VANCOUVER, British Columbia, December 02, 2021 (GLOBE NEWSWIRE) – Prospect Ridge Resources Corp. (the “Society” Where “Perspective Ridge“) (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce the results of recent exploration in the 4shore zone on the Holy Grail property and has returned assays up to 21.3 grams per tonne of gold, 38.3 grams per tonne of silver and 1.6 percent copper from grab samples and 12 grams per tonne of gold on a 1 meter chip.
The 4Shore zone is located in the mid-west portion of the Holy Grail property. The region rests on deformed volcanic and tuffaceous units of the Hazelton group. It is one of the most important mineral-rich rock sets in the Golden Triangle, home to deposits such as Eskay Creek, which produced 3.3 million ounces of gold and 160 million ounces of gold. ounces of silver at an average grade of 45 g / t gold and 2224 g / t silver (1999, BC Ministry of Energy and Mines).
Indeed, the 4Shore zone has been targeted as a high priority zone because the “Quock” formation, part of the Hazelton group is a stratigraphic horizon marker for the Eskay Creek deposit and extends north-west through the 4Shore zone. . Early results produced up to 21.3 grams per tonne of gold, 38.3 grams per tonne of silver and 1.6% copper from selected samples and 12 grams per tonne of gold on a 1 meter chip, with various mineralized exposures over an area approximately 400m wide across the direction. Reconnaissance about 4 km to the southeast uncovered malachite coloration which could be observed for hundreds of meters vertically and laterally and which is intersected by high grade sulphide rich quartz veins. Analyzes are pending for this south-eastern extension.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/84243560-8b3e-4ab5-80c4-19acffbd0214
The mineralization in the 4Shore zone is unique, inconspicuous and different from other zones of the Holy Grail property. The tuffaceous units are strongly deformed, folded and weathered into chlorite-muscovite schist. The mineralization is structurally related and lithologically controlled. Three modes of mineralization are apparent:
A) Disseminated mineralization that formed before the deformation and folding of the host rock
-Potentially related to pre-existing VMS style mineralization
B) Low angle shear and remobilization
– Pre-existing mineralization concentrated and remobilized in a more massive form
C) Typical high-grade epithermal to mesothermal quartz veins linked to brittle faults
-North-south trend parallel to the main lines and intersecting existing mineralization
-Style of mineralization targeted on the remainder of the Holy Grail property
In 2021, two “turn of the century” audits were rediscovered. A 2 meter chip sample grading 6 grams per tonne of gold was taken from a contact in the gallery between a lighter and darker chlorite-muscovite shale unit without obvious mineralization. The first brought in 0.017 grams per ton and the second 12 grams per ton of gold over one meter and remains open.
| SAMPLE | Au (ppm) | Ag (ppm) | Cu (%) |
| A0600822 | 12 | 19.7 | 0.925 |
| A0600823 | 10.6 | 17.5 | 0.65 |
| A0600828 | 0.585 | 1.1 | 0.0203 |
| A0600829 | 21.3 | 38.3 | 1,615 |
Table 1 – 4Strengths of the coastal zone
Careful investigation identified tiny fractures with gold visible perpendicular to quartz veins in the darker, more mafic shale, as well as disseminated and deformed covellite. This shows the subtlety of the mineralization and how it likely escaped previous explorers. Pillow basalt, an indicator of the underwater environment suitable for a VMS type deposit, is present locally near the wells. Recent hand trenches and channel sampling have exposed more heavily mineralized sections with strong malachite staining, assays are still pending.
Assays from the south gallery landfill returned up to 21.3 grams per tonne gold, 38.3 g / t silver and 1.6 percent meta-tuff copper with coarse clots scattered around chalcopyrite and bornite and locally tetrahedrite. Prospecting around the gallery site revealed a larger area of disseminated mineralization that remains open.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b07fd8b4-9a3f-4a7e-86b3-751570ed8a75
Michael Iverson, CEO says, “It’s different and nothing obvious, I went up into the gallery with a geologist and a prospector and we scratched our heads, what were they looking for?” The results show that it is shale and that shale is everywhere. Now that we know that we chased it 4 kilometers and then found that the geology 20 kilometers south again in the Holy Shale area and we are pulling down slopes it opened our eyes to a new neglected potential.
