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

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.

Location map with new showings.

Figure 1: Location map with new showings.

Best new values obtained on the Holy Grail during the summer 2023 field program.

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 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.

PRR:CC
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PROSPECT RIDGE RESOURCES ADJOURNS ANNUAL GENERAL MEETING

PROSPECT RIDGE RESOURCES ADJOURNS ANNUAL GENERAL MEETING

 
 

Prospect Ridge Resources Corp. (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) announces that it has adjourned its annual general meeting (for more information, see news release dated December 12, 2024 ), to reconvene on Friday, December 20, 2024 at 11:30 AM (Pacific Time) at Suite 430, 605 Robson Street, Vancouver British Columbia.  Proxies will continue to be accepted until 48 hours prior to the commencement of the adjourned meeting.

 
 

  Prospect Ridge Resources Corporation Logo (CNW Group/Prospect Ridge Resources Corp.) 

 

  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 believe 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. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements.  

 

  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 outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.  

 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/prospect-ridge-resources-adjourns-annual-general-meeting-302331800.html  

 

SOURCE Prospect Ridge Resources Corp. 

 

 

 

 Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/13/c2016.html  

 
 

 

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PROSPECT RIDGE RESOURCES CONFIRMS ARRANGEMENTS RELATING TO ANNUAL GENERAL MEETING

PROSPECT RIDGE RESOURCES CONFIRMS ARRANGEMENTS RELATING TO ANNUAL GENERAL MEETING

 
 

Prospect Ridge Resources Corp. (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) wishes to update shareholders on the impact of the strike by the Canadian Union of Postal Workers on the Company's ability to comply with its obligations to deliver to shareholders its financial statements and related disclosure and proxy-related materials in respect of the Company's Annual General Meeting (the " Meeting ") of shareholders scheduled to be held on Friday, December 13, 2024 at 11:00 AM (Pacific Time) at Suite 430, 605 Robson Street, Vancouver, British Columbia .

 

As a result of the strike, and pursuant to CSA Coordinated Blanket Order 51-931 Temporary Exemption from requirements in National Instrument 51-102 Continuous Disclosure Requirements and National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer to send certain proxy-related materials during a postal strike (the "Blanket Order"), the Company is advising shareholders that:

 

 

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PROSPECT RIDGE CONFIRMS LARGE MINERALIZED SYSTEM AT COPPER RIDGE ZONE OF KNAUSS CREEK PROPERTY IN BRITISH COLUMBIA, CANADA

PROSPECT RIDGE CONFIRMS LARGE MINERALIZED SYSTEM AT COPPER RIDGE ZONE OF KNAUSS CREEK PROPERTY IN BRITISH COLUMBIA, CANADA

 
 

Prospect Ridge Resources Corp. (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce the results of its drilling campaign at the Copper Ridge Zone (" Copper Ridge ") of its wholly-owned Knauss Creek property located approximately 35 kilometres (km) northeast of Terrace, British Columbia .

 

  Drill Program Highlights  

 

 

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PROSPECT RIDGE ANNOUNCES SUCCESSFUL COMPLETION OF COPPER RIDGE DRILL PROGRAM AT KNAUSS CREEK PROJECT

PROSPECT RIDGE ANNOUNCES SUCCESSFUL COMPLETION OF COPPER RIDGE DRILL PROGRAM AT KNAUSS CREEK PROJECT

 
 

Prospect Ridge Resources Corp . (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce the successful completion of its inaugural drilling program at the Copper Ridge zone within the Knauss Creek property, located south of the Golden Triangle, near Terrace, British Columbia . These are the first drill holes in a newly identified target. The data collected from these first-ever drill holes will help inform the next steps in the Company's exploration program at Knauss Creek.

 

  Knauss Creek Project Update  

 

 

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Couloir Capital is Pleased to Announce it has Initiated Research Coverage on Prospect Ridge Resources

Couloir Capital is Pleased to Announce it has Initiated Research Coverage on Prospect Ridge Resources

Couloir Capital is pleased to announce it has initiated research coverage Prospect Ridge Resources Corp. (CNX: PRR) ("PRR," or "Company"). The new report by Couloir's Senior Mining Analyst, Ron Wortel, MBA, P.Eng. Q.P., is titled "Extending the Golden Triangle with High-Grade Discoveries."

Report excerpt: "Prospect Ridge Resource Corporation is a Canadian-based public junior exploration company. The Company is exploring gold-silver-copper-rich mineralization on its Knauss Creek and Holy Grail projects south of the Golden Triangle region of BC. The Company is financed to conduct its initial +2,000 m drilling program on its highest priority target, Copper Ridge. They raised over $5.2 million earlier in 2024, a positive indication of support for their management team and the projects."

