VANCOUVER, BC, May 22, 2024 /PRNewswire/ - 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).
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.
Figure 1: Location map with new showings. (CNW Group/Prospect Ridge Resources Corp.)
Figure 2: Best new values obtained on the Holy Grail during the summer 2023 field program. (CNW Group/Prospect Ridge Resources Corp.)
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
Easting1
Northing1
Au (g/t)
Ag (g/t)
Cu (%)
Pb (%)
Zn (%)
AuEq g/t2
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
W4894713
537202
6070540
0.704
2.3
0.004
0.146
0.029
0.800
W4894723
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
W4894773
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
W3876423
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
W3876443
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
W4893953
521268
6066970
0.002
4.7
0.182
0.001
0.015
0.322
W4893963
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
W4894023
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
W5000533
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
W5022773
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
W5022793
521088
6066208
0.002
2.3
0.135
0.001
0.010
0.224
W5022813
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
W3847943
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
W4894093
518304
6075043
0.107
10.8
0.291
0.001
0.020
0.656
W4894113
519368
6075852
0.481
48.6
0.289
1.970
0.061
2.194
W5006073
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
W5022933
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 anticipatedand 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.
