Prospect Ridge confirms drill targets at Excalibur

Jan 24, 2026

2026-01-23 17:09 ET – News Release

Mr. Mike Iverson reports

EXCALIBUR IP SURVEY RESULTS CONFIRM HIGH PRIORITY COPPER GOLD DRILL TARGETS

Prospect Ridge Resources Corp. has received final 2-D inversions from an induced polarization (IP) survey completed on the company’s 100-per-cent-owned Excalibur copper-gold calc-alkaline porphyry project. The survey was carried out by Simcoe Geosciences Ltd. and covered 26.3 line kilometres along six east-west-oriented IP profiles. The road-accessible Excalibur property consists of 13 contiguous mineral claims covering 27.71 square kilometres that are located approximately 70 km north northeast of Smithers and approximately 55 km northeast of Hazelton, B.C.

The IP survey successfully identified a geophysical target that measures approximately one km by two km defined by coincident chargeability, resistivity and magnetic responses. This geophysical target overlaps with the copper in soil anomalies collected in previous exploration campaigns and during the summer 2025 program. Together, these results suggest a strong potential for porphyry-style mineralization.

Henry Awmack, Excalibur property co-vendor and member of Prospect Ridge’s technical committee, states: “The IP survey has certainly helped define potential drill targets at Excalibur, identifying a very large volume of rock with moderate chargeability, hypothesized to represent chalcopyrite and pyrite. This drill target is partially flanked to the west by coincident high chargeability and low resistivity interpreted to be a pyrite halo so common to classic porphyry deposits and consistent with surface mapping. The moderate magnetic anomaly coincident with the moderate chargeability may be caused by magnetite alteration commonly found in the copper-bearing potassic core. When you take these positive geophysical features in combination with anomalous copper, gold and molybdenum soil samples, it is not hard to see why Prospect Ridge is excited to drill this target which has never seen previous drilling.”

Prospect Ridge president and chief executive officer Len Brownlie, PhD, states: “It has taken six months, but we have used each well-planned exploration step to remove as much risk as possible ahead of the decision to drill Excalibur. My thanks go to Equity Exploration Consultants, an invaluable partner in this scientific enterprise, Simcoe Geosciences, our outstanding technical advisory committee for their diligence and guidance, and to our shareholders who have made this possible. Over the next few weeks, we will confirm collar locations for multiple drill targets in a minimum 2,000-metre diamond drill program contemplated to begin as early as June, 2026, pending favourable weather conditions and receipt of a drill permit that was applied for on Nov. 30, 2025.”

IP survey results

Inverted sections were generated through six east-west lines covered by the IP survey, illustrate zones of elevated chargeability (greater than 20 millivolts per volt) and low resistivity (less than 200 ohm metres), characteristic of a pyrite-rich halo outboard of the target copper-bearing core of calc-alkaline porphyry deposits. The target area has moderate chargeability which is expected as the total sulphide content should be less than the pyrite halo. The coincident magnetic anomaly is interpreted to be caused by secondary magnetite commonly found in copper-bearing potassic core of porphyry copper deposits whereas high resistivity can be interpreted as the causative intrusion. The asymmetrical development of the system around the intrusive can be attributed to mapped, east to northeast dipping, faults that juxtapose Skeena Group sedimentary rocks against Kasalka Group volcanics in the east. An example of these features are shown in the cross section for line six including results from a previously completed magnetic survey, which was modelled using magnetic vector inversion (MVI) to highlight variations in magnetic susceptibility.

About the Excalibur property

On the Excalibur property, suspected Bulkley and Babine intrusions cut Cretaceous stratified rocks, comprising Skeena Group clastic rocks to the west and Kasalka Group andesitic rocks to the east. A 50 to 500 m wide by greater than 1,600 m long, east-west-trending, Babine feldspar plus or minus hornblende plus or minus biotite porphyry dike has been affected by a complex pattern of alteration, ranging from unaltered to propylitic and phyllic assemblages. Several outcrops of quartz-feldspar porphyry and granodiorite to the west are believed to be apophyses of the Bulkley stock exposed south of the Excalibur property. No significant copper gold mineralization has been found in the main target area where there is less than approximately 2-per-cent outcrop.

Historic work has included mapping, soil sampling, IP and ground magnetic surveys done by Canadian Superior in 1971 to 1972. No significant work was conducted until 2019, when a former operator cut five north-south-trending 2,500 to 2,700 m long lines separated by 400 to 800 m in preparation for a planned IP survey which was not completed before the project was returned to the vendors. One hundred forty soil samples were then collected at 50 to 100 m intervals along the cut lines. Another former operator completed a 259 line km airborne magnetic survey in 2021 and collected 207 soil samples in 2022. In 2025, Prospect Ridge collected another 50 soil samples along east-west lines and completed 26.3 line km of IP surveys on six east-west-trending lines.

A buried porphyry exploration target is supported by Prospect Ridge’s 2025 IP survey, a magnetic vector inversion of the 2021 airborne magnetic survey and the 2019, 2022 and 2025 soil geochemistry results, in an area that otherwise lacks outcrops. Prospective features of the buried target area include anomalous molybdenum- and copper-in-soil, moderate IP chargeability response and moderately high magnetic response on the flanks of a chargeability high. The geophysical and geochemical signatures together could represent a mineralized potassic alteration zone surrounded by a pyrite halo, similar to the nearby Granisle and Bell copper porphyry deposits of the Babine Plutonic suite. The property has never been drilled.

Financed and positioned for extensive 2026 drilling

Subject to receipt of drill permits and favourable weather conditions, Prospect Ridge expects to finalize drill targets and commence a maiden drill program at the Excalibur project beginning in June, 2026.

Investor outreach

Management of Prospect Ridge has recently recorded a new corporate video, available on the company’s website, that provides further details on the company’s transformative initiatives in 2025 and plans for 2026.

Prospect Ridge welcomes shareholders and investors to visit us at booth No. 114 at the Vancouver Resource Investment Conference on Jan. 25 and Jan. 26, 2026. A corporate presentation by Dr. Len Brownlie, president and CEO, is scheduled from 1:30 p.m. to 1:40 p.m. on Sunday, Jan. 25, in Workshop No. 2.

Drill core from the company’s recent Camelot drill program will be on display at Orogen Royalties Inc.’s booth at the Association for Mineral Exploration Roundup from Jan. 27 to Jan. 29.

In addition, the company will have exhibitor booth No. 2412B at the Prospector and Developers Association of Canada (PDAC) conference on March 1 to March 4, 2026 in Toronto, Ont.

First nations land acknowledgement

Prospect Ridge 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 information that forms the basis for the written disclosure in this press release, has been approved by Ron Voordouw, PhD, PGeo, director of Geoscience for Equity Exploration Consultants Ltd., who is an independent 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 is a British Columbia-based exploration and development company focused on critical metals and gold. Led by a seasoned management and technical team with over 100 years of combined mineral exploration experience, Prospect Ridge is advancing its north-central B.C. located Golden Horseshoe and Cariboo projects — high-potential copper-gold systems positioned within one of Canada’s most underexplored yet geologically endowed mineral belts.

We seek Safe Harbor.

https://prospectridgeresources.com/