PROSPECT RIDGE RESOURCES DISCOVERS A HIGH-GRADE COPPER VEIN SYSTEM ALONG THE NORTHWESTERN EXTENSION OF THE COPPER RIDGE ZONE ON THE KNAUSS CREEK PROPERTY
VANCOUVER, BC, Feb. 21, 2024 /CNW/ - Prospect Ridge Resources Corp. (the "Company" or "Prospect Ridge") (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce a northwestern extension of the Copper Ridge Zone with additional high-grade gold, silver and copper results from outcrop samples, located at the Company's fully owned Knauss Creek property, located approximately 35 km northeast of Terrace, British Columbia.
The remaining assays from outcrop samples collected near the end of the 2023 prospecting season returned numerous high-grade gold, silver and copper results and have now extended the Copper Ridge Zone measuring an east-west length of 1,550 metres, a north-south strike length of 850 metres and a vertical difference of 470 metres. The data collected in the field indicates the veins are north-south oriented and dip towards the east. It is interpreted that the zone consists as a ladder mineralized vein network hosted in a dioritic intrusion. Additionally, the recent results confirm that metal zonation occurs across the property being more copper rich in the northwest and more gold-silver rich in the southeastern part of the property. Previous results from Copper Ridge were released November 8 and 28, 2023 and January 18, 2024.
Prospect Ridge CEO Michael Iverson commented, "The Copper Ridge prospect continues to return high grade results from a zone that measured only 200 metres at the start of the year to over 1.5 kilometres now. Our geologic understanding has improved greatly over the course of last summer and we look forward to not only drill test the numerous high grade outcrop samples but also explore along the extents of this zone that remain open and where surface malachite staining is clearly evident."
Prospect Ridge President Yan Ducharme added, "We are pleased with the most recent results that have continued to expand the Copper Ridge to the northwest with further room to grow. Recent samples were collected from numerous in-situ, outcropping veins frequently exposed over tens of meters and returning high-grade results. A whole new area is starting to emerge in the Copper Ridge zone with a high density of parallel veins on ridges extending towards the northwest. We are looking forward to the new field season. There remain large tracts of land to explore on surface. We are planning a 5,000 metres surface drilling program to test the drill-ready targets at the Copper Ridge Zone."
The Copper Ridge Zone is located in the southern part on the Knauss Creek property (Figure 1). During the 2023 field season, a total of 241 samples were collected in this area. Sixty-three (63) percent of the samples have a gold equivalent value between 0.1 and 10 g/t and seventeen (17) percent of the samples have a gold equivalent value above 10 g/t (Figure 2). With a sample per vein, the results suggest a mineralized system with a high density of veins of varying grades. Numerous structural measurements were taken and are showing veins oriented roughly north south and dipping toward the east.
Mineralogical observation and results analysis are illustrating different trends within the Copper Ridge zone. Those additional results in the northwestern part are defining different trends in their metal content (Figure 3). The westernmost trend consists of quartz veins with pyrite that are gold-silver bearing, while the adjacent one consists of quartz veins with chalcopyrite, malachite and azurite that are copper-silver-gold bearing. For the main trend, it is not clear which metal is dominant, but it contains several silver-rich veins.
Sample
Easting1
Northing1
Au (g/t)
Ag (g/t)
Cu (%)
Pb (%)
Zn (%)
Au Eq g/t2
D791547
539003
6071642
0.256
53.7
6.370
0.001
0.017
9.890
D791548
539029
6071585
0.564
107
0.748
0.004
0.008
2.916
D791549
539014
6071615
1.685
63.9
0.731
0.008
0.006
3.493
D791550
539013
6071627
1.045
25.2
0.542
0.002
0.016
2.120
W386321
539346
6071753
0.191
96.6
0.021
0.162
0.019
1.453
W386323
539302
6071692
1.305
215
0.219
0.306
0.091
4.356
W386324
539295
6071690
0.762
700
0.214
0.964
0.125
9.913
W386326
539007
6071515
1.930
3.5
0.001
0.003
0.000
1.975
W386327
539010
6071512
4.110
3.6
0.001
0.004
0.000
4.156
W386328
539010
6071520
1.140
0.6
0.001
0.002
0.000
1.149
W386329
538999
6071513
2.890
4.5
0.001
0.007
0.001
2.949
W386330
538973
6071471
0.990
1.9
0.000
0.002
0.000
1.014
W386331
538963
6071491
4.070
8.4
0.005
0.014
0.002
4.184
W386332
538964
6071557
4.390
5.3
0.000
0.007
0.000
4.457
W386333
538972
6071538
2.750
4.2
0.000
0.007
0.004
2.805
W386334
538975
6071536
3.330
13.6
0.001
0.011
0.002
3.500
W386335
538974
6071534
8.440
10.7
0.003
0.019
0.001
8.581
W386337
539001
6071560
1.515
1.1
0.000
0.002
0.001
1.529
W386338
538997
6071566
1.825
4.1
0.001
0.004
0.002
1.878
W386341
539025
6071622
0.583
127
0.353
0.025
0.045
2.642
W386342
539004
6071638
1.045
180
14.300
0.001
0.021
23.384
W386343
539004
6071635
3.170
202
9.140
0.001
0.011
18.498
W386344
539002
6071634
1.475
71.7
0.438
0.017
0.001
2.965
W386345
539004
6071629
1.070
74.9
0.290
0.006
0.002
2.387
W386346
539006
6071624
1.230
47.7
0.409
0.017
0.005
