in-soil anomaly. Drilling tested a 150 m diameter aeromagnetic high bull's eye anomaly that coincides with a chargeability high. The drill hole was terminated before target depth due to complications with transecting the Parish Hill fault zone, but confirmed the fault exists as modelled.

• Lithology is within the sandstone-carbonate subunit of the Kliyul Creek volcano-sedimentary rocks and comprises alternating volcanic siltstone/sandstone (55 per cent) with carbonate volcaniclastics (26 per cent). Additional units included volcaniclastic andesite and an augite porphyry dike (18 m wide) with lower contact chilled margin. The Parish Hill fault was encountered at 268 m and is interpreted as a late-stage fault with 70 per cent gouge and rock flour.
• Alteration is chlorite-sericite with lesser sericitic and carbonate alteration. Patchy skarn alteration starts at 84 m and continues to 170.4 m. Weak albite starts at 150.3 m and is bedding controlled. Carbonate volcaniclastic rocks at 170.4 m are dolomite cemented.
• Mineralization includes disseminated and vein-hosted pyrite. Pyrrhotite plus or minus chalcopyrite starts after 38 m associated with late-stage quartz plus or minus calcite veins. Disseminated pyrrhotite, chalcopyrite and sphalerite occur locally.
• The three m interval of 0.18 per cent CuEq or 0.26 g/t AuEq (0.03 per cent Cu, 0.21 g/t Au and 0.61 g/t Ag) from 224 to 227 m is associated with a massive white quartz D-vein (quartz-sericite-chlorite-pyrite). Tellurium is also anomalous (5.8 ppm).

KLI-23-062 (inclination minus 90degree, planned length 350 m, drilled length 563 m) is the farthest west drill hole to be collared and completed entirely within KMZ. It was drilled vertically to test a gap between KMZ and KMZ West near the intersection of the northwest-trending Lui fault and east-northeast trending Valley fault.

• Lithology is mainly volcaniclastic andesite host rock to 295.3 m. Narrow dikes (less than 2.8 m wide) of feldspar porphyry and quartz feldspar porphyry occur at 150 m and 170.2 m. From 295.3 to 452.5 m is a swarm zone of narrow dikes (one m to 14.7 m wide), including quartz diorite, feldspar porphyry and hornblende porphyry with intervening volcaniclastic andesite host rock. From 452 m to end of hole, volcaniclastic andesite again predominates with local narrow dikes (one m to 12.2 m wide) of quartz diorite, feldspar porphyry and hornblende porphyry. A flat-lying ductile shear zone is noted at 517 to 521 m.
• Alteration includes moderate patchy magnetite with overprinting sericit and chlorite-sericite to 142 m. After 142 to 170.2 m, magnetite is weak and patchy, occurring with chlorite-sericite and local sericite plus or minus albite plus or minus quartz bleaching. From 170.2 to 452.5 m, in the dike swarm zone, is a mix of chlorite-sericite with inner-propylitic (epidote plus or minus albite) alteration and patchy magnetite. From 452.5 m to end of hole, sericitic alteration and bleaching again intensifies with locally weak to nil magnetite.
• Mineralization includes disseminated and vein-hosted pyrite and chalcopyrite. Vein types are a mix of intermediate stage (epidote plus or minus anhydrite plus or minus sulphide) and early stage (quartz plus or minus magnetite plus or minus chlorite plus or minus sulphide). Within the mineralized dike swarm, intermediate-stage veins predominate. Intermediate-to-late-stage pyritic D-veins occur with sericitic alteration at the shallow (hangingwall) margin of the dike swarm and may be related to a megacrystic feldspar porphyry dike.
• The 113 m interval of 0.48 per cent CuEq or 0.71 g/t AuEq (0.22 per cent copper, 0.36 g/t gold and 1.65 g/t silver) from 13 to 126 m is associated with moderately strong magnetite alteration with early-stage and intermediate-stage veins. Within this interval at 54 to 84 m, zinc is anomalous (1,089 ppm) and indium (0.20 ppm). The deeper interval of 0.27 per cent CuEq or 0.40 g/t AuEq (0.16 per cent copper, 0.15 g/t gold and 0.73 g/t silver) from 276 to 440.3 m is associated with intermediate-stage veins and weak patchy magnetite.

About Kliyul

Owned 100 per cent by Pacific Ridge, the Kliyul copper-gold project is over 60 square km in size and is located in the prolific Quesnel terrane close to existing infrastructure. Kliyul hosts a number of compelling exploration targets, including the Kliyul Main zone (KMZ) which has been the company's focus since acquiring the project in 2020. Since then, Pacific Ridge has completed more than 17,500 m of diamond drilling and has expanded the known extents of KMZ mineralization to 630 m east-west, up to 600 m north-south and up to 600 m vertical depth. KMZ remains open in every direction.

Quality assurance/quality control

Pacific Ridge's 2023 exploration program is being managed by Equity Exploration Consultants Ltd. of Vancouver, B.C. The drill contractor is Paycore Drilling of Valemount, B.C. Half-core HQ (63.5 millimetres (mm)) or NQ (47.6 mm) sawed samples from continuous intervals throughout the reported drill holes were sealed on site and shipped to ALS Global Laboratories' preparation lab in Kamloops or North Vancouver, B.C. Fire assay and multielement analyses were completed at ALS Minerals' analytical laboratory in North Vancouver. Drill core was crushed, pulverized and analyzed for 48 elements using a four-acid dissolution followed by inductively coupled plasma mass spectrometry (ME-MS61) with overlimits by ore-grade four-acid dissolution followed by inductively coupled plasma atomic emission spectroscopy (OG62), with a 30-gram sample analyzed for gold by fire assay and atomic absorption finish (Au-AA23). Blanks and commercially certified reference materials were inserted blind into the sample stream with an overall insertion rate of 5 per cent. Field duplicates representing a quarter core split of the original sample are inserted at 2.5 per cent. Pulp and crush duplicates are inserted at 5-per-cent insertion rate by the laboratory. The QA/QC results are reviewed as batches are returned from the laboratory and appropriate actions are implemented where required. The QA/QC results for the reported drill holes are acceptable.

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.