Prospect Ridge Resources Discovers New High-Grade Showings on Holy Grail Property West of Copper Ridge Zone

About this update from Prospect Ridge Resources Corp.

VANCOUVER, BC , May 22, 2024 /CNW/ -  Prospect Ridge Resources Corp.  (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce many new discoveries on the Holy Grail property. High-grade samples were obtained just west of our Knauss Creek property in the vicinity of the Copper Ridge zone and Leon's Legacy showings. Other high-grade results on the western limb of the property are located on Mount Garland and the Wesach mountain. The fully owned Holy Grail property, starts approximately 10 km north of Terrace, British Columbia . The last few days of the 2023 prospecting program gave us a surprise when the field team decided to step out of Copper Ridge and go on the Holy Grail property side. This led to the discovery of two new showings named Golden Bowl and Temple located approximately 1.5 km to the west and 2.5 km to the northwest respectively. On the western limb of the property, the summer of 2023 results are outlining two clusters of samples returned high-grade results, one on Mount Garland and one on the Wesach mountain (Figure 1). Highlights from outcrop samples: Golden Bowl 9.99 g/t Au, 183 g/t Ag, 1.81% Cu, 7.4% Pb and 0.17% Zn (W500082) 8.35 g/t Au, 63 g/t Ag, 0.44% Cu, 3.5% Pb and 0.35% Zn (W386369) Temple 8.16 g/t Au, 137 g/t Ag and 14.8% Cu (W500697) 0.18 g/t Au, 94 g/t Ag and 4.6% Cu (W500698) 0.08 g/t Au, 22 g/t Ag and 5.9% Cu (W500696) Mount Garland 7.9% Cu, 634 g/t Ag and 0.7% Zn (W387642, erratic block) 5.1% Cu, 0.11 g/t Au, 14 g/t Ag and (W489403) 2.2% Cu and 98 g/t Ag (W489406) 2.1% Cu, 61 g/t Ag and 0.23% Zn (W489408) Wesach mountain 5.43 g/t Au, 9 g/t Ag, 0.22% Pb and 0.47% Zn (W501823) 1.13 g/t Au, 102 g/t Ag, 3.27% Pb and 2.57% Zn (W502285) Prospect Ridge CEO Michael Iverson commented, "I'm thrilled with these new discoveries. Our exploration efforts have unveiled remarkable finds throughout the 2023 summer underscoring the richness of our land package and the skills of our field team. These new showings on the Holy Grail are confirming the extraordinary geological potential in the Terrace area south of the Golden Triangle." Prospect Ridge President Yan Ducharme added, "The Golden Bowl and Temple new discoveries are adding pieces to the puzzle connecting previously discovered Copper Ridge and Leon's Legacy. These polymetallic veins stand as a testament to the barely tapped potential of this underexplored land package, hinting numerous future discoveries to be unearthed. All the mountains of the western reaches of the Holy grail have delivered high-grade showings often within a cluster of lower grade rocks. Summer 2024 will see us initiate the first drill holes on the Copper Ridge zone and we will pick up prospection where we left off." Eastern part of Holy Grail Prospection approximately 1.5 km west of the Copper Ridge zone, in a topographic bowl, led to the discovery of a quartz vein containing 9.99 g/t Au, 183 g/t Ag, 1.81% Cu, 7.44% Pb and 0.17% Zn (W500082). Forty meters from it, another vein with 8.35 g/t Au, 63 g/t Ag, 0.44% Cu, 3.5% Pb and 0.35% Zn (W386369) was sampled. More mineralized veins were sampled at the bottom of the bowl, while two erratic blocks and a vein were sampled on the flank of it. The veins of this Golden Bowl showing are hosted in an intrusion. Approximately 2.5 km northwest of the Copper Ridge zone and 1 km south of the Leon's Legacy, 8.16 g/t Au, 137 