Prospect Ridge Announces Start of Knauss Creek and Holy Grail Exploration Programs and Closes Acquisition of Option on Castle and Excalibur Copper Gold Porphyry Projects

Rhea-AI Summary

Prospect Ridge Resources (OTCQB:PRRSF) has initiated significant exploration programs and completed key acquisitions in British Columbia. The company has begun a 4-week exploration program at Knauss Creek and Holy Grail projects, covering 625.5 km², with crews from Equity Exploration starting July 15.

The company has also closed acquisitions of options for the Castle and Excalibur Copper-Gold porphyry projects, paying $12,000 in cash and issuing 360,000 shares. Comprehensive exploration programs are planned for both properties, including airborne magnetic surveys, IP surveys, and mapping, leading to a planned minimum 2,000-metre diamond drill program for each project targeted for summer 2026.

Positive

• Expansion of portfolio with Castle and Excalibur Copper-Gold porphyry projects through option agreements
• Large exploration area of 625.5 km² at Knauss Creek and Holy Grail projects
• Fully equipped camp and infrastructure already in place for exploration
• Commercial logging has cleared target areas, potentially reducing exploration costs

Negative

• Drill programs not planned until summer 2026, pending permits
• Additional payments and requirements needed to earn 100% interests in Castle and Excalibur
• Share issuance of 360,000 shares subject to hold period until November 2025

VANCOUVER, BC / ACCESS Newswire / July 17, 2025 / Prospect Ridge Resources Corp.(the "Company" or "Prospect Ridge") (CSE:PRR)(OTCQB:PRRSF)(FRA:OED) is pleased to provide updates for their Knauss Creek, Holy Grail, Castle, and Excalibur projects.

Start of Knauss Creek and Holy Grail Programs

Prospect Ridge is pleased to announce that on July 15, crews from Equity Exploration Consultants Inc. began a program of prospecting, mapping, and soil sampling on 17 high priority exploration targets on the Company's Knauss Creek and Holy Grail projects located just north of Terrace, B.C.

The 4-week program will be based at the Company's fully equipped camp in Terrace, B.C. and will utilize the Company's fleet of trucks and all terrain vehicles, along with helicopter support. The goal of the program is to identify drill targets on the fully drill permitted Knauss Creek and Holy Grail projects that occupy a combined area of 625.5 km².

Closing of Castle and Excalibur Acquisitions

The Company also confirms that its previously announced options to acquire a 100% interest in the Castle and Excalibur Copper- Gold porphyry projects have been approved by the Canadian Securities Exchange. The Company has completed the initial payments for the two projects, comprising a combined total of $12,000 in cash and 360,000 shares subject to a hold period that expires November 17, 2025. For information on the further terms to earn the 100% interests, see the news releases dated July 2, 2025 (with respect to Castle) and July 8, 2025 (with respect to Excalibur).

Castle and Excalibur Exploration Programs

At Castle, a combined airborne magnetic and radiometric survey is planned over the entire property. The magnetic survey will be followed up by an eight line-km Induced Polarization ("IP") survey covering the north and west Castle gossan slopes. Concurrently, a program of prospecting and mapping will be conducted over both the Castle and Abbey gossans.

At Excalibur, an initial one week program of mapping, prospecting, and outcrop sampling will begin on July 22 and will be followed by line-brushing to support up to 40 line -km of IP survey at a line spacing of 200 m and in the vicinity of the high Cu soil samples collected in 2019 and 2021. A recent property visit by Prospect Ridge management has confirmed that commercial logging activity has cleared much of the target area for the IP survey and may reduce the number of line kilometres that will need to be brushed (Figure 1).

The object of the initial work programs on both projects is to provide multiple drill targets for a minimum 2,000 metre diamond drill program on each project contemplated for as early as the summer of 2026, pending receipt of drill permits that will be applied for after the conclusion of the current work programs in Fall, 2025.

