VANCOUVER, BC / ACCESS Newswire / July 7, 2026 / Prospect Ridge Resources Corp. (the "Company" or "Prospect Ridge") (CSE:PRR)(OTCQB:PRRSF)(FRA:OED) is excited to announce it has secured a multi-year area based ("MYAB") drilling permit, valid for five years, and all other ancillary permits for its 100% owned Excalibur copper-gold porphyry project1. Excalibur is a road-accessible, 28 km2 tenure in British Columbia's prolific Babine porphyry belt - strategically positioned near the former Huckleberry, Bell, and Granisle mines - and hosts a compelling, never-drilled 1 km x 2 km geophysical and geochemical target (Figure 1)2.
Why Excalibur matters
Large, untested target: A strong, coincident chargeability, magnetic and multi-element soil anomaly highlights potential for a sizeable buried porphyry-style system
Classic porphyry signatures: Recent induced polarization ("IP") survey work shows moderate chargeability in the target zone flanked by high chargeability/low resistivity interpreted as a pyrite halo - exactly the hallmarks of copper‑bearing calc‑alkaline porphyries. A coincident moderate magnetic high is interpreted as magnetite-rich potassic alteration in a potential copper-bearing core (Figure 2).
Strategic location: Proximal to known Babine belt deposits, Excalibur's signatures mirror features seen at nearby past-producing porphyry deposits and recently discovered mineralized porphyries such as Duke (Amarc Resources Ltd. and Boliden Mineral Canada Ltd.) and NAK (American Eagle Gold Corp.; TECK Resources Ltd and South32)3,4.
Management comments
"IP chargeability, magnetic response and anomalous copper, gold and molybdenum in soils, and limited peripheral outcrop have defined a large volume of altered, sulphide-bearing rock that has never been drilled," said Henry Awmack, member of Prospect Ridge's Technical Committee. "Taken together, the geophysics and geochemistry make this a high-priority target for a new discovery."
"Our team have been preparing to drill test this exciting new porphyry target in an established mining district since fieldwork in late 2025 more clearly defined the target," added Prospect Ridge President & CEO Len Brownlie, Ph.D. "This program is designed to discover a new Babine-style copper‑gold porphyry system - a potentially transformational event for the Company."
Program and next steps
Drill program: Targeting multiple drill collars for an initial ~3,000 metre program, subject to drill contract finalization. Commencement anticipated in July 2026.
Technical basis: 2025 IP survey, 2021 airborne magnetic inversion (MVI) modelling, and multi-element soil geochemistry all support a buried porphyry target despite limited peripheral outcrop.