Mr. Michael Iverson reports

PROSPECT RIDGE RESOURCES ANNOUNCES DISCOVERY OF NEW MINERALIZED ZONE NAMED "LEON'S LEGACY" AT KNAUSS CREEK PROPERTY

Prospect Ridge Resources Corp. has discovered a new mineralized zone, named Leon's Legacy, on the company's fully owned, flagship Knauss Creek property, located 35 kilometres northeast of Terrace, B.C.

Earlier, prospecting and mapping in the Dorreen mine and surrounding areas returned a number of high-grade gold values (see news release dated Sept. 14, 2023). While flying there, some quartz veins were observed from the air. Prospecting those led to the discovery of Leon's Legacy (named in honour of Leon Leblond (1930 to 2013), who prospected the property over a period of more than 25 years). The new discovery is located approximately 900 metres west-southwest and higher in elevation than the Dorreen mine. Similar high-grade values of gold, silver and copper were returned from quartz veins hosted in sedimentary-to-volcano-sedimentary rocks, being similar to the sampled Dorreen mine.

Key highlights

Located approximately 900 m west-southwest and 630 m above (higher in elevation) the Dorreen mine, outcrop samples were collected on quartz veins and returned:

• 14.15 grams per tonne gold, 24.5 g/t silver and 0.12 per cent copper (W384811);
• 19.90 g/t Au, 180.0 g/t Ag and 3.39 per cent Cu (W384813);
• 20.60 g/t Au, 175.0 g/t Ag and 0.54 per cent Cu (W386150);
• 0.86 g/t Au, 138.0 g/t Ag and 8 per cent Cu (W386154).

Farther west-southwest at a distance of 1,500 m and 875 m above the Dorreen mine, other outcropping quartz veins were sampled and returned:

• 0.07 g/t Au, 36.0 g/t Ag and 8.21 per cent Cu (W386133);
• 0.49 g/t Au, 32.9 g/t Ag and 4.31 per cent Cu (W386135).

Prospect Ridge chief executive officer Michael Iverson commented: "We are pleased with the surface exploration work that has first expanded the footprint of the gold and base metal mineralization around the Dorreen mine, and has now expanded mineralization over one kilometre away with similar high-grade gold values at the newly discovered Leon's Legacy. This new discovery on the Knauss shows the tremendous potential of this property. The distance from the Dorreen mine, where we suspect a multiple-vein system, tells us that this mineralized system could be more important than previously thought. Leon's Legacy contains gold, silver and copper, maintaining the polymetallic signature of the property. This area remains a priority for the company and a focus for future exploration."

The elevation of the Dorreen mine is around 700 m above sea level, while the Leon's Legacy eastern cluster of anomalies starts at an elevation of 1,330 m and the western cluster at an elevation of 1,575 m.

All samples were taken on outcrops. They consist of quartz veins with chalcopyrite, pyrite and malachite. The sample details are listed in an attached table.

Gold equivalents were calculated with a gold price of $1,750 per ounce, silver at $21 per ounce, copper at $3.60 per pound, lead at 90 cents per pound and zinc at $1 per pound.

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 assurance/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 1,000 g metallic screening (Au_SCR24) at ALS Canada in Terrace, B.C. 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, PGeo, president of the company, a qualified person as defined by National Instrument 43-101. This news release was written by Mr. Ducharme.

About Prospect Ridge Resources Corp.

Prospect Ridge Resources 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 believe the Knauss Creek and Holy Grail properties to have the potential to extend the boundaries of the Golden Triangle to cover this vast underexplored region.

We seek Safe Harbor.