VANCOUVER, British Columbia, Nov. 30, 2021 (GLOBE NEWSWIRE) — Prospect Ridge Resources Corp. (the “Company” or “Prospect Ridge“) (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce results from recent exploration at the Megalodon zone on the Holy Grail property with rock samples up to 117 grams per tonne gold and 578 grams per tonne silver.
The Megalodon showing consists of structurally controlled polymetallic mineralization hosted in a regional fault structure that can be traced for over 10 kilometers and remains open to the north and south. A broad 30m wide sulphide bearing alteration zone surrounds the fault zone and encompasses high-grade polymetallic veins and stockwork, that have assayed up to 117 grams per tonne gold, 3.97% copper, 9.55% lead, 4.84% zinc.
The 2021 exploration has identified 7 other prolific fault zones with significant alteration and mineralization. These structures can be traced for 17 kilometers laterally and vertically for 100’s of meters. Various spays and paralleling / sub-paralleling structures have also been identified. Two of these regional faults have been mapped in by the BCGS and one for over 17 kilometers. Many of the drainages that crosscut these structures have historically produced or have been explored for placer gold.
Approximately 3.5 kilometers west of the Megalodon showing is the ‘Shock and Awe’ discovery. This 75m wide mineralized showing was exposed by recently constructed logging roads and has produced values of up to 49.2 grams per tonne gold over a 1-meter chip. A 2021 soil grid over the area has returned grades up to 1.65 grams per tonne gold approximately 150 meters down strike from the bedrock showing. The showing shares the same characteristics as Megalodon, consisting of an altered fault zone with polymetallic veins within a quartz diorite intrusive.
|SAMPLE||Au (ppm)||Ag (ppm)||Cu (%)||Pb (%)||Zn (%)|
Table 1 – summary of sampling Highlights from Shock and Awe
High grade polymetallic mineralization consists of galena, chalcopyrite, pyrite, tetrahedrite, sphalerite and occasionally visible gold. The ore mineralogy and epithermal to mesothermal style veins are consistent with mineralization at Pretium’s Bruce Jack mine. The broader alteration envelope forms disseminated sulphide mineralization within the intrusive host rock.
The 2021 exploration program has completed systematic reconnaissance and follow up prospecting, soil sampling and channel sampling on much of Holy Grail District and vectored in on these fault cross cutting structures which has led to the discovery of many additional significant mineralized zones adding to our potential. Further structurally related gold deposits are to be uncovered and discovered. Prospect Ridge’s resources team will be releasing our pending assays as they become available in the near future.
Michael Iverson, CEO states, “The entire Megalodon showing has moved significantly upwards in our internal ladder, based on the potential of high-grades, significant thickness, and overall scale. The excitement about the target and the overall district of the Holy Grail cannot be understated, as it continues to show significant Gold, Silver and Polly metallic mineralization and grand size potential. We believe this region has been overlooked by a border triangle on a map, and expect to extend the border of the Golden Triangle to B.C.’s vastly underexplored Red Line, and show the world B.C. is a golden rectangle.”
Figure 1 – Megalodon and Shock & Awe Location Map (Regional Faults in Black) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/812bfa6a-71bf-4882-9790-0d14518d9117
Figure 2 – British Columbia terrane map, showing stikinia and selected volcanic-hosted massive sulphide deposits within it is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/306af53e-fe0b-4836-91d1-7a3083fef4c2
Figure 3 – Multiple Megalodon Samples including Visible Gold is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a83a694a-4d9e-46a0-8221-caa68b532852
Agreement for Promotional Activities
The Company also announces that it has entered into an agreement for promotional services with IR-World.com Finanzkommunikation GmbH (the “Consultant”), an arm’s length party to the Company, dated November 25, 2021 (the “Agreement”).
Pursuant to the Agreement, the Consultant will provide translation services for the Company’s news releases into German and will distribute ten news releases in Germany through its distribution service “IRW-Press”. The Company will compensate the Consultant at the rate of €350 per news release for aggregate compensation of €3,500. The Agreement is for an indefinite term.
The name, address, telephone number and e-mail address of the person conducting the promotional activity is Joachim Brunner, Wickepointgasse 13, 4611 Buchkirchen, Austria, [firstname.lastname@example.org], +43 7242 211 930 0.
All scientific or technical information included in this news release has been reviewed, verified and approved by Rein Turna, P.Geo., a consultant to the Company and a qualified person as defined by National Instrument 43-101.
About Holy Grail
The Holy Grail Property is 10 kilometers outside of Terrace within 45 km from smelter and deep sea port; the property is easy-accessible bounded by two highways with CN rail, high tension power crossing the property and a network of logging roads over approximately 80% of the property which will make for a very cost-effective exploration and strong feasibility. Some of the key areas are located below tree line and can be worked nearly year-round.
The Holy Grail district sized package now contains over 80,000 hectares. The property was selected based on regional geological, structural, and geochemical resemblances that coincide with mineralization 50 km northwest in the Golden Triangle. The company believe the project has the potential for a district scale hydrothermal system and will extend the boundaries of the Golden Triangle to cover this vast under-explored region.
About Prospect Ridge Resources Corp.
Prospect Ridge Resources Corp. is a BC based exploration and development company focused on strategic mineral exploration in Canada concurrently with developing a location in British Columbia and Quebec. Prospect Ridge’s technical team and management with over 100 combined years of mineral exploration experience believes the Holy Grail to have the potential for a district scale hydrothermal system and will extend the boundaries of the Golden Triangle to cover this vast under-explored region.
Prospect Ridge Resources Corp.
Michael Iverson, Chief Executive Officer
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 Holy Grail projects. 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 Holy Grail project will not be 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 Holy Grail project will be 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.