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LaFleur Minerals Engages Bumigeme to Complete Valuation Report on Beacon Gold Mill

LaFleur Minerals Engages Bumigeme to Complete Valuation Report on Beacon Gold Mill

LaFleur Minerals INC. (CSE: LFLR,LFLRF) (OTCQB: LFLRF) (FSE: 3WK0) ("LaFleur Minerals" or the "Company") is pleased to announce the engagement of Bumigeme Inc., an engineering firm located in the city of Montréal, Québec, specialized in the mining and mineral treatment field, to conduct a valuation report (the "Valuation Report") of the Company's wholly-owned Beacon Gold Mill in Val-d'Or, Québec, for the purpose of funding and restarting the strategically-positioned Beacon Gold Mill in the prolific Abitibi gold belt, Canada's largest gold producing region.

The purpose of the Valuation Report will be to determine the replacement value of the Beacon Gold Mill and tailings storage facility (TSF) in view of the Company's near-term re-launch plan for processing mineralized material. The Valuation Report will incorporate critical factors, which include the Beacon Gold Mill as a fully permitted processing facility that has received over $20 million in equipment and other upgrades by its previous operator in 2022. The report also aims to emphasize the Company's unique position to capitalize on the current gold price and demand environment. The Valuation Report will evaluate the cost to rehabilitate the Beacon Mill and TSF and include a cost estimate to permit and build a similar gold mill and tailings storage facility today.

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Radisson Announces Positive Preliminary Economic Assessment for O'Brien Gold Project

Radisson Announces Positive Preliminary Economic Assessment for O'Brien Gold Project

 

C$532M After-Tax NPV5%, C$175M Initial Capital, Adjacent to Multiple Mills, Still Growing

 

Radisson Mining Resources Inc. (TSXV: RDS,RMRDF) (OTCQB: RMRDF) ("Radisson" or the "Company") is pleased to announce a positive Preliminary Economic Assessment (the "PEA") for the O'Brien Gold Project ("O'Brien" or the "Project") located in the Abitibi region of Québec. Highlights are as follows (all figures are in Canadian dollars and troy ounces unless noted):

 

Basis of Study:

 
  • Assumes off-site toll milling based on the results of a recent milling assessment and metallurgical study that demonstrated the potential compatibility of the nearby Doyon gold mill, part of IAMGOLD Corporation's ("IAMGOLD") Westwood Mine Complex1. Off-site milling reduces capital costs, development risk, and project footprint.
  •  
  • Utilizes existing Mineral Resource Estimate ("MRE"), re-blocked with an updated cut-off yielding more ounces in more tonnes with good continuity at a lower average grade.
  •  
  • Presents a base case "snap-shot" study that excludes recent drilling successes outside the existing MRE and below historic mine workings, with a 50-60,000 metre (m) fully funded drill program ongoing.
  •  

Value:

 
  • After-tax Net Present Value at a 5% discount rate ("NPV5%") of $532 million ("M"), Internal Rate of Return ("IRR") of 48%, and payback of 2.0 years at US$2,550/oz gold ("Au").
  •  
  • After-tax NPV5% of $871M, IRR of 74%, and payback of 1.1 years at US$3,300/oz Au.
  •  

Cost:

 
  • Initial Capital Cost ("Capex") of $175M and Life-of-Mine Sustaining Capital of $173M 
  •  
  • Cash Cost2 of US$861/oz and All-In Sustaining Cost1 ("AISC") of US$1,059/oz including conceptual 30% toll milling margin on processing and G&A costs.
  •  
  • Extremely capital efficient with after-tax NPV5% to Initial Capital Cost ratio of 3.0 at US$2,550/oz Au and 5.0 at a spot gold price of US$3,300/oz Au.
  •  

Production Profile:

 
  • 11-Year Mine Life with 740 koz mined and 647 koz recovered at 87% average recovery with a gravity-flotation-regrind-leach flowsheet.
  •  
  •  70 koz/annum average steady-state gold production (Years 2-8) at an average annual after-tax Free Cash Flow ("FCF") of $97M.
  •  
  • Underground mining with long-hole stoping and minimal surface facilities.
  •  

Radisson will host a technical webinar on the O'Brien PEA on Wednesday July 9, 2025 at 11am ET (8am PT). Participants may register here. A recording will be available following the webinar.

 

Matt Manson, President & CEO, commented: "We are pleased to be reporting today the first modern mining study for the O'Brien Gold Project. This PEA builds upon the milling assessment completed earlier this year that demonstrated the potential viability of processing O'Brien mined material at a neighbouring mill. The result is a low cost and high value project should a beneficial milling arrangement be secured. By taking advantage of existing infrastructure in the region, the study surfaces considerable value for O'Brien while minimizing its environmental impact. The extremely high NPV5% to cost ratio demonstrates the efficient allocation of capital that this approach offers.

 

"Rather than high-grading the deposit, as was the case with the historic O'Brien Mine, the PEA is developed from the existing MRE with a lower cut-off, yielding more ounces, more tonnes and better mining continuity at lower average grades. From that starting point, we are presenting a fully underground mine plan, right sized at 1,200 tonnes per day ("tpd") and optimized at a cautious US$2,000/oz gold price assumption, delivering 740,000 ounces of gold to the mill at high margins over an 11-year life. The O'Brien Gold Project's legacy of high grades and visible gold continues to be an attribute of the current mine design and the ongoing exploration."

