Prospect Ridge Resources Discovers High-Grade Copper Vein System Along Northwestern Extension of Copper Ridge Zone on Knauss Creek Property

About this update from Prospect Ridge Resources Corp.

VANCOUVER, BC , Feb. 21, 2024 /CNW/ -  Prospect Ridge Resources Corp.  (the " Company " or " Prospect Ridge ") (CSE: PRR ) (OTC: PRRSF ) (FRA: OED ) is pleased to announce a northwestern extension of the Copper Ridge Zone with additional high-grade gold, silver and copper results from outcrop samples, located at the Company's fully owned Knauss Creek property, located approximately  35 km northeast of Terrace, British Columbia . The remaining assays from outcrop samples collected near the end of the 2023 prospecting season returned numerous high-grade gold, silver and copper results and have now extended the Copper Ridge Zone measuring an east-west length of 1,550 metres, a north-south strike length of 850 metres and a vertical difference of 470 metres. The data collected in the field indicates the veins are north-south oriented and dip towards the east. It is interpreted that the zone consists as a ladder mineralized vein network hosted in a dioritic intrusion. Additionally, the recent results confirm that metal zonation occurs across the property being more copper rich in the northwest and more gold-silver rich in the southeastern part of the property. Previous results from Copper Ridge were released November 8 and 28, 2023 and January 18, 2024 . Highlights from rock outcrop sampling: From the Copper-silver-gold trend: 0.49 g/t Au, 134 g/t Ag, 29.4 % Cu (W501837), 2.35 g/t Au, 613 g/t Ag, 11.4 % Cu (W386358), 1.05 g/t Au, 180 g/t Ag, 14.3 % Cu (W386342), 8.26 g/t Au, 156 g/t Ag, 0.17 % Cu, 0.1 % Pb (W500686). From the Gold-silver trend: 8.44 g/t Au, 11 g/t Ag (W386335), 4.39 g/t Au, 5.3 g/t Ag (W386332). From the Gold-silver-copper trend with Silver-rich veins: 1.68 g/t Au, 3230 g/t Ag, 0.4 % Cu, 3.4 % Pb (W500649), 0.76 g/t Au, 700 g/t Ag, 0.2 % Cu, 1.0 % Pb, 0.1 % Zn (W386324). Images from samples in link ( here ). Prospect Ridge CEO Michael Iverson commented, "The Copper Ridge prospect continues to return high grade results from a zone that measured only 200 metres at the start of the year to over 1.5 kilometres now. Our geologic understanding has improved greatly over the course of last summer and we look forward to not only drill test the numerous high grade outcrop samples but also explore along the extents of this zone that remain open and where surface malachite staining is clearly evident." Prospect Ridge President Yan Ducharme added, "We are pleased with the most recent results that have continued to expand the Copper Ridge to the northwest with further room to grow. Recent samples were collected from numerous in-situ, outcropping veins frequently exposed over tens of meters and returning high-grade results. A whole new area is starting to emerge in the Copper Ridge zone with a high density of parallel veins on ridges extending towards the northwest. We are looking forward to the new field season. There remain large tracts of land to explore on surface. We are planning a 5,000 metres surface drilling program to test the drill-ready targets at the Copper Ridge Zone." The Copper Ridge Zone is located in the southern part on the Knauss Creek property ( Figure 1) . During the 2023 field season, a total of 241 samples were collected in this area. Sixty-three (63) percent of the samples have a gold equivalent value between 0.1 and 10 g/t and seventeen (17) percent of the samples have a gold equivalent value above 10 g/t ( Figure 2 ). With a sample per vein, the results suggest a mineralized system with a high density of veins of varying grades. Numerous structural measurements were taken and are showing veins oriented roughly north south and dipping toward the east. Mineralogical observation and results analysis