g/t Ag and 14.8% Cu (W500697) was obtained on a quartz vein. Within 50 meters, two other samples gave 0.08 g/t Au, 22 g/t Ag and 5.92% Cu (W500696) and 0.18 g/t Au, 94 g/t Ag and 4.55% Cu (W500698). More mineralized samples were taken in the vicinity and are part of the Temple showing. Western part of Holy Grail The northern flank of Mount Garland is easily accessible by logging roads. The prospecting works led to the sampling of many quartz veins with chalcopyrite and malachite which contains mainly copper and silver, but also occasional gold and zinc occurrences. The best results were obtained from an erratic block, taken on a talus, which yield 7.91% Cu and 634 g/t Ag (W387642). Other in situ veins were sampled and gave 5.07% Cu, 0.11 g/t Au, 14 g/t Ag (W489403), 2.20% Cu, 98 g/t Ag (W489406) and 2.09% Cu, 61 g/t Ag (W489408). These samples are part of a cluster covering an area of 3.5 km by 1.5 km of mineralized veins and blocks. The alpine part of Mount Garland has not been prospected yet. Prospecting on the southern side of the Wesach mountain, uphill of the Wesach Creek, led to the discovery of many quartz veins bearing gold, silver, lead and zinc. Sample W501823 contains 5.43 g/t Au, 8.5 g/t Ag, 0.22% Pb and 0.47% Zn and sample W502285 contains 1.13 g/t Au, 102 g/t Ag, 3.27% Pb and 2.57% Zn.  A cluster of mineralized samples covers an area of 400 m by 400 m . Some sampled erratic blocks returned copper, gold and silver values. The source has yet to be found. Sample Easting 1 Northing 1 Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) AuEq g/t 2 Golden Bowl W386366 537645 6070688 0.526 23.8 0.686 0.008 0.002 1.784 W386368 537655 6070699 0.089 5.1 0.336 0.001 0.003 0.626 W386369 537643 6070822 8.350 63.2 0.438 3.500 0.345 11.100 W489471 3 537202 6070540 0.704 2.3 0.004 0.146 0.029 0.800 W489472 3 537273 6070565 0.018 5.1 0.385 0.001 0.007 0.625 W489473 537274 6070607 1.130 0.8 0.016 0.147 0.005 1.216 W497153 537570 6070674 1.940 1.6 0.002 0.001 0.005 1.964 W500081 537650 6070693 0.022 7.5 0.421 0.000 0.005 0.708 W500082 537628 6070782 9.990 183 1.810 7.440 0.173 17.442 Temple W489476 536364 6072676 0.026 2.2 0.107 0.000 0.006 0.206 W489477 3 536329 6072483 0.346 3.4 0.413 0.000 0.001 0.970 W500695 536538 6072489 0.247 13.7 0.753 0.001 0.011 1.479 W500696 536549 6072472 0.080 22 5.920 0.001 0.008 8.693 W500697 536549 6072470 8.160 137 14.800 0.010 0.008 30.682 W500698 536586 6072438 0.180 94.1 4.550 0.002 0.008 7.734 Golden Bowl and Temple area W386365 536699 6071100 0.336 5.3 0.013 0.002 0.000 0.419 W489470 536759 6071107 0.696 7.4 0.001 0.004 0.000 0.788 W496077 535736 6073154 0.002 0.3 0.070 0.000 0.008 0.107 W496079 536149 6073403 0.037 1.7 0.158 0.000 0.007 0.283 W500651 536677 6071905 0.002 1.9 0.031 0.120 0.008 0.114 W500652 536663 6071893 0.258 45.1 0.005 1.520 0.002 1.347 W500657 536574 6071821 0.016 6.8 0.057 0.026 0.000 0.188 W500658 536661 6071839 0.089 17.1 0.021 0.008 0.003 0.329 Mount Garland W387642 3 520095 6066782 0.037 634 7.910 0.083 0.703 19.153 W387643 520155 6066561 0.008 4.3 0.079 0.002 0.008 0.175 W387644 3 520004 6066702 0.027 3.4 0.140 0.000 0.007 0.268 W387645 520050 6066573 0.002 1.6 0.079 0.000 0.007 0.135 W489394 521080 6067474 0.002 3.4 0.091 0.000 0.001 0.172 W489395 3 521268 6066970 0.002 4.7 0.182 0.001 0.015 0.322 W489396 3 521266 6066972 0.017 0.8 0.067 0.000 0.002 0.122 W489397 520566 6067623 0.087 13 1.140 0.000 0.007 1.854 W489398 520557 6067625 0.073 5.8 0.294 0.000 0.002 0.558 W489399 521361 6066538 0.013 4.2 