 

Pierre Beaudoin, Chairman of the Board of Directors, commented: "The PEA announced today is a significant step forward for Radisson. The study outlines a credible mine plan and development strategy for O'Brien, offering shareholders significant value even on the existing mineral resources. This is also just a snap-shot of a project that is continuing to grow. The ongoing drill program is demonstrating impressive new gold mineralization outside the scope of this initial mine design. On the basis upon which the PEA is developed, we believe a significantly larger mineral inventory exists to our exploration horizon of 2,000 m depth. Recent drill results are supporting this thesis."

 

Matt Manson continued: "We see in O'Brien a broad system of mineralization with significant scale potential. Our current focus at Radisson is to maximize this potential through the recently expanded drill program and our strong treasury. Today's PEA, however, establishes a project development path that is practical and highly rewarding. We intend to further pursue this path with environmental baseline studies, additional engineering and mine plan optimization, community consultation, and dialog with potential processing partners."

 

VIDEO: President & CEO Matt Manson comments on today's news

 

O'Brien Gold Project Preliminary Economic Assessment

 

The PEA was completed by Ausenco Engineering Canada ULC ("Ausenco") as lead consultant with specific responsibility for metallurgy, processing design, infrastructure and financial modelling. InnovExplo (a member of Norda Stelo Inc.; "Norda Stelo") completed the mine design and mine scheduling, BBA Inc. were responsible for water management, surface facilities, and a review of the Project's environmental assessment procedure and permitting requirements, and SLR Consulting (Canada) Ltd. ("SLR") were responsible for the MRE.

 

The PEA is a companion study to a recently completed milling assessment for the Project in which a metallurgical program was conducted with representative samples of mineralized core from O'Brien. The samples were tested based on a series of flow sheet options which would conceptually be compatible with the nearby Doyon gold mill, part of IAMGOLD's Westwood Mine Complex, with minimal adjustment to the existing Doyon mill configuration. The milling assessment was conducted under a Memorandum of Understanding ("MOU") with IAMGOLD (Radisson news release dated September 9, 2024). The MOU is non-binding and non-exclusive and contains no specific terms around potential commercial arrangements between the parties. The PEA has been completed independently by Radisson and establishes criteria for the development of O'Brien based on processing and tailings management at an existing off-site facility under a toll milling arrangement.

 

Cautionary statement: Readers are cautioned that the PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

 

Table 1: Summary of Key Results and Assumptions in the PEA

 
                                                                                                                                                         
 Production Datanote 1ValuesUnits

Life-of-Mine11Years

Total Resource Mined4,575kt

Total Waste Mined3,314kt

Average Head Grade5.0g/t Au

Contained Gold740koz

Recovered Gold647koz

Average Gold Recovery87%
 Years 2-8: Steady State Run-Ratenote2Average Production Mining Rate1,160tpd
Average Annual Gold Production70koz
Average Head Grade4.9g/t Au
Annual Average After-Tax Free Cash Flow$97C$M
 Capital Costsnote 1ValuesUnits

Initial Capital$175C$M

Sustaining Capital (Excluding Closure)$173C$M

Capital Intensity (Initial Capital/oz milled)$172US$/oz
 Life-of-Mine Operating Costsnotes 1,3ValuesUnits

Miningnote 3$76C$/t milled

Processing$38C$/t milled

G&A$31C$/t milled

30% Processing Toll note 4$19C$/t milled

Total Operating Cost$163C$/t milled

Refining & Transport$6US$/oz

Royalties$10C$M

Total Cash Cost$861US$/oz

All-In Sustaining Costnote 5$1,059US$/oz
 Financial Analysisnote 1ValuesUnits

Gold Price for Financial Analysis$2,550US$/oz

US$:C$ Exchange$0.73

Pre-Tax NPV5%$782C$M

Pre-Tax IRR65%

Pre-Tax Payback1.4years

After-Tax NPV5%$532C$M

After-Tax IRR48%

After-Tax Payback2.0years

Mine Revenue$2,258C$M

EBITDA$1,496C$M

EBITDA Margin66%

Pre-Tax Unlevered Free Cash Flow$1,146C$M

After-Tax Unlevered Free Cash Flow$803C$M
 

 

 

Notes: 

 
  1. Denotes a "specified financial measure" within the meaning of NI 52-112. See note on "Non-IFRS Financial Measures".
  2.  
  3. Represents full calendar years
  4.  
  5. LOM operating costs includes cash operating costs during the initial capital period. Mining operating costs exclude waste development costs and mobile equipment costs which are captured as sustaining capital items
  6.  
  7. Processing toll milling charges are conceptual and have been estimated by Ausenco based on recent industry precedent
  8.  
  9. AISC includes Royalties, Total Cash Costs and Sustaining Capital, including closure costs. Excludes corporate G&A.
  10.  

