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Prospect Ridge Resources
Overview
Prospect Ridge (CSE:PRR,OTC:PRRSF,FRA:OED) is a precious metals exploration company focused on key projects in Northern British Columbia near the prolific Golden Triangle. The Golden Triangle in northwest British Columbia has been a hub for mineral exploration and mining endeavors for over 150 years. The company owns 100 percent of both the Knauss Creek property and the Holy Grail property.
The Knauss Creek property resembles the high-grade mineralization found in the historical Dorreen mine. Exploration at Knaus Creek has revealed high-grade mineralization comprising gold, silver, copper, lead and zinc. The Copper Ridge zone, which is in the southern part of the Knauss Creek property, is particularly interesting. During 2023, a total of 241 samples were collected from this area. The assays from outcrop samples have extended the Copper Ridge mineralized zones over an east-west strike length of 1,550 meters, a north-south strike of 850 meters, and a height difference of 470 meters.
The assay results highlight the area's significant potential, which measured only 200 meters at the start of 2023 and has now extended to over 1.5 kms. Extensive areas of land remain unexplored. The company is in the process of organizing a surface drilling program spanning 5,000 meters to assess the drill-ready Copper Ridge zone and other nearby targets.
The other property, Holy Grail, has also historically produced high-grade gold and silver from placer mining. Prospecting results at the Holy Grail property showed exceptional promise, uncovering significant discoveries of gold, silver, copper, lead and zinc.
Prospect Ridge benefits from a team of professionals boasting extensive expertise in geology and mining. The company is led by Micheal Iverson, CEO, who has more than three decades of experience in mining exploration. The management team has a proven track record of executing several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project.
Company Highlights
- Prospect Ridge is a Canada-based exploration and development company with two highly prospective land packages in British Columbia.
- The company’s two key assets are the Knauss Creek property and the Holy Grail property, located near the renowned Golden Triangle region in northwestern British Columbia. The Golden Triangle has historically been known for abundant precious and base metal discoveries, with numerous active mining projects and ongoing resource exploration.
- The flagship Knauss Creek property has revealed high-grade surface samples up to 78.9 g/t gold, 4,740 g/t silver, 29.4 percent copper, 33.33 percent lead and 4.10 percent zinc. The Copper Ridge zone is particularly interesting, where a 1.5-km strike zone containing high-grade gold-silver-copper trends were discovered.
- The company plans a 5,000-meter surface drill program to test the drill-ready target Copper Ridge zone as well as other targets.
- Prospecting results from the Holy Grail property are exceptionally promising. They reveal noteworthy discoveries of gold, silver, copper, lead and zinc.
- Prospect Ridge is led by a proven team of executives with more than 100 years of combined experience leading several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project (sold to Oban Mining, now Osisko Mining).
Key Projects
Knauss Creek Property
The Knauss Creek property, situated 35 kms north of Terrace, BC, spans 2,944. It has excellent infrastructure access, proximity to Highway 16, numerous logging roads traversing it, and the Canadian National Railway passing through.
The property is home to the historical Dorreen mine. Various showings on the property, including the Jay Veins, Hugin, Kandy and Copper Ridge, contain gold, silver, copper, lead and zinc mineralization. The current focus is on the Copper Ridge zone, a high-grade polymetallic mineralization zone spanning 1,500 meters.
Assays from outcrop samples gathered during the 2023 prospecting season have revealed numerous high-grade gold, silver and copper findings. Highlights from rock outcrop sampling, include:
- Sample W489444 contains 6.70 grams per ton (g/t) gold, 4,610 g/t silver, 2.23 percent copper
- Sample W489424 contains 15.9 g/t gold, 987 g/t silver, 0.29 percent copper, 17.55 percent lead, 6.99 percent zinc
- Sample W501837 contains 0.49 g/t gold, 134 g/t silver and 29.4 percent copper
- Sample W501812 contains 2.14 g/t gold, 264 g/t silver and 10.35 percent copper
Consequently, the Copper Ridge zone has been extended, now measuring an east-west length of 1,550 meters, a north-south strike length of 850 meters, and a vertical difference of 470 meters. Field data suggests the veins follow a north-south orientation and dip towards the east. The interpretation suggests the zone comprises a network of mineralized veins arranged like a ladder hosted within a dioritic intrusion.
The company is preparing a surface drilling program of 5,000 meters to evaluate drill-ready targets like the Copper Ridge zone, the Leon’s Legacy and Dorreen Mine showings.
