Prospect Ridge Resources Announces Completion of a LiDAR Survey Over the Majority of the Holy Grail District

VANCOUVER, British Columbia, Nov. 23, 2021 (GLOBE NEWSWIRE) — Prospect Ridge Resources Corp. (the “Company” or “Prospect Ridge“) (CSE: PRR) (OTC: PRRSF) – is pleased to announce the completion of a LiDAR survey over 33,000 hectares on the Holy Grail property, see Figure 1. The Company plans to complete additional surveys in the future to cover the entire property. The LiDAR survey will provide a detailed photogrammetric and topographic map with high resolution 3D imagery at a 2-centimeter accuracy. The survey will be a key tool in exploration, improving field work planning, the delineation of drill targets, and streamlining the target generation process. For target generation, the survey will be a critical tool in the identification of old workings and structural mapping by remote sensing. Multiple methods will be applied to assist in the mapping of structural folds, fault planes, size, persistence, spatial variations, and numbers of the rock discontinuities on the property. Much of the Gold and Silver mineralization identified to date is structurally controlled and occurs in the proximity to regional faults and associated structures as intrusion related veins, stockwork and breccias with mineralization persisting through all intersected lithologies.

Field work is still under way on the Holy Grail. The ability to work 365 days a year is a great advantage to our team, vectoring in on what appears to be driving all the visible gold, multi oz silver and percentage Copper, Lead, Zinc and tungsten in so many locations spread over hundreds of square km’s, Prospect Ridge will be releasing results continuously as results become available.

Michael Iverson, CEO states, “We are quickly building a deeper understanding of the geology and mineralization at the Holy Grail district. The recently completed LiDAR survey is just another important tool available to our team. Most of the Gold mineralization on the property appears to be structurally controlled and LiDAR will assist the ground teams identify new potential targets in areas under cover, applying the fingerprint of the showings already identified to date.”

Figure 1 – LiDAR Areas in the Holy Grail Claim Package is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b6fa57eb-cd4b-4b60-b1d7-e20ba2822f6f

Qualified Person

All scientific or technical information included in this news 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 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.

Agreement for Promotional Activities

The Company also announces that it has entered into an agreement for advertising and promotional services with Sideways Frequency LLC (the “Consultant”) dated November 22, 2021 (the “Agreement”). The Agreement is for a term of 3 months, ending February 22, 2022.

Pursuant to the Agreement, the Consultant will provide marketing and advertising services on websites and through email communications, for which the Consultant will be compensated $150,000.

The name and address of the person conducting the promotional activity is Wesley De Souza, 327 Plaza Real, Site 319, Boca Raton, FL, 33432 (email: [email protected] / phone number: (801) 692-0356).

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.

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 asintends” oranticipates”, or variations of such words and phrases or statements that certain actions, events or resultsmay”,could”,should”,would” oroccur. 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: completing additional surveys on the property. 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: the intention of the Company to continue exploration and surveying on the property.

In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: the Company will be able to continue exploration and surveying on the property.

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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