Mineral Resources

 

The MRE for the Project was originally disclosed in March 2023 (Radisson news release dated March 2, 2023) based on 325,509 m of drilling completed to the end of 2022 and authored by SLR. Indicated Mineral Resources were estimated at 0.50 million ounces (1.52 million tonnes at 10.26 g/t Au) with additional Inferred Mineral Resources of 0.45 million ounces (1.60 million tonnes at 8.66 g/t Au). The 2023 study utilized a 4.5 g/t Au cut-off at US$1,600/oz Au with certain assumptions for minimum mining width, mining costs, C$:US$ exchange and metallurgical recovery. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

 

For the purposes of the PEA, the 2023 block model was re-blocked by SLR in the Z-direction to 5 m to allow for more flexible underground mine design, and an updated cut-off and set of economic criteria were applied consistent with Deswick Stope Optimizer ("DSO") parameters used for the optimization of the underground mine schedule and the Project's recent milling assessment. The MRE now utilizes a cut-off of 2.2 g/t Au at US$2,000/oz Au. No other changes were made. This has the effect of increasing tonnage and ounces and decreasing average grade compared to the previous estimate (Table 2).

 

Table 2: Mineral Resource Estimate Using a 2.2 g/t Au Cut-Off and US$2,000/oz Gold Price
(Numbers in Italics Represent Changes from the MRE based on a 4.5 g/t Au Cut-Off and US$1,600/oz Gold Price.)

 
                  
CategoryTonnes (kt)Grade (g/t Au)Oz (koz Au)
Indicated2,204+45%8.2-20%582+16%
Inferred6,671+317%4.4-50%932+109%
 

 

 

Notes: 

 
  1. Prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards (2014) and Best Practice Guidelines of Mineral Resources and Reserves (2019).
  2.  
  3. Mineral Resources are reported above a cut-off grade of 2.2 g/t Au based on a C$172.5/t operating cost.
  4.  
  5. Mineral Resources are estimated using a long-term gold price of US$2,000/oz Au, a US$:C$ exchange rate of 1:1.33, and a metallurgical recovery of 90%.
  6.  
  7. Wireframes were modelled at a minimum width of 1.2 m.
  8.  
  9. Bulk density varies by deposit and lithology and ranges from 2.00 t/mÂł to 2.82 t/mÂł.
  10.  
  11. Full length composites were capped 40 g/t Au.
  12.  
  13. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  14.  
  15. Numbers may not add due to rounding.
  16.  

Between the end of 2022 and the present, Radisson completed approximately 50,000 m of additional drilling at the Project. Drilling that was completed within the volume of the MRE is assessed to have no material impact on the overall contained mineral resource, such that the MRE is appropriate in SLR's opinion for mine planning. Drilling that was completed outside the volume of the MRE, including below the level of the historic mine workings at O'Brien, has indicated the presence of significant additional gold mineralization that is not incorporated in the current conceptual mine plan. Radisson expects to complete a further 50,000-60,000 m of drilling in 2025 and 2026, at which time the Company expects to complete an updated MRE.

 

Mining

 

The PEA describes an 11-year mine life based on the mining of 4.57 Mt of mineralized material and 3.31 Mt of waste rock (Table 3). Mining will be fully underground with long-hole stoping and a cemented rock backfill. Stope design is benefitted by good spatial continuity of reported resource blocks at the lower cut-off grade. Minimum and average stope widths are 2.2 m and 2.7 m respectively, including 0.7 m of planned dilution. The mine will be accessed by way of twin 4.5 m by 4.5 m ramps from surface to a depth of 950 m with 86 kilometres (km) of development. Mining equipment includes 20 tonne trucks with rock haulage assisted by vertical conveyors delivering mined material from the 300 m level to a surface run-of-mine pad. The underground mine design does not incorporate any infrastructure from the historic O'Brien Mine. A shaft at the historic Kewagama Mine site east of O'Brien will be reused for ventilation. Mined material will be trucked by road for processing.

 

Table 3: Mined Material

 
                            
MaterialTonnes
(kt)
Oz
(koz Au)
Head Grade 
(g/t Au)
Production Stopes3,1465885.8
Marginal Stopes169162.9
Development 469916.0
Low-Grade Development790451.8
Total Mineralized Mined Material4,5757405.0
Waste3,314n/an/a
 

 

 

Cannot view this image? Visit: https://images.newsfilecorp.com/files/10977/258183_1e2a85bb743ed9d7_002.jpg

 

Figure 1: Annual Average Production Schedule

 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10977/258183_1e2a85bb743ed9d7_002full.jpg

 

The underground mine was designed and production scheduled on the basis of a DSO optimization at US$2,000 Au and production cut-off grades of 3.05 g/t Au and 3.11 g/t Au depending on the royalty to be considered. "Mined Material" is categorized as Production Stope Material, Marginal Stope Material, Development Material, Low-Grade Development Material and Waste. In Years 2-8 during which the Project maintains steady-state operation, production from stopes averages 1,160 tpd. However, the PEA contemplates up to 2,000 tpd of mill capacity. Consequently, all mineralized mined material is scheduled for processing (Figure 1), resulting in an average head grade of 5.0 g/t Au, delivering an average of 1,410 tonnes of mined material daily to the mill, and eliminating the requirement for a low-grade stockpile.