Holy Grail Property
The Holy Grail property is located 10 km north of Terrace, BC, and forms a horseshoe that encloses the fully owned Knauss Creek property in its southeastern part. It currently spans 70,109 hectares. The property is easily accessible via a highway, multiple serviced roads, logging roads, and ATV trails that cross cut it.
Prospecting results from the Holy Grail property displayed remarkable potential through substantial findings of gold, silver, copper, lead and zinc. Key highlights of the results include:
- Grab sample C362354 returned 28.0 g/t gold, 56.9 g/t silver and 2.03 percent copper on the 4 Shore showing
- Grab sample C362357 returned 13.7 g/t gold, 39.9 g/t silver and 1.33 percent copper on the 4 Shore showing
- Grab sample C363353 returned 0.37 g/t gold, 58.7 g/t silver and 3.43 percent copper on the Maroon Creek showing
- Grab sample C363092 returned 6.7 g/t gold, 21.1 g/t silver, and 0.12 percent lead on the Iceberg showing.
Management Team
Michael Iverson – CEO and Director
Michael Iverson has over three decades of experience in public and private capital markets. He also has significant experience in the mining industry, having founded Niogold Mining and Fortuna Silver Mines. At Niogold, he spearheaded the acquisition and exploration of an expansive land parcel in Val D’Or, leading to the company's acquisition by Oban Mining, presently known as Osisko Mining , at a substantial premium to its market capitalization. At Fortuna, he played a vital role in the company's prosperous evolution into a silver producer with operational mines in Peru and Mexico. Iverson, over his entire career spanning three decades, has achieved, in aggregate, market capitalizations in excess of $1 billion.
Yan Ducharme – President and Director
Yan Ducharme is a professional geologist with over 25 years of experience in greenfield and brownfield exploration projects in Quebec, Ontario, Africa and South America. He was on the exploration team at SEMAFO and Cambior/Iamgold and was an exploration manager at NioGold (then vice-president exploration), Canadian Malartic, SOQUEM, and Wesdome Gold Mine. He worked in underground mines and open pits. Ducharme obtained a masters in earth sciences from the University of Quebec in Montreal.
Jasmine Lau – CFO
Jasmine Lau is a seasoned finance and accounting expert with a wealth of experience as a CFO in the mineral exploration and resource sector, having worked on projects across the globe. She was employed in internal audit at Teck Resources and Deloitte, where she focused on audits of public mining and resource companies. Lau is a CPA, CA, and holds a Bachelor of Commerce degree from the University of British Columbia.
Simon Ridgway – Chairman and Director
Simon Ridgway is the CEO of Rackla Metals, a Vancouver-based junior gold exploration company listed on the TSX Venture Exchange since September 2011. He is also the CEO, president and director of Volcanic Gold Mines, a Vancouver-based company engaged in gold and silver property acquisition and exploration.
Michael Michaud - Director
Michael Michaud is a professional geologist with over 30 years of experience. He is an expert in developing and executing regional and mine-site exploration strategies across diverse deposit types in North and South America, Africa, Asia and Europe. Michaud is the vice-president of exploration at Wesdome Gold Mines. He also held roles at several firms, including Iamgold, St Andrew Goldfields, SRK Consulting and North American Palladium. Michaud holds an honors B.Sc. from the University of Waterloo and an M.Sc. from Lakehead University.
Toby Lim - Director
Toby Lim has been a practicing solicitor since 1997, focusing on corporate and securities law. He received a Bachelor of Commerce degree with honours from the University of British Columbia in 1992, followed by a Bachelor of Laws degree from Osgoode Hall Law School in Ontario in 1996.
Jacques Brunelle – Director
Jacques Brunelle has over three decades of involvement in the North American mining sector. He has held executive positions as president and director in publicly traded companies, including Niogold Mining, where he served in 2003, culminating in a successful acquisition by Osisko Mining in 2016. Throughout his career, Brunelle has raised substantial funds for exploration and equity financing initiatives in both public and private enterprises.
Bradley Scharfe – Director
Bradley Scharfe has over 25 years of experience in North America's capital markets. Scharfe has led financing endeavors throughout his career and assembled robust companies across various sectors, including resources and commodities. He specializes in raising, deploying and managing venture capital for companies in their early growth stages. Previously, Scharfe served as a venture capital stockbroker with Canaccord Capital, a leading Canadian investment firm. Scharfe holds a Bachelor of Arts degree from the University of Toronto, where he majored in commerce and economics.
This article was written in collaboration with Couloir Capital.
Prospect Ridge Resources Discovers New High-Grade Showings on the Holy Grail Property West of the Copper Ridge Zone
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.