Figure 1: Showing the prominent French Peak gossan (background) and the main Excalibur target area (foreground) after recent commercial logging activity

First Nations Land Acknowledgement

Prospect Ridge acknowledges that Castle is situated within the traditional territory of the Tahltan and Tsay Keh Dene First Nations.

Prospect Ridge also acknowledges that Excalibur is situated within the traditional territory of the Lake Babine First Nation.

Prospect Ridge is committed to developing positive and mutually beneficial relationships with First Nations based on trust and respect and a foundation of open and honest communications.

Qualified Person Statement

All technical data, as disclosed in this press release, has been verified by Ron Voordouw, Ph.D, P.Geo. Director of Geoscience for Equity Exploration Consultants Ltd., a consultant to the Company and a qualified person as defined under the terms of National Instrument 43-101.

About Prospect Ridge Resources Corp.

Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on critical metals and gold exploration. Prospect Ridge's management and technical team collectively have over 100 years of experience in mineral exploration and believes the Company's properties have the potential to extend the boundaries of the Golden Horseshoe across this vastly under-explored region.

Contact Information

Prospect Ridge Resources Corp.
Mike Iverson - Chairman, Director
Email: mike@miverson.ca

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 ("FLI") that may constitute forward-looking information within the meaning of applicable Canadian securities laws. FLI relates to future events or future performance and reflect the current expectations or beliefs of the Company's management. Anything that is not historical fact is FLI. Generally, FLI can be, without limitation, identified by the use of forward-looking wording such as "plans", "intends", "believes", "expects", "anticipates" or "estimates", and statements or phrases that certain actions, events or results "may", "might", "could", "should" or "would" occur, and similar expressions. FLI is not historical fact, is made as of the date of this news release and includes, without limitation, statements and discussions of future plans, intentions, expectations, estimates and forecasts, and statements as to management's intentions and expectations with respect to, among other things, positive exploration results at the Lemon Lake project. FLI involves numerous risks and uncertainties, and are based on assumptions, and actual results might differ materially from results suggested in any FLI. These risks and uncertainties include, among other things, the availability of financing to continue exploration activities, the availability and cost of qualified exploration personnel and service providers, and that future exploration results at the Lemon Lake project will not be as anticipated. In making any FLI in this news release, the Company has applied several material assumptions, including without limitation, that future exploration results at the Lemon Lake project will be as anticipated. Although management has endeavored to evaluate and use reasonable assumptions and to identify important factors that could cause actual results to differ materially from those contained in FLI, these assumptions may prove incorrect and there may be other factors that cause results not to be as intended, expected, anticipated or estimated. There can be no assurance that FLI will prove to be accurate, and actual results and future events could differ materially from those expressed in FLI. Accordingly, readers should not place undue reliance on FLI, and are further cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any FLI expressed or incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

SOURCE: Prospect Ridge Resources Corp

View the original press release on ACCESS Newswire

FAQ

What exploration programs did Prospect Ridge (PRRSF) announce for July 2025?

Prospect Ridge announced a 4-week program of prospecting, mapping, and soil sampling at Knauss Creek and Holy Grail projects, starting July 15, 2025, utilizing their camp in Terrace, B.C.

What are the terms of Prospect Ridge's Castle and Excalibur acquisitions?

The company made initial payments of $12,000 in cash and 360,000 shares (subject to hold period until November 17, 2025) to acquire options for 100% interest in both projects.

When will Prospect Ridge begin drilling at Castle and Excalibur projects?

Prospect Ridge plans to conduct a minimum 2,000-metre diamond drill program at each project in summer 2026, pending receipt of drill permits.

What is the size of Prospect Ridge's Knauss Creek and Holy Grail projects?

The Knauss Creek and Holy Grail projects cover a combined area of 625.5 km² located north of Terrace, B.C.

What exploration activities are planned for the Castle project?

Castle will undergo an airborne magnetic and radiometric survey, an eight line-km IP survey, and concurrent prospecting and mapping programs over Castle and Abbey gossans.