 

Mineral Resources not included in the mine plan are those considered too isolated or too marginal at a US$2,000/oz DSO optimization. The mine design also excludes Mineral Resources located in the former Thompson Cadillac mine area or in areas considered too close to the historic workings. The quantity of mineralized mined material in the mine design is highly sensitive to the gold price assumption, with the DSO optimization delivering significantly more mined material in both existing production stopes and development areas, as well new stopes and development areas, at higher gold prices.

 

Infrastructure and Site Facilities

 

The Project is located adjacent to the Trans-Canada Highway 117 and has existing road access to the historic O'Brien mine site. The PEA contemplates twin underground mine portals located 2 km to the east of the historic site, with new haul roads, a waste rock pad, a run-of-mine pad, laydown areas, the surface installation of a vertical conveyor, trenches and sumps for water management, and a waste-water treatment plant. The PEA does not contemplate a mill, tailings deposition, accommodation camp, or major maintenance facilities. Small vehicle maintenance and site offices/mine dry will be provided from existing facilities or temporary modules. A new substation will derive power from the adjacent 112 kV high voltage transmission line operated by Hydro-Québec.

 

Processing(See footnote 1)

 

The PEA contemplates processing and tailings deposition at an off-site facility. To assess the viability of this scenario, Radisson conducted a metallurgical study and milling assessment under the auspices of an MOU with IAMGOLD to assess the design criteria for processing O'Brien mined material at the nearby Doyon gold mill, the processing facility for IAMGOLD's Westwood Mine Complex. The Doyon mill is located 21 km west of O'Brien and directly accessible along Trans-Canada Highway 117.

 

The metallurgical results of this milling assessment were previously reported (see Radisson news release dated February 3, 2025) and are incorporated into the PEA. Gold recoveries of between 86% and 96% were obtained based on a series of flow sheet options, all of which are compatible with the Doyon mill with minimal or modest additional capital. The metallurgical program was undertaken at the Lakefield, Ontario facilities of SGS Canada Inc. under the supervision of Ausenco.

 

The Doyon mill currently operates at approximately 3,000 tpd with a conventional cyanidation process. Mined material is processed with a primary crusher and a two-stage semi-autogenous SAG mill/Ball mill grinding at 75 µm (P80). Leaching is by way of two stage Carbon-in-Leach and Carbon-in-Pulp circuits. The PEA contemplates a Gravity-Flotation-Regrind-Leach flow sheet and assumes Radisson deploying $21M of capital to upgrade the gravity and flotation circuits at Doyon that have been used previously but are currently inactive.

 

The Doyon mill currently processes approximately 1,000 tpd from the underground Westwood mine and approximately 2,000 tpd from the nearby Grand Duc open pit. Processing of Grand Duc material is estimated to be completed in early 2027, as outlined in the Westwood Mine Complex technical report dated September 30, 2024. Hence, the PEA envisions up to 2,000 tpd of mill capacity available for O'Brien at Doyon, allowing for the direct shipment of both production material and lower grade development material at an average of 1,400 tpd. The PEA does not anticipate the stockpiling of low-grade mined material at the O'Brien site, resulting in a significant cost saving.

 

Life-of-mine average gold recovery with the Gravity-Flotation-Regrind-Leach flowsheet is estimated at 87%. This is based on 90% recovery for the O'Brien metallurgical sample at an average grade of 6.3 g/t Au and the application of a grade-recovery model to the average head-grade expected in the PEA of 5.0 g/t Au after the processing of low-grade development materials.

 

O'Brien gold mineralization is associated with pyrite and arsenopyrite. The metallurgical program determined average arsenic values of 0.4% to 0.5% in whole rock, relevant if material is being sent to tailings deposition on-site, and 4.6% in flotation concentrate, relevant if a concentrate is being sold to an off-take agent. These values are consistent with precedent projects in Québec's Abitibi and offtake threshold limits for concentrates of high-grade gold projects. The PEA contemplates tailings deposition after leach without a segregated tailings impoundment. If one is required, additional capital expenses would be incurred.

 

The PEA contains estimates of operating and capital costs for trucking, processing, tailings management and G&A developed by Ausenco from first principles based on the metallurgical results and precedent projects. These costs correspond well to recently reported operating results from the Doyon facility. The PEA's financial results reflect an additional 30% charge on processing and G&A costs, corresponding to approximately $19/t, to reflect the impact of a potential toll milling charge. The MOU between Radisson and IAMGOLD contains no specific terms around potential commercial arrangements between the Parties, including the use of the Doyon mill or the terms of potential toll-milling. There is no certainty that any arrangement between the Parties will result from their dealings pursuant to the MOU, which is non-binding and non-exclusive.