Figure 1: Location map with new showings.
Figure 2: Best new values obtained on the Holy Grail during the summer 2023 field program.
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.
Contact Information
Prospect Ridge Resources Corp.
Mike Iverson
Email: mike.iverson@prospectridgeresources.com
Telephone: 604-351-3351
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.
High Grade Gold Assays Returned Within Menzies’ Lady Shenton System
HIGHLIGHTS
- Initial assays have been received for the Pericles and Stirling deposits RC drilling program, within the 287koz Au Lady Shenton System at the Menzies Gold Project
- The Pericles and Stirling deposits are adjacent to the historic Lady Shenton open pit, and target material within the Lady Shenton System open pit mine plan of 1.9Mt @ 1.6g/t Au for 100koz Au inside a A$2,750/oz optimised pit shell, as outlined in Brightstar’s 2023 Scoping Study1
- The Menzies drilling program is part of the +30,000m drilling program2, targeting resource upgrades & extensions across Brightstar’s 1.45Moz Au portfolio in the Eastern Goldfields
- Drilling intercepts returned at the Pericles and Lady Shenton deposits include:
- LSRC24049
- 5m at 15.62 g/t Au from 104m, including 1m at 45.76g/t Au from 104m, and
- 2m at 10.96 g/t Au from 115m
- LSRC24051
- 2m at 22.32 g/t Au from 95m, including 1m at 42.28g/t Au from 95m
- LSRC24053
- 7m at 4.94g/t Au from 115m, including 1m @ 27.82g/t Au, and
- 5m at 7.92g/t Au from 128m, including 1m at 28.48g/t Au from 128m
- LSRC24068
- 10m at 3.16g/t Au from 1m
- LSRC24066:
- 4m at 5.85 g/t Au from 13m
- LSRC24062:
- 4m at 4.51 g/t Au from 22m
- LSRC24049
- Shallow intercepts returned from drilling at the Stirling deposit include:
- STRC24017:
- 2m at 9.62 g/t Au from 4m, including 1m @ 16.50 g/t Au from 44m
- STRC24014:
- 3m at 2.73 g/t Au from 38m
- STRC24009:
- 6m at 1.88g/t Au from 16m and 1m at 4.10g/t Au from 29m
- STRC24010:
- 4m at 2.58 g/t Au from 63m, including 1m at 6.24g/t Au from 65m
- STRC24017:
These results are from the first phase of the RC drilling program at Menzies Gold Project (MGP), with the RC rig currently drilling at the Lord Byron deposit (part of the Jasper Hills project area) and the diamond rig presently at the Second Fortune Gold mine. Post completion of drilling within the Laverton Hub, the RC rig will return to Menzies to complete the outstanding holes and conduct exploration RC drilling in the area. The drilling at the MGP is focused largely on infill and extensional drilling at the Pericles, Stirling and Lady Shenton deposits (collectively, the Lady Shenton System) ahead of feasibility study workstreams in preparation for mining activities in CY2025.
Brightstar’s Managing Director, Alex Rovira, commented“These results from the Lady Shenton System highlight the immense potential that Menzies holds. With numerous high-grade hits in all three deposits at Pericles, Lady Shenton and Stirling indicating mineralisation is still open at depth, we look forward to completing the program once high priority drilling is completed at the Laverton Hub.
We’ve taken opportunity to bring on a third rig, with two RC rigs presently at Jasper Hills drilling out the Fish and Lord Byron deposits, whilst the diamond rig is maintaining good progress and accuracy with the ‘diamond tails’ being drilled at depth at the Second Fortune Mine. These programs will generate valuable information for our feasibility studies and ongoing mine plans, which will be utilised for geotechnical, metallurgical and mine planning purposes at our Menzies & Laverton Hubs”
Figure 1 – Lady Shenton location within broader Menzies Gold Project
Figure 2 - Lady Shenton system drilling program underway. Cross sections A-A’, B-B’ and C-C’ within insets are displayed in Figures 3, 4 and 5
TECHNICAL DISCUSSION
A total of 52 RC drill holes have been completed with assays returned at Menzies. These holes include 26 drill holes completed at the Pericles deposit (Figures 2, 3, 4 & 7), eight drill holes were completed at the Lady Shenton open pit ramp (Figure 2) and 18 holes completed at the Stirling deposit (Figures 2, 5 & 6).
Assay results and hole details for the drilling outlined above are detailed in Tables 1 - 4.
A further 36 RC holes are planned for future drilling in the coming weeks at Pericles (Figure 2) once the RC program at the Jasper Hills project concludes.
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