are illustrating different trends within the Copper Ridge zone. Those additional results in the northwestern part are defining different trends in their metal content ( Figure 3 ). The westernmost trend consists of quartz veins with pyrite that are gold-silver bearing, while the adjacent one consists of quartz veins with chalcopyrite, malachite and azurite that are copper-silver-gold bearing. For the main trend, it is not clear which metal is dominant, but it contains several silver-rich veins. Sample Easting 1 Northing 1 Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) Au Eq g/t 2 D791547 539003 6071642 0.256 53.7 6.370 0.001 0.017 9.890 D791548 539029 6071585 0.564 107 0.748 0.004 0.008 2.916 D791549 539014 6071615 1.685 63.9 0.731 0.008 0.006 3.493 D791550 539013 6071627 1.045 25.2 0.542 0.002 0.016 2.120 W386321 539346 6071753 0.191 96.6 0.021 0.162 0.019 1.453 W386323 539302 6071692 1.305 215 0.219 0.306 0.091 4.356 W386324 539295 6071690 0.762 700 0.214 0.964 0.125 9.913 W386326 539007 6071515 1.930 3.5 0.001 0.003 0.000 1.975 W386327 539010 6071512 4.110 3.6 0.001 0.004 0.000 4.156 W386328 539010 6071520 1.140 0.6 0.001 0.002 0.000 1.149 W386329 538999 6071513 2.890 4.5 0.001 0.007 0.001 2.949 W386330 538973 6071471 0.990 1.9 0.000 0.002 0.000 1.014 W386331 538963 6071491 4.070 8.4 0.005 0.014 0.002 4.184 W386332 538964 6071557 4.390 5.3 0.000 0.007 0.000 4.457 W386333 538972 6071538 2.750 4.2 0.000 0.007 0.004 2.805 W386334 538975 6071536 3.330 13.6 0.001 0.011 0.002 3.500 W386335 538974 6071534 8.440 10.7 0.003 0.019 0.001 8.581 W386337 539001 6071560 1.515 1.1 0.000 0.002 0.001 1.529 W386338 538997 6071566 1.825 4.1 0.001 0.004 0.002 1.878 W386341 539025 6071622 0.583 127 0.353 0.025 0.045 2.642 W386342 539004 6071638 1.045 180 14.300 0.001 0.021 23.384 W386343 539004 6071635 3.170 202 9.140 0.001 0.011 18.498 W386344 539002 6071634 1.475 71.7 0.438 0.017 0.001 2.965 W386345 539004 6071629 1.070 74.9 0.290 0.006 0.002 2.387 W386346 539006 6071624 1.230 47.7 0.409 0.017 0.005 2.391 W386347 539013 6071628 2.450 98.9 0.432 0.021 0.008 4.265 W386348 539008 6071618 5.450 208 1.015 0.023 0.003 9.404 W386349 539016 6071611 1.480 167 4.670 0.004 0.012 10.087 W386350 539015 6071626 0.421 8.9 0.458 0.002 0.009 1.178 W386351 538997 6071641 1.260 74.2 5.180 0.000 0.010 9.462 W386352 538999 6071651 0.220 29.1 2.620 0.000 0.005 4.266 W386353 539013 6071633 1.235 76.5 2.070 0.031 0.013 5.093 W386354 538975 6071655 0.151 28.4 1.070 0.014 0.012 2.012 W386355 538977 6071659 2.670 241 7.300 0.024 0.011 15.885 W386356 538959 6071696 2.990 251 12.200 0.008 0.021 23.230 W386358 538951 6071688 2.350 613 11.400 0.012 0.014 25.837 W386359 538936 6071688 0.265 55.6 6.410 0.001 0.014 9.977 W386361 538927 6071686 2.230 33.1 0.454 0.017 0.002 3.277 W386362 538925 6071707 3.810 90.3 3.810 0.001 0.010 10.276 W386363 538935 6071709 2.810 253 8.970 0.023 0.030 18.530 W500058 538984 6071533 4.190 11.9 0.004 0.013 0.022 4.353 W500059 538975 6071538 2.700 4.0 0.001 0.009 0.002 2.754 W500061 538981 6071527 1.755 5.2 0.001 0.005 0.002 1.822 W500063 538987 6071522 2.140 3.4 0.001 0.005 0.001 2.185 W500065 539092 6071547 0.316 13.5 0.807 0.000 0.003 1.618 W500649 539252 6071619 1.680 3230 0.355 3.410 0.069 42.449 W500650 539253 6071600 0.251 165 0.456 0.058 0.046 2.926 W500686 538956 6071702 8.260 156 0.166 0.105 0.009 10.420 W500687 538963 6071698 0.750 183 11.150 0.018 0.032 18.696 W500688 538961 6071698 0.132 26.5 0.916 0.003 0.008 1.748 W500689 538965 6071697 2.250 172 4.220 0.003 0.011 10.282 W500690 538966 6071696 0.815 42.3 6.980 0.001 0.015 11.170 W500691 538933 6071700 3.040 315 3.590 0.045 0.011 11.927 W500692 538937 6071704 1.630 233 1.445 0.044 0.009 6.502 W501832 538973 6071647 1.460 57.3 0.763 0.014 0.008 3.236 W501837 538948 6071684 0.487 134 29.400 0.000 0.069 43.571 W501838 538945 6071689 1.515 89.9 0.709 0.036 