- Prospect Ridge Resources (PRR) has shared exploration updates on its Holy Grail Property and announced plans for a non-brokered private placement
- The 2021 program has identified multiple new targets and mapped seven extensive mineralized zones that cross the property including samples with visible gold at four sites
- The 2021 exploration focused primarily on the significant gold and polymetallic mineralization that occurs in proximity to regional faults in associated structures
- Prospect Ridge also intends to complete a non-brokered private placement
- Prospect Ridge Resources Corp. (PRR) is up 16.67 per cent and is trading at $1.40 per share at 1:50 p.m. ET
Prospect Ridge Resources (PRR) has shared exploration updates on its Holy Grail Property and announced plans for a non-brokered private placement.
The district-scale property is located 10 kilometres north of Terrace, BC, and covers approximately 77,000 hectares, bordering the historical Golden Triangle.
The 2021 program has identified multiple new targets and mapped seven extensive mineralized zones that cross the property including samples with visible gold at four sites.
So far, field crews have collected over 500 rock samples, over 850 soils and cut over 40 metres of channel samples through a systematic property-wide exploration program to efficiently rank and generate drilling vectors.
Sample results include 49.20 g/t Au, 311.0 g/t silver, 0.09 per cent copper, 2.32 per cent lead, and 1.92 per cent zinc
Another target a sample contained 21.20 g/t Au, 17.8 g/t silver, 0.04per cent copper, 0.85 per cent lead, and 0.23 per cent zinc.
The 2021 exploration program focused primarily on the significant gold and polymetallic mineralization that occurs in proximity to regional faults in associated structures.
Mineralization is structurally controlled and intrusion-related with mineralization persisting through all intersected lithologies.
To date, mineralization has been observed within sedimentary, volcanic, intrusive, and metamorphic lithologies on the property.
The Holy Grail 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 per cent of the property which makes for cost-effective exploration.
Prospect Ridge also intends to complete a non-brokered private placement of up to 10 million units at a price of $1.00 per unit.
Each unit is comprised of one share and half of one common share purchase warrant, with each warrant entitling the holder to purchase one share for an exercise price of $1.50 per share for 18 months after the date of issuance.
Prospect Ridge intends to use the proceeds from the private placement for drilling purposes on the Holy Grail project, marketing, and public relations and for general working capital purposes.
Prospect Ridge Resources Corp. (PRR) is up 16.67 per cent and is trading at $1.40 per share at 1:50 p.m. ET.