0.117 0.001 0.007 0.232 W489400 521390 6066436 0.009 14.6 0.673 0.000 0.002 1.135 W489402 3 521647 6066024 0.025 3.7 0.196 0.000 0.007 0.349 W489403 521717 6065912 0.112 13.9 5.070 0.000 0.011 7.430 W489405 522375 6067175 0.002 4.3 0.055 0.011 0.015 0.141 W489406 522612 6066938 0.011 98.4 2.200 0.035 0.053 4.334 W489407 522667 6066898 0.005 40 0.305 0.013 0.303 1.042 W489408 522725 6066802 0.035 60.6 2.090 0.051 0.232 3.822 W496060 520312 6067914 0.006 2.3 0.134 0.000 0.003 0.224 W496061 520318 6067908 0.002 8.6 0.191 0.000 0.002 0.376 W496064 519201 6067566 0.108 2.7 0.124 0.000 0.002 0.316 W500053 3 522163 6067074 0.008 55.1 0.011 0.032 0.010 0.705 W500055 520461 6067513 0.026 5.3 0.004 0.021 0.012 0.108 W500635 520166 6067722 0.002 31.1 0.358 0.019 0.052 0.910 W502277 3 521175 6066358 0.002 7.8 0.001 0.009 0.000 0.101 W502278 521097 6066216 0.002 1.8 0.105 0.001 0.009 0.176 W502279 3 521088 6066208 0.002 2.3 0.135 0.001 0.010 0.224 W502281 3 521040 6066269 0.005 4.5 0.320 0.000 0.006 0.513 W502283 521121 6066020 0.006 4.3 0.334 0.005 0.005 0.532 W502284 521110 6065993 0.006 2.0 0.076 0.003 0.002 0.139 Wesach mountain W384794 3 519537 6076197 0.009 4.8 0.254 0.002 0.002 0.427 W387610 519186 6076179 0.008 9.6 0.002 0.602 0.208 0.420 W387611 519185 6076186 0.043 14.1 0.002 0.573 0.145 0.475 W387613 519182 6076193 0.031 20 0.003 1.155 0.375 0.831 W387614 519253 6076226 0.360 36.5 0.033 1.760 0.478 1.655 W387615 519260 6076230 0.169 69.7 0.007 4.380 0.998 2.955 W387617 518206 6075523 0.622 2.9 0.011 0.115 0.147 0.771 W489359 519204 6076204 0.011 4.2 0.005 0.202 1.210 0.614 W489360 519186 6076204 0.073 19.6 0.003 1.150 0.568 0.942 W489409 3 518304 6075043 0.107 10.8 0.291 0.001 0.020 0.656 W489411 3 519368 6075852 0.481 48.6 0.289 1.970 0.061 2.194 W500607 3 519194 6076234 0.079 1.8 0.261 0.002 0.005 0.471 W501809 519180 6075923 0.040 7.4 0.001 0.426 0.080 0.312 W501823 518209 6075519 5.430 8.5 0.014 0.223 0.465 5.813 W502285 519190 6075944 1.130 102 0.009 3.270 2.570 4.534 W502287 519249 6075965 0.088 0.5 0.017 0.003 0.010 0.123 W502288 519238 6075961 0.028 1.2 0.020 0.027 0.064 0.105 W502289 519300 6075960 0.019 5.0 0.003 0.351 0.006 0.210 W502292 519217 6075941 1.860 1.0 0.071 0.000 0.005 1.974 W502293 3 519270 6075964 0.052 4.5 0.004 0.247 0.262 0.302 W502294 519283 6075967 0.019 6.8 0.025 0.413 0.259 0.383 Table 1 : Best Results from the Holy Grail surface sampling of summer 2023. 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. 3: Erratic block. 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 by Yan Ducharme . About the Holy Grail property The fully owned Holy Grail starts approximately 10 kilometres north of the town of Terrace in the Province of British Columbia, Canada . It is easily accessible by the Transcanadian highway, the Nisga'a highway and a network of logging roads. It covers about 700 square kilometres and is contiguous to our fully owned Knauss Creek property. Several gold, silver, copper, lead and zinc occurrences were discovered in the past. Almost all the creeks draining the property were exploited at some point and alluvial gold was recovered. During the 2023 field season, the Company continued exploring this huge land package which contains many showings of interest. 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, silver and copper 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, near the town of Terrace BC , 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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