Pacific Ridge Exploration Ltd. announced that the results from the 2023 induced polarization ("IP") survey confirmed the potential for several large porphyry systems at the Chuchi copper-gold project ("Chuchi") and the Chuchi South copper-gold project ("Chuchi South") (the "Projects"). The Company will use the results of the IP survey to further refine targets for its inaugural diamond drill program in 2024. Chuchi and Chuchi South are located in the prolific Quesnel Terrane in northcentral British Columbia close to existing infrastructure.

2023 Geophysics Program results: Chuchi: Two IP lines were added to the 500 m line-spacing grid started by Kiska Metals Corporation ("Kiska") in 2015. Line 5050 was designed as an infill line at 250 m line-spacing to the Kiska lines L4800 and L5300. Line 5800 extended the IP survey grid to the north by 500 m. In the BP Zone, Line 5050 (east-west, 2.5 line-km) directly tested a 550 m x 450 m x 650 m stock-shaped resistivity high and magnetic high feature in Pacific Ridge's 2023 3D ZTEM model.

Results show two inverted cup shaped chargeability high anomalies (> 40 mV/V) over 1,500 m on section with a central high that aligns with the centre of the stock shaped ZTEM anomaly. Historical drilling in this part of the BP Zone returned 70.0 m at 0.31% copper ("Cu") and 0.34 g/t gold ("Au") within 194.0 m at 0.21% Cu and 0.21 g/t Au (CH-90-27). Most of the historical drilling in the BP Zone was shallow, less than 150 m in depth, with many of the drill holes ending in mineralization.

This will be a priority area for follow-up drilling in 2024 to test the coincident geophysical anomaly, confirm historical results, and test to greater depth as CH-90-27 was terminated at 285 m vertical depth after drilling at 43° inclination across shallower mineralization above 200 m vertical depth. Line 5800 provides an extension of IP coverage over an area of geological mapping and surface sampling from the 2022 program at the Klaw Zone, and expands coverage of the Digger Zone where CH-91-42 returned 50.0 m at 0.09% Cu and 2.10 g/t Au within 229.2 m at 0.10% Cu and 0.61 g/t Au (entire drill hole); and CH-19-003 which returned 73.7 m at 0.23% Cu, 0.22 g/t Au, and 0.99 g/t Ag within 319.5 m at 0.16% Cu, 0.14 g/t Au, and 0.94 g/t Ag (entire drill hole). These drill holes are 200 m apart on the marginal zones of an open 500 x 250 m x 200 m central chargeabilit high anomaly.

In the Klaw Zone, Line 5800 shows a western chargeability high domain (> 30 mV/V) that coincides with a magnetic high and resistivity high domain interpreted to represent the Hogem batholith margin. This target has never been tested by drilling to adequate depth. Farther east in the BP-Digger Zone, there are two chargeability high domains (> 30 mV/V) on either side of a moderate strength domain.

This chargeability anomaly coincides with moderate intensity magnetics and a plug-shaped DC resistivity high feature. Drilling on this section could extend BP-Digger Zone mineralization another 150 m to the north. Chuchi South: Three IP lines (15 line-km; 5 line-km each) were completed across the Coho fault trend at Chuchi South with coverage of both the Coho and Coho West surface geochemical target areas.

A total of 69 rock samples were collected from the Coho Zone during 2020 to 2022 and returned gold values ranging from 2.5 ppb to 16.15 g/t gold (average 1.83 g/t, median 0.11 g/t) and copper values ranging from 5 ppm to 10.25% (average 1.31%, median 0.83%). Five rock samples collected from the Coho West Zone ranged from 2.5 ppb to 0.74 g/t gold (average 0.18 g/t, median 8 ppb) and copper from 46ppm to 0.34% (average 0.18%, median 0.26%). Line 1300 (east-west, 5 line-km) is the northernmost of the three lines.

Results indicate there is a1.4-km-long moderate strength chargeability feature (12-20 mV/V) in the Coho Zone that has a moderately (30°) west-dipping "limb" of the anomaly and an eastern steep limb. The eastern limb underlies the Coho surface geochemical anomaly and a 400 m x 250 m x 200 m interpreted porphyry intrusive complex 3D ZTEM anomaly. Geometry suggests there could be an eastward tilted porphyry copper-gold deposit like the Mt.

Milligan deposit, which is just 33 km to the southeast. Regional and property-scale mapping and prospecting suggests the anomaly is intrusion-hosted at the Hogem batholith margin, which may account for the moderate intensity chargeability response. The chargeability anomaly coincides with the hangingwall of an apparent west-dipping DC resistivity low feature interpreted to be a fault, and more broadly with a moderately west-dipping 3D ZTEM resistivity high feature and magnetic high anomaly interpreted to be a titled marginal intrusive phase of the Hogem batholith.

There are several trail accessible locations for skid drilling along this section and at least one drill hole should be included in a 2024 drilling program as an initial drill test. At the west end of Line 1300, the Coho West Zone is a near-surface, 550-m-long shallowly east dipping coincident chargeability high, DC resistivity low, and magnetic high feature.