 

Capital and Operating Costs(See footnote 1)

 

Initial Capital costs (Table 4) are estimated at $175M and reflect costs incurred during a 21-month period of early works, mill modification and principal mine construction to the end of the first quarter of Year 2 and the attainment of commercial production. The Initial Capital cost estimate excludes both pre-production mine operating costs and revenue, which are reflected in the Life-of-mine operating cost and revenue estimates, and excludes development costs incurred prior to the commencement of early works. Contingencies on individual capital line items in the underground mine design are at 15%, developed within the material, productivity and cost estimates. Contingencies on non-underground mine items, and on mill modifications and surface facilities, are at 25%.

 

Life-of-mine Sustaining Capital costs are estimated at $173M and reflect capital costs incurred after the first quarter of Year 2, including underground mine development costs in waste rock and underground mine infrastructure, but excluding mine closure and salvage. Mobile mining equipment is scheduled to be purchased in installments, and is represented as Initial Capital, to the extent that a payment or deposit occurs within the project construction period, and as Sustaining Capital to the extent it occurs during the operating phase.

 

Table 4: LOM Capital Costs

 
                                          
 Itemnote 1,2 Cost (C$M)
Mining Capex$93
Mobile Equipment$25.7
Mine Development$47.4
Buildings$0.4
Mine Services$19.7
Process Plant$21
Flotation$4.5
Regrind$14.1
Reagents$2.0
Onsite Infrastructure$16
Offsite Infrastructure$8
Indirects$14
Owners Costs$4
Cash Contingency$20
Total Initial Capital$175
  
Sustaining Capital$173
Closure$5
Salvage$(3)
Total$ 350
 

 

 

Notes: 

 
  1. Denotes a "specified financial measure" within the meaning of NI 52-112. See note on "Non-IFRS Financial Measures". 
  2.  
  3. Columns may not sum exactly due to rounding.
  4.  

Mining, haulage and water management operating costs (Table 5) are estimated at $75.66/t milled (LOM). These are developed by Norda Stelo from first principles based on recent precedent projects with similar mining methodologies and location. Total life-of-mine mining costs, including mining related Initial Capital, Sustaining Capital and Operating costs are $581M, or $127/t milled. Processing and G&A cost estimates are developed by Ausenco from first principles based on the results of the milling assessment conducted at the Doyon mill and based on recent precedent projects. Toll Milling Charges are conceptual and have been estimated by Ausenco based on recent industry precedent.

 

Total Cash Costs are US$861/oz with AISC of US$1,059/oz (LOM). AISCÂł during the steady-state operations of Years 2-8 is estimated at US$1,106/oz.

 

Table 5: Life-of-Mine Operating Costs and AISC

 
                                                     
 Itemnote1,2ValueUnits
Mining, Haulage and Water Management$346C$M
$75.66C$/t milled



Processing & Tailings Treatment$173C$M

$37.71C$/t milled
 Process Toll note3$87C$M

$18.94C$/t milled
G&A$142C$M

$31.06C$/t milled



Total$747C$M

$163.38C$/t milled
Off-Site Costs, Refining and Transport$6C$M
Royalties$10C$M
Total Cash Costs$861US$/oz Au
Sustaining, Closure, Salvage Capital$197US$/oz Au
 Total AISCnote4$1,059US$/oz Au
 

 

 

Notes: 

 
  1. Denotes a "specified financial measure" within the meaning of NI 52-112. See note on "Non-IFRS Financial Measures".
  2.  
  3. Columns may not sum exactly due to rounding.
  4.  
  5. Conceptual and estimated based on recent industry precedent.
  6.  
  7. AISC includes Royalties, Total Cash Costs and Sustaining Capital, including closure costs and corporate G&A.
  8.  

Financial Analysis 

 

At a long-term consensus gold price of US$2,550 and an exchange rate of 0.73 (US$/C$) the Project generates an after-tax NPV5% of $532M and IRR of 48% (unlevered; Table 6). Payback on initial capital is 2.0 years. The Project's valuation is discounted to Year -0.5 when early works would be scheduled to commence.

 

Table 6: Valuation Sensitivities to the Gold Price (after-tax, unlevered)

 
                                                                                                                            
 Gold Price (US$/oz)
Price Case 

 $1,800 Downside $2,200  $2,550
Base Case 
 $3,000
Upside 
 $3,300
Spot  
$4,000
After Tax NPV (C$M)0%$340$587$803$1,081$1,266$1,698
3%$244$448$626$856$1,009$1,366
5%$193$374$532$736$871$1,188
8%$134$286$419$591$705$971
10%$102$239$358$512$614$853








IRR
21%35%48%64%74%100%








 NPV5%/Capex 
1.12.13.04.25.06.8








 Paybacknote 2Years4.32.72.01.41.10.7








 Total After Tax FCFnote1, 3C$M$340$587$803$1,081$1,266$1,698








 Average Annual FCFnote1, 4C$M$48$74$97$127$147$194
 

 

 

Notes: 

 
  1.  Denotes a "specified financial measure" within the meaning of NI 52-112. See note on "Non-IFRS Financial Measures". 
  2.  
  3.  Payback is defined as achieving cumulative positive free cashflow after all cash costs and capital costs, including sustaining. 
  4.  
  5.  Calculated LOM, unlevered. 
  6.  
  7.  Calculated for Years 2-8 of steady state production, unlevered. 
  8.  