Based on the preliminary results and geology, there are strong indications for Eskay VMS style mineralization and later high grade mineralization related to the structure. Follow-up work including prospecting, manual digging and channel sampling was completed, as well as a reconnaissance prospecting 4 km downstream where the same bedrock is well exposed. Several drill targets have been delineated; further soil sampling, prospecting and bedrock mapping are planned in the region.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3ca59a55-2851-4cbc-9ee1-ea79affcb5eb
Agreement for promotional activities
The Company also announces that it has entered into an agreement for advertising and promotional services with Apaton Finance GmbH (the “Consultant“) dated November 30, 2021 (the”Agreement“). The agreement is for a period of 3 months, ending February 28, 2022.
In accordance with the Agreement, the Consultant will provide marketing and advertising services, publish articles in English and German on various websites, provide translation and news dissemination, and provide market surveillance and information services. . In return for these services, the Consultant will be compensated in the amount of € 26,500.
The name, address, telephone number and e-mail address of the person carrying out the promotional activity are Mario Hose, Elenstr. 34, 30175, Hanover, Germany, +49 511 / 6768-731, office @ apaton-finance-de.
Qualified person
All scientific or technical information included in this press release has been reviewed, verified and approved by Rein Turna, P.Geol., A consultant to the Company and a qualified person as defined by National Instrument 43-101.
About the holy grail
The Holy Grail property is located 10 kilometers outside of Terrace, within 45 kilometers of the smelter and deep water port; the property is easily accessible bounded by two highways with CN rail, a high voltage power supply crossing the property and a forest road network on approximately 80% of the property, which will allow for very profitable exploration and high feasibility. Some of the key areas are below the treeline and can be worked most of the year.
The entire size of the Holy Grail District now contains over 80,000 hectares. The property was selected based on regional geological, structural and geochemical similarities that coincide with mineralization 50 km northwest in the Golden Triangle. The Company believes the project has the potential for a district-wide hydrothermal system and will expand the boundaries of the Golden Triangle to cover this vast, under-explored region.
About Prospect Ridge Resources Corp.
Prospect Ridge Resources Corp. is a British Columbia-based exploration and development company focused on strategic mineral exploration in Canada concurrently with site development in British Columbia and Quebec. Prospect Ridge’s technical team and management, with over 100 combined years of mineral exploration experience, believe the holy grail has the potential for a district-wide hydrothermal system and will extend the boundaries of the Triangle to Gold to cover this vast under-explored region.
Neither the Canadian Securities Exchange nor its regulatory 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 press 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 the Company’s management regarding future events. In general, forward-looking statements and information can be identified by the use of forward-looking terminology such as “for” Where “anticipates “, or variations of those words, phrases or statements that certain actions, events or results “may”, “could“, “should“, “would have” Where “happen“. These information and statements, referred to herein as “forward-looking statements”, are not historical facts, are made as of the date of this press release and include, without limitation, statements regarding discussions of future plans, estimates and forecasts and statements such as the expectations and intentions of management with respect to, among other things, positive exploration results at the Holy Grail projects. These forward-looking statements involve many risks and uncertainties, and actual results may differ materially from the results suggested in forward-looking statements. These risks and uncertainties include, among other things, the fact that future exploration results at the Holy Grail project will not be those anticipated.
In making the forward-looking statements in this press release, the Company has applied several important assumptions, including, without limitation, that future exploration results at the Holy Grail project will be as expected.
Although the management of the Company has attempted to identify material 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 actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results are not those anticipated, estimated or anticipated. . 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. Therefore, 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 statements, forward-looking information or financial outlook which are incorporated by reference herein, except in accordance with applicable securities laws. We seek refuge.
Quotes
Massey, NWD, Alldrick, DJ and Lefebure, DV (1999). Potential for Underwater Hot Spring (Eskay Creek) Deposits in British Columbia. British Columbia, Ministry of Energy and Mines, Energy and Minerals Division, Geological Survey Branch. File Opened 1999-14
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