0.006 3.616 W501839 538948 6071674 1.185 30.4 0.884 0.021 0.011 2.810 Table 1 : New Results from the Copper Ridge sampling 1: Coordinates in meters UTM Nad83 Zone 9N 2: Gold equivalents were calculated with a gold price of $1,750/oz, silver at $21/oz, copper at $3.60/lbs, lead at $0.90/lbs and zinc at $1.00/lbs. Cautionary statements Outcrop samples are selective by nature and grades may not be representative of mineralized zones. True thickness or mineralization style and geological models cannot be determined with the information currently available. Quality control Rock samples were assayed for gold by standard 50 g fire-assaying with atomic absorption finish (Au-AA24) or gravimetric finish (Au-GRA22) or 1000g metallic screening (Au_ SCR24 ) at ALS Canada in Terrace, British Columbia . The samples were also assayed for 35 metals from an aqua regia digestion with ICP-AES finish (ME-ICP41). For samples with overlimit results in silver, copper, lead and zinc, aqua regia with ICP finish was used (OG46 ore grade). A quality assurance/quality control program has been implemented and consists of inserting standards on a regular basis in the samples stream. Qualified Person All scientific or technical information included in this news release has been reviewed, verified and approved by Yan Ducharme , P.Geo., President of the Company and a qualified person as defined by National Instrument 43-101. This news release was written and reviewed by Yan Ducharme . About the Knauss Creek property The fully owned Knauss Creek is approximately 35 kilometres northeast of the town of Terrace in the Province of British Columbia, Canada . It is easily accessible by highway 16 and a network of logging roads. It covers about 30 square kilometres and is contiguous to our fully owned Holy Grail property. Several gold, silver, copper, lead and zinc occurrences were discovered in the past. The most notable is the Dorreen mine where four adits were developed and, according to historical documents, approximately 700 tons of ore were mined out at an average grade of at 16.8 g/t Au, 58 g/t Ag, 0.22% Cu, 2.1% Pb and 1.4% Zn from a quartz vein (not 43-101 compliant). During the 2023 field season, the Company explored the Copper Ridge mineralized zone which has become the main focus for exploration on the property. The southern tip of the Golden Triangle is located immediately northwest of the PRR properties. The Bowser Lake and the Hazelton Groups hosting most of the deposits and mines of this area are also underlying the Knauss Creek and Holy Grail properties. About Prospect Ridge Resources Corp. Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on gold exploration. Prospect Ridge's management and technical team cumulate over 100 years of mineral exploration experience and believes the Knauss Creek and the Holy Grail properties to have the potential to extend the boundaries of the Golden Triangle to cover this vast under-explored region. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as " intends " or " anticipates" , or variations of such words and phrases or statements that certain actions, events or results " may", " could ", " should ", " would " or " occur " . This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, positive exploration results at the Knauss Creek and Holy Grail projects and the Company's use of proceeds from the Private Placement. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that future exploration results at the Knauss Creek and Holy Grail projects will not be as anticipated   and that the Company will use the proceeds from the Private Placement as anticipated. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that future exploration results at the Knauss Creek and Holy Grail projects will be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

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