LOM EBITDA is estimated at $1.5 billion ("B"), with an effective EBITDA margin of 66%. LOM after-tax FCF is estimated at $0.8B on an unlevered basis. Annual average after-tax FCF during the steady-state operations of Years 2-8 is estimated at $97M. The Project is forecast to generate federal and provincial income taxes and mining duties of $343M.

 

At spot gold of US$3,300/oz gold, the Project generates an after-tax NPV5% of $871M, IRR of 74%, and payback on initial capital of 1.1 years. The Project is cash positive after-tax at gold prices above US$1,260/oz.

 

The Project is most sensitive to revenue attributes such as gold price, head grade and exchange rate, followed by operating cost and capital cost (unlevered; Table 7). Valuation sensitivities on conceptual toll-milling charges expressed as margins on processing and G&A costs of between 0% and 60%. At 0% toll, the Project has an after-tax NPV5% of $578M and IRR of 52% (unlevered; Table 8).

 

A 2% Net Smelter Royalty ("NSR") is applied on gold production on certain claims on the easternmost portion of the property in the favour of Globex Mining Enterprises Inc., covering approximately 22% of the scheduled gold production.

 

Table 7: Valuation Sensitivities to Certain Operating Parameters (after-tax, unlevered)

 
                                                     
Factor
-20%-10%0%10%20%
Operating CostIRR55%51%48%44%40%
NPV5%$611$572$532$493$454
Initial Capital CostIRR57%52%48%44%41%
NPV5%$557$545$532$520$508


0.650.700.730.800.85
$C:$US F/XIRR59%52%48%40%35%
NPV5%$674$582$532$432$370
 

 

 

Table 8: Project Sensitivity to Potential Toll-Milling Charges (after-tax, unlevered)

 
            
Toll Margin0%30%60%
IRR52%48%44%
NPV5%$578M$532M$487M
 

 

 

Cautionary statement: Readers are cautioned that the PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

 

Permitting and Environmental Assessment

 

The Project is located within the Abitibi-Témiscamingue region of Québec in the township of Cadillac, part of the municipality of Rouyn-Noranda. First Nations ("FN") within the Project's expected area of expected economic and social influence are the Pikogan FN (Abitibiwinni) and Long Point FN (Anishinabeg). BBA Inc. were retained to provide a roadmap for social and environmental assessment and mine permitting based on the project scope presented in the PEA. A 3.5-year process of environmental assessment, technical studies, community consultation and permitting is anticipated prior to the commencement of mine construction. The Project is subject to the Québec Environmental Quality Act ("EQA") and, following changes to the EQA proposed in the November 2024 Act to Amend the Mining Act and Other Provisions, is expected to be subject to a Québec Environmental Impact Assessment and Review. The Project is not expected to be subject to a Federal Impact Assessment procedure but will be subject to the Metal and Diamond Mining Effluent Regulations (Fisheries Act).

 

NI 43-101 Technical Report

 

Radisson will file a Technical Report prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") for the O'Brien Gold Project Preliminary Economic Assessment on SEDAR+ on or before August 21, 2025.

 

Qualified Persons

 

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Mr. Richard Nieminen, P.Geo, (QC), a geological consultant for Radisson and a Qualified Person for purposes of NI 43-101. Mr. Nieminen is independent of Radisson and the O'Brien Gold Project.

 

Renée Barrette of Ausenco Engineering Canada ULC, is the Qualified Person responsible for the preparation of the Project's milling assessment, PEA metallurgy, and for PEA financial model which is based on capital costs, operating costs, and the mining cost provided by other parties.

 

Mr. Luke Evans, M.Sc., P.Eng., ing, of SLR Consulting (Canada) Ltd., is the Qualified Person responsible for the preparation of the MRE at O'Brien.

 

Mr. Marc R. Beauvais, P.Eng. of InnovExplo, a member of Norda Stelo, is the Qualified Person responsible for the mine design and mine scheduling.

 

Mr. Hugo Latulippe of BBA is the Qualified Person responsible for the permitting, environmental, social, water management and closure cost estimate.

 

Each of Mr. Nieminen, Ms. Barrette, Mr. Evans, Mr. Beauvais and Mr. Latulippe have reviewed and approved the technical information contained in the PEA and in this press release in their area of expertise and are considered to be "independent" of Radisson and the O'Brien Gold Project for purposes of NI 43-101.

 

Non-IFRS Financial Measures

 

The Company has included various references in this document that constitute "specified financial measures" within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators, such as, for example, Free Cash Flow, EBITDA, Total Cash Cost and All-In Sustaining Cost. None of these specified measures is a standardized financial measure under International Financial Reporting Standards ("IFRS") and these measures might not be comparable to similar financial measures disclosed by other issuers. Each of these measures are intended to provide additional information to the reader and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Certain non-IFRS financial measures used in this news release and common to the gold mining industry are defined below.

