Vancouver, BC – February 21, 2024 – 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.

Highlights from rock outcrop sampling:

            From the Copper-silver-gold trend:

– 0.49 g/t Au, 134 g/t Ag, 29.4 % Cu (W501837),

– 2.35 g/t Au, 613 g/t Ag, 11.4 % Cu (W386358),

– 1.05 g/t Au, 180 g/t Ag, 14.3 % Cu (W386342),

– 8.26 g/t Au, 156 g/t Ag, 0.17 % Cu, 0.1 % Pb (W500686).

From the Gold-silver trend:

– 8.44 g/t Au, 11 g/t Ag (W386335),

– 4.39 g/t Au, 5.3 g/t Ag (W386332).

From the Gold-silver-copper trend with Silver-rich veins:

– 1.68 g/t Au, 3230 g/t Ag, 0.4 % Cu, 3.4 % Pb (W500649),

– 0.76 g/t Au, 700 g/t Ag, 0.2 % Cu, 1.0 % Pb, 0.1 % Zn (W386324).

Images from samples in link (here).

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.

Figure 1: Mineralized showings within the Knauss Creek Property.

Figure 2: Copper Ridge map highlighting outcrop sample grades.

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.

Figure 3: Copper Ridge northwestern part illustrating mineralized trends.

Figure 4: Photograph of the northwestern ridge (left) and sample W500687 (right).

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.

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.