Mr. Yan Ducharme reports

PROSPECT RIDGE RESOURCES EXTENDS THE COPPER RIDGE MINERALIZED ZONE OVER 500 METRES WITH NEW HIGH-GRADE SAMPLES UP TO 78.9 G/T AU, 2050 G/T AG AND 17.75% CU ON THE KNAUSS CREEK PROPERTY

Prospect Ridge Resources Corp. has recovered numerous high-grade gold, silver and copper samples from outcrops on the Copper Ridge showing, located at the company's fully owned, flagship Knauss Creek property, about 35 kilometres northeast of Terrace, B.C.

Following up on high-grade results previously reported on the Copper Ridge showing (see news release dated Jan. 26, 2023), additional surface sampling and mapping were conducted during the 2023 field season. An impressive collection of high-grade samples was returned, extending the mineralized area well beyond what was previously observed and now measuring more than 500 metres by 270 metres.

Key highlights from rock outcrop sampling:

• 78.90 grams per tonne gold, 457 g/t silver and 13.45 per cent copper (W386303);
• 8.46 g/t Au, 1,085 g/t Ag and 17.75 per cent Cu (W384736);
• 23.80 g/t Au, 738 g/t Ag and 5.42 per cent Cu (W386304);
• 15.20 g/t Au, 1,970 g/t Ag and 0.39 per cent Cu (W489416);
• 5.68 g/t Au, 2,050 g/t Ag and 5.26 per cent Cu (W385923, erratic block sample);
• 13.80 g/t Au, 746 g/t Ag and 1.32 per cent Cu (W500637);
• 3.21 g/t Au, 1,260 g/t Ag and 2.20 per cent Cu (W489414);
• 2.26 g/t Au, 166 g/t Ag and 11.40 per cent Cu (W500642).

Prospect Ridge chief executive officer Michael Iverson commented: "We suspected that this area would be highly prospective, with malachite and azurite stains visible from the air, the first time we flew there. This prospectivity has been confirmed with the return of numerous high-grade results over an ever-increasing size of area. We decided to include all the results from the first batch of samples sent to the laboratory. This area represents a high priority for the company, and future work will consist of mapping and prospecting and follow-up drilling in due course."

Prospect Ridge president Yan Ducharme added: "We continue to be pleased with the results of the fieldwork that continues to return high-grade samples from an area that has grown in size to over 500 metres. To date, surface prospecting has been an effective tool to assess this area. Typically, the field team identifies mineralized blocks in the slope scree and follow the uphill trail to find the outcrop source. The receding glaciers have exposed many new veins, and the recent sampling highlights the excellent potential of these new areas."

The Copper Ridge showing is in the southern part of the Knauss Creek property. To the north, there is an east-west-oriented cliff where malachite-azurite stains can be seen extending down slope for tens of metres. At an elevation of about 1,850 m, the area extends down relatively gently toward the south, with outcrops surrounded by scree fields interrupted by steep cliffs that lead to the next gentler plateau. The samples were taken over an east-west strike length of more than 250 m, a north-south extent of about 270 m and an elevation differentiation of 150 m.

The samples form a high-grade cluster with values mainly in gold, silver and copper within a fractured diorite intrusion. A system of parallel veins containing chalcopyrite, pyrite, malachite and azurite, and locally with galena and sphalerite, is hosting the mineralization. A few samples are anomalous in lead and zinc like the other showings on the property.

Two samples were taken up to a distance of almost 280 m west of the worked area and revealed 4.32 g/t Au, 247 g/t Ag and 1.40 per cent Cu (W386306), and 0.45 g/t Au, 14.9 g/t Ag and 0.50 per cent Cu (W386305), thus indicating the potential of extending this area to a distance up to 530 m.

All samples were taken on outcrops. The sample details are listed in an attached table.

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 assay 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.