 

Total Cash Cost and Total Cash Cost per Ounce

 

Total Cash Cost is reflective of the cost of production. Total Cash Cost reported in the PEA include mining costs, processing & water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Total Cash Cost per Ounce is calculated as Total Cash Cost divided by payable gold ounces.

 

All-in Sustaining Cost (AISC) and AISC per Ounce

 

AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PEA includes total cash costs, sustaining capital, expansion capital and closure costs, but excludes corporate general and administrative costs and salvage. AISC per Ounce is calculated as AISC divided by payable gold ounces.

 

Free Cash Flow (FCF)

 

FCF deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently.

 

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

 

EBITDA excludes from net earnings income tax expense, finance costs, finance income and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose.

 

About Radisson Mining

 

Radisson is a gold exploration company focused on its 100% owned O'Brien Gold Project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Québec. A July 2025 Preliminary Economic Assessment described a low cost and high value project with an 11-year mine life and significant upside potential based on the use of existing regional infrastructure. Indicated Mineral Resources are estimated at 0.58 million ounces (2.20 million tonnes at 8.2 g/t Au), with additional Inferred Mineral Resources estimated at 0.93 million ounces (6.67 million tonnes at 4.4 g/t Au). Please see the NI 43-101 "Technical Report on the O'Brien Project, Northwestern Québec, Canada" effective March 2, 2023 and other filings made with Canadian securities regulatory authorities available at www.sedarplus.ca for further details and assumptions relating to the O'Brien Gold Project.

 
 

For more information on Radisson, visit our website at www.radissonmining.com or contact:

 

Matt Manson
President and CEO
416.618.5885
mmanson@radissonmining.com

 

Kristina Pillon
Manager, Investor Relations
604.908.1695
kpillon@radissonmining.com

 
 

Forward-Looking Statements

 

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Forward-looking statements including, but are not limited to, statements with respect to the ability to execute the Company's plans relating to the O'Brien Gold Project as set out in the PEA; the Company's ability to complete its planned exploration and development programs; the absence of adverse conditions at the O'Brien Gold Project; the absence of unforeseen operational delays; the absence of material delays in obtaining necessary permits; the price of gold remaining at levels that render the O'Brien Gold Project profitable; the Company's ability to continue raising necessary capital to finance its operations; the ability to realize on the mineral resource and mineral reserve estimates; assumptions regarding present and future business strategies, local and global geopolitical and economic conditions and the environment in which the Company operates and will operate in the future;, planned and ongoing drilling, the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, and the ability to incorporate new drilling in an updated technical report and resource modelling; the Company's ability to grow the O'Brien Gold Project; the ability to negotiate and execute an arrangement with IAMGOLD related to the Doyon Mill on satisfactory terms or at all; and the ability to convert inferred mineral resources to indicated mineral resources.

 

Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking information is based on estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others; the risk that the O'Brien Gold Project will never reach the production stage (including due to a lack of financing); the Company's capital requirements and access to funding; changes in legislation, regulations and accounting standards to which the Company is subject, including environmental, health and safety standards, and the impact of such legislation, regulations and standards on the Company's activities; price volatility and availability of commodities; instability in the global financial system; the effects of high inflation, such as higher commodity prices; the risk of any future litigation against the Company; changes in project parameters and/or economic assessments as plans continue to be refined; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks relating to the drill results at O'Brien; the significance of drill results; and the ability of drill results to accurately predict mineralization. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this news release.

 

Please refer to the "Risks and Uncertainties Related to Exploration" and the "Risks Related to Financing and Development" sections of the Company's Management's Discussion and Analysis dated April 29, 2025 for the years ended December 31, 2024, and the Company's Management's Discussion and Analysis dated May 28, 2025 for the three-months ended March 31, 2025, all of which are available electronically on SEDAR+ at www.sedarplus.ca. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

 

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Horizon Minerals Limited  Investor Webinar

Horizon Minerals Limited Investor Webinar

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ,HRZMF) is pleased to announce the Company has been selected to present in the RAAS Research Group Stock Take Webinar, to be held 11:30am AEST on Wednesday 9 July 2025.

The webinar is held via Zoom and registration is available through the following link:
https://us02web.zoom.us/webinar/register/WN_5Rdm0uLrQRea4YuDOB0L7A

The webinar will commence with discussion from RAAS Research Group Analyst Joshua Baker, who has recently completed a comprehensive research update on Horizon Minerals.

The report is available to all attendees prior to the webinar via the registration page.

Following analyst discussion, Horizon Minerals Managing Director and CEO Grant Haywood will deliver a presentation on the Company, which possesses significant gold operations in the Western Australian Goldfields and an aspirational target to become a 100kozpa producer.

Mr Haywood will also participate in a moderated Q&A session, providing webinar attendees the opportunity to submit questions directly to management.

 

About Horizon Minerals Limited:  

Horizon Minerals Limited (ASX:HRZ,HRZMF) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.

Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.

Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.

 

News Provided by ABN Newswire via QuoteMedia

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