2.391
W386347
539013
6071628
2.450
98.9
0.432
0.021
0.008
4.265
W386348
539008
6071618
5.450
208
1.015
0.023
0.003
9.404
W386349
539016
6071611
1.480
167
4.670
0.004
0.012
10.087
W386350
539015
6071626
0.421
8.9
0.458
0.002
0.009
1.178
W386351
538997
6071641
1.260
74.2
5.180
0.000
0.010
9.462
W386352
538999
6071651
0.220
29.1
2.620
0.000
0.005
4.266
W386353
539013
6071633
1.235
76.5
2.070
0.031
0.013
5.093
W386354
538975
6071655
0.151
28.4
1.070
0.014
0.012
2.012
W386355
538977
6071659
2.670
241
7.300
0.024
0.011
15.885
W386356
538959
6071696
2.990
251
12.200
0.008
0.021
23.230
W386358
538951
6071688
2.350
613
11.400
0.012
0.014
25.837
W386359
538936
6071688
0.265
55.6
6.410
0.001
0.014
9.977
W386361
538927
6071686
2.230
33.1
0.454
0.017
0.002
3.277
W386362
538925
6071707
3.810
90.3
3.810
0.001
0.010
10.276
W386363
538935
6071709
2.810
253
8.970
0.023
0.030
18.530
W500058
538984
6071533
4.190
11.9
0.004
0.013
0.022
4.353
W500059
538975
6071538
2.700
4.0
0.001
0.009
0.002
2.754
W500061
538981
6071527
1.755
5.2
0.001
0.005
0.002
1.822
W500063
538987
6071522
2.140
3.4
0.001
0.005
0.001
2.185
W500065
539092
6071547
0.316
13.5
0.807
0.000
0.003
1.618
W500649
539252
6071619
1.680
3230
0.355
3.410
0.069
42.449
W500650
539253
6071600
0.251
165
0.456
0.058
0.046
2.926
W500686
538956
6071702
8.260
156
0.166
0.105
0.009
10.420
W500687
538963
6071698
0.750
183
11.150
0.018
0.032
18.696
W500688
538961
6071698
0.132
26.5
0.916
0.003
0.008
1.748
W500689
538965
6071697
2.250
172
4.220
0.003
0.011
10.282
W500690
538966
6071696
0.815
42.3
6.980
0.001
0.015
11.170
W500691
538933
6071700
3.040
315
3.590
0.045
0.011
11.927
W500692
538937
6071704
1.630
233
1.445
0.044
0.009
6.502
W501832
538973
6071647
1.460
57.3
0.763
0.014
0.008
3.236
W501837
538948
6071684
0.487
134
29.400
0.000
0.069
43.571
W501838
538945
6071689
1.515
89.9
0.709
0.036
0.006
3.616
W501839
538948
6071674
1.185
30.4
0.884
0.021
0.011
2.810
Table 1: New Results from the Copper Ridge sampling
1: Coordinates in meters UTM Nad83 Zone 9N
2: Gold equivalents were calculated with a gold price of $1,750/oz, silver at $21/oz, copper at $3.60/lbs, lead at $0.90/lbs and zinc at $1.00/lbs.
Cautionary statements
Outcrop samples are selective by nature and grades may not be representative of mineralized zones. True thickness or mineralization style and geological models cannot be determined with the information currently available.
Quality control
Rock samples were assayed for gold by standard 50 g fire-assaying with atomic absorption finish (Au-AA24) or gravimetric finish (Au-GRA22) or 1000g metallic screening (Au_SCR24) at ALS Canada in Terrace, British Columbia. The samples were also assayed for 35 metals from an aqua regia digestion with ICP-AES finish (ME-ICP41). For samples with overlimit results in silver, copper, lead and zinc, aqua regia with ICP finish was used (OG46 ore grade). A quality assurance/quality control program has been implemented and consists of inserting standards on a regular basis in the samples stream.
Qualified Person
All scientific or technical information included in this news release has been reviewed, verified and approved by Yan Ducharme, P.Geo., President of the Company and a qualified person as defined by National Instrument 43-101. This news release was written and reviewed by Yan Ducharme.
About the Knauss Creek property
The fully owned Knauss Creek is approximately 35 kilometres northeast of the town of Terrace in the Province of British Columbia, Canada. It is easily accessible by highway 16 and a network of logging roads. It covers about 30 square kilometres and is contiguous to our fully owned Holy Grail property.
Several gold, silver, copper, lead and zinc occurrences were discovered in the past. The most notable is the Dorreen mine where four adits were developed and, according to historical documents, approximately 700 tons of ore were mined out at an average grade of at 16.8 g/t Au, 58 g/t Ag, 0.22% Cu, 2.1% Pb and 1.4% Zn from a quartz vein (not 43-101 compliant).
During the 2023 field season, the Company explored the Copper Ridge mineralized zone which has become the main focus for exploration on the property.
The southern tip of the Golden Triangle is located immediately northwest of the PRR properties. The Bowser Lake and the Hazelton Groups hosting most of the deposits and mines of this area are also underlying the Knauss Creek and Holy Grail properties.
About Prospect Ridge Resources Corp.
Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on gold exploration. Prospect Ridge's management and technical team cumulate over 100 years of mineral exploration experience and believes the Knauss Creek and the Holy Grail properties to have the potential to extend the boundaries of the Golden Triangle to cover this vast under-explored region.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, positive exploration results at the Knauss Creek and Holy Grail projects and the Company's use of proceeds from the Private Placement. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that future exploration results at the Knauss Creek and Holy Grail projects will not be as 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.
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